P.M. BRIEFING : Van de Kamp Asks Gillespie to Deny Exemptions to Insurance Rate Cuts
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SAN FRANCISCO — Atty. Gen. John K. Van de Kamp filed objections with the state insurance commissioner today to deny any exemptions to insurance companies who have filed for protection from price rollbacks mandated by Proposition 103.
Van de Kamp charged that insurance companies “are now trying to bury the initiative under literally tons of paper.” About 6,000 applications have been filed by insurance companies seeking exemptions from the 20% rate rollbacks called for by the ballot initiative approved by voters in November.
Van de Kamp was joined by California Common Cause, Voter Revolt, Prop. 103 Intervention Team, Consumers Union and the Center for Public Interest Law.
Van de Kamp also called upon Insurance Commissioner Roxani Gillespie to adopt regulations that would eliminate “unreasonably high” overhead charges from consumer insurance rates, throw out “self-serving” projections on future payouts expected by insurance companies and deny insurers a profit on assets not being used to provide insurance.
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