STATE : Prop. 103 Arguments Set March 7
The state Supreme Court said today that it will hear oral arguments March 7 on the constitutionality of Proposition 103, the initiative to cut insurance rates.
Under its rules, the court must decide the case within 90 days after the hearing. Proposition 103, approved by state voters in November, requires that auto and property insurance rates be reduced 20% below November, 1987, levels and frozen until November, 1989, unless an insurer can show a substantial threat of insolvency. The Supreme Court has blocked enforcement of that provision while the case is pending.
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