California Insurance Commissioner Ricardo Lara wants the prospective rate hike discussed at a public hearing in April before he formally approves it.

Lara’s conditions are that State Farm, the state’s biggest provider of homeowners insurance, commit to pause canceling and not renewing policies through the end of this year. He also is asking that its parent company,

California insurance regulators have “provisionally approved” State Farm’s request for a massive rate hike for homeowners following the devasting Los Angeles wildfires.

California Insurance Commissioner Ricardo Lara announced Friday he has "provisionally" approved State Farm's rate hike of 22% as the company reports dealing with financial struggles stemming from the Los Angeles wildfires.

The California Department of Insurance has been under pressure to stabilize the market, introducing new rules that allow insurers to factor in future climate risks when setting ra

California Insurance Commissioner Ricardo Lara “provisionally” approved State Farm General’s request for an emergency 22% increase in its homeowners insurance rate Friday — but only if the company can justify it with data in a public hearing scheduled for next month.

California Insurance Commissioner Ricardo Lara has provisionally accepted State Farm General’s request for an emergency 22% rate hike. State Farm, the state’s largest home insurer, made this request due to the company’s “dire” financial situation after the deadly and destructive Los Angeles County wildfires.

California Insurance Commissioner Ricardo Lara on Friday “provisionally” approved a 22% emergency increase for State Farm homeowners

California Insurance Commissioner Ricardo Lara said he plans to approve a 22% emergency rate increase for State Farm policyholders, pending a public hearing next month, in a move aimed at stabilizing the state’s insurance market after the Los Angeles area’s devastating wildfires.