Newsom Vows to Stabilize California’s Insurance Markets

The governor’s goal is to speed up the approval process for rate increases and have reviews completed within 60 days of passing a budget trailer bill.

California Gov. Gavin Newsom meets with delegates from Norway in Larkspur, Calif., on April 17, 2024. Travis Gillmore/The Epoch Times

SACRAMENTO—California Gov. Gavin Newsom is planning to introduce language in the 2024–25 fiscal year budget trailer bill to address the state’s insurance crisis, he said during his May 10 press conference announcing his revised budget plan.

Such action follows through on an executive order signed by the governor in September 2023 that urged insurance commissioner Ricardo Lara to take prompt action to strengthen and stabilize the insurance markets affecting home and commercial property owners.