California Annuity Information
The California Department of Insurance (CDI) was created in 1868 as part of a national system of state-based insurance regulation. The insurance marketplace has changed dramatically over time, but consumer protection continues to be the core of CDI's mission.
Today, CDI is the largest consumer protection agency in the state. California is the largest insurance market in the United States and the sixth largest insurance market in the world.
California Department of Insurance
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.
In 1998, California voters passed Proposition 103, a citizen-led initiative. Proposition 103 expanded CDI's authority as well as changed the Insurance Commissioner from an appointee of the Governor to an independent statewide officer elected by popular vote. Proposition 103 also required prior approvals of property and casualty rates, including personal auto and homeowner insurance.
CDI enforces the insurance laws of California and has authority over how insurers and licensees conduct business in California.
License fees, assessments, and Proposition 103 recoupment fees are the primary sources of funding for CDI.
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