Insurance Rate Reductions and Regulation Initiative | ||||||||||
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| Elections in California |
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California voters passed Proposition 103 on November 8, 1988. It in effect made insurance companies require "prior approval" from the California Department of Insurance before implementing property and casualty insurance rates. It passed with 51% of the vote.[1]
The measure expanded the Department's responsibility for enforcement to include: property insurance, automobile insurance, life insurance and other types of casualty coverage. Proposition 103 made the California Insurance Commissioner an elected position (previously being a governor-appointed position).[2]
The ballot measure required insurers "roll back" their rates 20 percent. Proposition 103 devised a process enabling consumer participation in the setting of insurance rates, and allowed consumer "intervenors" witness fees and expenses in some cases.[3]
- ^ Ralph Nader (2004). In Pursuit of Justice: Collected Writings 2000-2003. Seven Stories Press. pp. 240–. ISBN 978-1-58322-629-2.
- ^ Fredrick C. Harris; Robert C. Lieberman (30 June 2013). Beyond Discrimination: Racial Inequality in a Post-Racist Era. Russell Sage Foundation. pp. 280–. ISBN 978-1-61044-817-8.
- ^ J. David Cummins (23 June 2004). Deregulating Property-Liability Insurance: Restoring Competition and Increasing Market Efficiency. Brookings Institution Press. pp. 196–. ISBN 978-0-8157-9841-5.