California Insurance Commissioner Ricardo Lara has made some important appointments that aim to strengthen the state’s insurance landscape. He has reappointed Mitch Steiger and C. Bryan Little to the California Workers’ Compensation Insurance Rating Bureau (WCIRB) Governing Committee. Dr. Fabiola Cobarrubias has also been reappointed to the Insurance Diversity Task Force.
The WCIRB Governing Committee plays a crucial role in shaping policies related to workers’ compensation insurance. This group oversees the management of the WCIRB and addresses issues like premium rates, classifications, and various rating systems. The WCIRB itself is a private organization authorized by the California Department of Insurance. It collects and analyzes data to help set fair insurance rates, funded by assessments from insurance companies.
On the other hand, the Insurance Diversity Task Force focuses on promoting diversity within the insurance industry. It advises the Department’s Insurance Diversity Initiative, which encourages insurance companies to work with diverse business owners, including those who are women, veterans, or come from historically disadvantaged communities. The Task Force also seeks to enhance diversity on corporate boards within the insurance sector.
These appointments are part of Lara’s ongoing efforts to ensure that California’s insurance industry is fair and inclusive. By reappointing experienced members to these committees, he aims to maintain a focus on both effective policy-making and increased diversity in the industry.