Outgoing California Insurance Commissioner John Garamendi cautioned that more work needs to be done to lower the cost of coverage in the state while touting his own accomplishments at achieving this goal in his final press conference as the state's top insurance regulator.

"As insurance commissioner for eight years, I have worked diligently to make sure this industry remains healthy and competitive in California," Mr. Garamendi said today. "As its regulator, I have upheld the law that requires that insurance company profits not be excessive. I was determined to fulfill my responsibility, ensuring that premiums paid by California consumers do not exceed what is necessary for insurers to pay claims and earn a reasonable profit."

Among his efforts to reduce premiums, he said, was the implementation of auto insurance regulations in calculation rates that barred insurers from giving more weight to any single secondary factor, such as the address where the vehicle is garaged, than to the three main factors: a driver's record, a driver's experience, and the amount of miles the car is driven.