aimed at persuading insurers to continue doing business in the nation's most populous state.
In 1988, California voters approved Proposition 103. It said insurance companies had to get permission from the state Department of Insurance before they could raise their rates. Insurance companies say that because they can't consider climate change in their rates, it makes it difficult to truly price the risk for properties. They also complain that they are having to pay more for reinsurance, which they cannot recoup from ratepayers.
The rules requiring insurance companies to get permission from the state to raise their rates would not change.
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