The California Department of Insurance was created in 1868 to regulate the state’s insurance market, and today it is the largest consumer protection agency in the state, with nearly 1,400 employees overseeing more than 1,300 insurance companies and licensing more than 410,000 agents, brokers, adjusters and businesses.
Until 1988, the insurance commissioner was appointed by the governor, but Proposition 103 changed the position to an independent statewide officer elected by the voters. Prop. 103 also required prior approvals of property and casualty rates, including car and homeowner insurance.
The cost of insurance in California is a factor in the decisions of businesses about whether to locate or expand in the state, affecting employment opportunities as well as the cost of living.
Effective regulation of the insurance market requires an understanding of the real-world impact of government decisions. Ideally, the individual in the job should have experience in government and in the private sector, as well as in technology that is needed to analyze the complexities of rate-setting and liability.
Steve Poizner meets that test, and he is our choice for insurance commissioner.
Poizner held that job from 2007 to 2011, compiling a balanced record of protecting consumers without threatening the financial health of the industry. He is a successful entrepreneur in the technology sector. He offers voters a résumé perfectly suited to the office he’s seeking.
As the Legislature and state regulators make critical decisions about issues that could have a major impact on the cost of insurance, including wildfire liability, health care, and autonomous vehicles, Poizner’s ability to analyze data and assess the potential consequences of policy would be invaluable.
Sen. Ricardo Lara, the Democratic nominee for this office, has spent his whole career in government. He’s the author of Senate Bill 562, a single-payer health care plan that would make all private health insurance in California illegal. SB562 would cost some $400 billion a year, more than the entire state budget, but the bill did not identify a means to pay for it. That’s a more-than-troubling detail.
Steve Poizner has the experience and knowledge to do an excellent job, and has our endorsement.
Note from WSOE.Org : This content has been auto-generated from a syndicated feed.