Prop. 103 and Roxani Gillespie
On Aug. 1, Roxani Gillespie stated that:
“She had found most of the 4,000 separate insurer filings for exemptions from Proposition 103--mandated rollbacks ‘very much biased in favor of the insurance companies’ ” (Times, Aug. 2, Part I).
On Aug. 17, Gillespie issued a statement at the public hearing in San Francisco that said:
“The insurers’ books are open and their auto lines are not fat from profit.
“Numbers do not lie--especially when they are scrutinized by the IRS, the Securities and Exchange Commission, independent auditors or accounting firms and the Department of Insurance as the regulator.”
What changed the Commissioner’s belief from suspicion to optimism?
With the exception of the Department of Insurance (which has not examined any of the companies recently), the other regulators or accounting firms are not concerned about premium refunds or Proposition 103.
Why is she passing the buck to them?