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Proposition 103, titled Insurance Rate Reduction and Reform Act, was a California ballot proposition voted on in the 1988 California General Election. It passed with 51% of the vote on November 8, 1988.[1] Proposition 103 expanded the regulatory capacities of the California Department of Insurance, especially in property and casualty insurance.
The ballot measure required insurers to reduce their rates by at least 20 percent. [2] In addition, the act expanded the Department's responsibility for enforcement to include: property insurance, automobile insurance, life insurance and other types of casualty coverage, requiring that the Department approve rates submitted by insurers prior to their taking effect.[3] The law also made the California Insurance Commissioner an elected position (previously being a governor-appointed position).[4]
Proposition 103 devised a process enabling consumer participation in the setting of insurance rates, and allowed consumer "intervenors" witness fees and expenses in some cases.[5]
- ^ Ralph Nader (2004). In Pursuit of Justice: Collected Writings 2000-2003. Seven Stories Press. pp. 240–. ISBN 978-1-58322-629-2.
- ^ CA Ins Code § 1861.01 (2023)
- ^ CA Ins Code § 1861.05 (2023)
- ^ Fredrick C. Harris; Robert C. Lieberman (30 June 2013). Beyond Discrimination: Racial Inequality in a Post-Racist Era. Russell Sage Foundation. pp. 280–. ISBN 978-1-61044-817-8.
- ^ J. David Cummins (23 June 2004). Deregulating Property-Liability Insurance: Restoring Competition and Increasing Market Efficiency. Brookings Institution Press. pp. 196–. ISBN 978-0-8157-9841-5.