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Capitol UpdatesCA Insurance Commissioner Steve Poizner Marks 100 Days In OfficePosted: Wednesday, April 18, 2007 Steve Poizner, California's second highest-ranking elected Republican official, was sworn in as Insurance Commissioner on January 8, 2007. Today marks his 100th day in office. The Insurance Commissioner is second only to the Governor's office with regard to influence and impact on the California economy. The California Department of Insurance oversees the fourth largest insurance market in the world -- $118 billion in annual premiums - or roughly 15% of the California economy. Here's the latest from Insurance Commissioner Steve Poizner with an update on his first 100 days in office. Steve Poizner Marks 100 Days In Office
It has been one hundred days since I was inaugurated as California's Insurance Commissioner. I want to take this opportunity to give you a brief update on my work. Since being sworn in, I have aggressively worked to crack down on fraud. Insurance fraud is a $15 billion problem in California, effectively adding a $500 fraud tax on every man, woman and child in the state. In January, my office participated in the largest automobile insurance fraud bust in California history, arresting 101 people on more than 200 charges, and since then, my office has remained active in pursuing and investigating fraud cases around the state. With billions of dollars of insurance fraud committed every year, prosecuting those who commit it will be a top priority of my administration. In the aftermath of the crop crisis in January, I declared a "State of Emergency" allowing insurance adjusters with crop freeze expertise from other states to be dispatched to California. As a result of quick action, farming communities were able to cut through the red tape of claims filing and get paid quickly, averting further potential devastation to California's agricultural industry. Last month, following the firing of two key personnel, I ordered an Audit of the State Fund -- the largest workers' comp insurer in the United States. This followed years of concerns about how the State Fund was managed. I immediately ordered an independent, comprehensive examination of the entire organization, and directed that the initial focus should be on the organization's finances and governance. As part of this initial directive, I have ordered the State Fund to hire a Chief Financial Officer and to create an audit committee that will report back to the Board. These are important first steps to improve the structural integrity of the Fund, and to get to the bottom of the Funds governance issues. While I have a number of goals to accomplish in my Administration, they fall under one overarching priority: to make the California Department of Insurance the best, and best-run, consumer protection agency in the country. Sincerely, |
