In the wake of the Los Angeles fires, State Farm asked for an "emergency" premium increase of 22% on average for California homeowners. On Friday, California Insurance Commissioner Ricardo Lara denied the request pending more information.

Insurance Commissioner Ricardo Lara on Monday rejected State Farm General's request for an emergency 22% home insurance rate hike due to the Los Angeles fires unless the insurer can provide more evidence it is warranted.

Insurance Commissioner Ricardo Lara said State Farm must answer more questions about its finances before the company can be approved for an emergency rate increase in response to the devastating fires in the Los Angeles area.

Insurance Commissioner Ricardo Lara on Monday rejected State Farm General's request for an emergency 22% home insurance rate hike due to the Los Angeles fires unless the insurer can provide more evidence it is warranted.

The timing could not have been better — or worse. The horrendously destructive and deadly Los Angeles wildfires erupted in January just as Insurance Commissioner Ricardo Lara’s historic and very controversial overhaul of how insurers calculate premiums was taking effect.

"The FAIR Plan paid out $914 million." California official makes $1 billion request in wake of wildfires — here's why the funds are needed first appeared on The Cool Down.

Commissioner Ricardo Lara had asked for the meeting in which he and Consumer Watchdog will sit down with State Farm reps in Oakland.

State Farm General, California's largest home insurer, estimates it will pay $7.6 billion to settle its Los Angeles fire claims but reinsurance will lower its losses to about $612 million, including its costs for bailing out the state's Fair Plan.

Insurance Commissioner Ricardo Lara has been grappling with the troubled market for his six years in office, and now his controversial plan to reform it will be put to the test after the costliest wildfires in the state’s history.

Calif., criticized his reform plans, California Insurance Commissioner Ricardo Lara accused him of "white mansplaining"

Ricardo Lara was the subject of an FPPC complaint filed in 2022 by Consumer Watchdog, a Los Angeles advocacy group that has long been critical of his relationship with insurers.

State Farm General, California’s largest home insurer by far, estimates it will pay $7.6 billion to survivors of the Los Angeles wildfires. The staggering figure is the highest loss estimate of any insurer so far,