Overview

• Governor Newsom's proposal mandates the Insurance Department to process rate increase requests within 120 days.
• Consumer groups argue the plan limits oversight and could lead to frequent, unjustified rate hikes.
• The insurance industry supports the proposal, citing the need for quicker approvals to address market instability.
• State lawmakers are under pressure to act as homeowners struggle with rising premiums and limited coverage options.
• The plan, attached to the state budget, could bypass extensive legislative scrutiny and take effect immediately.