Insurance Commissioner Reviews State Farm’s Proposed Rate Increase

California Insurance Commissioner Ricardo Lara is evaluating State Farm’s request for a 22% interim increase in homeowner premiums, following significant payouts from recent Los Angeles County wildfires. The company seeks to implement the hike ahead of the standard approval process, citing financial strain. After a private meeting with State Farm executives, Lara aims to reach a decision within two weeks, emphasizing the need for thorough data assessment to ensure consumer interests are protected. (CalMatters)