California is BIG on Insurance

California is the largest insurance market in the United States and the sixth largest insurance market in the world.

Yep, and the largest consumer protection agency in the state is the California Department of Insurance. More than 1,300 dedicated employees work at the CDI to oversee more than 1,300 insurance companies and license more than 390,000 agents, brokers, adjusters, and business entities. In the normal course of business, CDI annually processes more than 7,000 rate applications, issues approximately 180,000 licenses (new and renewals) and performs hundreds of financial reviews and examinations of insurers doing business in California. CDI annually receives more than 170,000 consumer assistance calls, investigates more than 35,000 consumer complaints and, as a result, recovers more than $63 million a year for consumers. CDI also annually receives and processes roughly 29,000 referrals regarding suspected fraud against insurers and others and conducts criminal investigations resulting in roughly 800 arrests.

All of CDI’s functions, including overseeing insurer solvency, licensing agents and brokers, conducting market conduct reviews, resolving consumer complaints, and investigating and prosecuting insurance fraud, are to protect consumers.

Consumers, insurance companies, and licensees rely on CDI to ensure that insurance products and services are available to consumers in a timely way, and that they deliver fair and equal benefits. To meet these expectations, CDI ensures that insurers are solvent, consumer complaints are addressed in a reasonable manner, and insurers and licensees play fairly in the marketplace. CDI regulates insurers with more than $123 billion in annual direct premiums.

For automobile insurance questions visit the California Department of Insurance auto website, if you have been in an accident or have questions about your policy check our frequently asked questions

Ask us at Stroyer Brothers Auto Body & Painting just about anything about auto insurance. If we don’t know, we’ll scratch our heads. Then we’ll find the answer!

Chuck or Debbie, (760) 743-5037.

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2016-10-07T00:49:22+00:00

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