abstract:The California Department of Insurance (CDI), established in 1868, is the agency charged with overseeing insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in the state of California. The CDI has authority over how the insurance industry conducts business within California, and licenses and regulates the rates and practices of insurance companies, agents, and brokers in the state.
The CaliforniaDepartmentofInsurance found that the proposed rate increase was based on unreasonably high assumptions about the rate at which medical costs are increasing.
The order is based on similar mandates issued against Citi or its subsidiaries last year one by the Office of the Comptroller of the Currency, and one by the Federal Deposit Insurance Corp. and the CaliforniaDepartmentof Financial Institutions.