SACRAMENTO, Calif. — The following statement regarding California Insurance Commissioner Dave Jones’ call for rate reviews following the federal tax legislation passed by Congress can be attributed to Mark Sektnan, vice president of state government relations for the Property Casualty Insurers Association of America (PCI).
“This is a short-sighted way to look at the issue.
“The home, auto, and business insurance marketplace is extremely competitive, and this is the best guarantee of service, product innovation and prices.
“The impact of tax reform will vary greatly from company to company.
“Premium reductions could be one of the many options.
“Companies may choose to innovate, expand operations and create new jobs, or provide more employee benefits and incentives.
“In California, companies’ immediate concern moving into 2018 is helping families and businesses rebuild after the tragic wildfire season.
“This announcement is another example of regulators overstepping their boundaries.”