This news was not well received by the insurance industry who were adamant about stopping the regulation from going through. Garamendi released a strong statement about his contact with a lawyer representing a group of the biggest auto insurers who are threatening an attack campaign against Garamendi.
This $2 million campaign is set to begin during his running for election to Lieutenant Governor in June. In his statement Garamendi says, “I firmly believe that its leaders have attempted political blackmail and extortion against me.” These tactics are quite astounding and bold on the part of the group of insurers, State Farm, Farmers, Allstate, Safeco, 21st Century Insurance, and others who are backing this potential advertising campaign.
After reading the statement by Garamendi I don’t think the insurers realized who they were going up against. Garamendi seems to have his priorities in order while in office and representing the millions of auto insurance customers.
» CA Insurance Department Releases Report On “Excess Profits” By Homeowners And Auto Insurers from TheInsurancePolicy
A report released yesterday from the California Insurance Department website shows “the burgeoning profitability of Homeowners and Private Passenger Automobile Insurance companies.” The study revealed insurance companies have enjoyed ... [Read More]
Tracked on: May 26, 2006 12:36 PM | Permalink to Trackback