"It should not take this long for emergency regulations," California Governor Gavin Newsom said. "I almost have the temptation to do an additional executive order, but under the circumstances, I think working with the legislature on a trailer bill is more appropriate." Credit: Karen Roach/Shutterstock.com
(Bloomberg) — California Gov. Gavin Newsom said he wants lawmakers to expedite the approval process for insurance companies seeking to hike rates, saying an overhaul of the state's market is taking too long.
Newsom, speaking at press conference in Sacramento on May 10, 2024, announced his push for legislation mandating the Department of Insurance to complete rate-filing reviews within 60 days. The governor's urgency to tackle the crisis is underscored by his plan to expedite the bill, ahead of Insurance Commissioner Ricardo Lara's comprehensive overhaul that's supposed to conclude by year-end.
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