INSURANCE

Quackenbush Backs Garamendi’s Rebate Formula: State Insurance Commissioner Chuck Quackenbush resubmitted to the state Office of Administrative Law a formula devised by his predecessor, John Garamendi, for calculating Proposition 103 rebates. The formula--included in Garamendi’s regulations to implement the 1988 rate rollback initiative--withstood an industry challenge to the U.S. Supreme Court. In one of his first official acts, Quackenbush withdrew all Garamendi regulations pending with the OAL in order to determine whether they fit his agenda. In resubmitting the rebate regulations intact, Quackenbush cleared “one more hurdle” to delivering rebates to policyholders of the 163 insurers he believes still have rollback obligations, a spokesman said.