Going down.Going Down: 21st Century Insurance Group, the state's fifth largest auto insurer, and Safeco Insurance Cos., the state's eighth largest homeowners' insurer, are seeking to reduce rates statewide. California motorists and homeowners are expected to save about $96 million annually due to the proposed cuts. This reduction signals a victory for Insurance Commission John Garamendi John Raymond Garamendi (born January 24, 1945) is a U.S. politician and a member of the Democratic Party. He became the 46th Lieutenant Governor of California on January 8 2007. in his battle to get companies to base rates primarily on driving safety, miles driven, and driving experience as opposed to ZIP codes zip code System of postal-zone codes (zip stands for “zone improvement plan”) introduced in the U.S. in 1963 to improve mail delivery and exploit electronic reading and sorting capabilities. . Homeowners' insurers have also begun to cut their rates significantly after a California Department of Insurance The California Department of Insurance (CDI), established in 1868, is the angency charged with overseeing the regulation of insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in the state report found that companies may have charged excessive rates to customers. The study revealed that almost all of the top 20 homeowner insurers in the state spent less than 40 cents of every dollar in premiums to settle policyholder Policyholder An individual who owns an insurance policy. claims. |
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