California Insurance Commissioner Ricardo Lara was reportedly on a work-related trip in Bermuda instead of attending an oversight hearing in Sacramento this week.
Two members of the California Department of Insurance had to step in for Lara at the hearing to discuss California’s insurance crisis with state lawmakers.
Driving the news: Bermuda Insurance Magazine reported that Lara attended the Bermuda Risk Summit on Wednesday.
- While at the summit, Lara gave a talk about how the Los Angeles area wildfires caused between $28 billion and $53 billion in insured damage.
- “When we talk about what we can do, mitigation, mitigation, mitigation is key,” Lara reportedly said. “Hardening homes reduces losses and we know it enhances availability and affordability. It lowers insurance costs and builds confidence among insurers. It contributes to sustainability in our markets.”
Why it matters: Lara’s trip to Bermuda meant he missed out on the first State Senate hearing of the year on the insurance crisis on Wednesday.
- KCRA reported that Michael Martinez, the Senior Deputy Commissioner for the Department of Insurance, told lawmakers at the hearing that Lara had a scheduling conflict. He did not tell them that Lara was instead in Bermuda.
- The hearing ended up being brief under Sen. Susan Rubio (D–Baldwin Park), which she apologized for at the end.
What we’re watching: Lara reportedly plans to testify at an insurance committee held by the Assembly on March 19.
Photo: Gage Skidmore
