Insurance Commissioner Steve Poizner announced yesterday a 6% reduction in license fees that are paid by California insurance agents and brokers.
Poizner is also reducing the special assessment paid by insurers that is targeted for fighting fraud.
How’s that for pandering?
California’s budget is billions of dollars in arrears. State employees may be furloughed. Poizner’s Department of Insurance budget may be slashed. Unable to pay its bills, California’s state government is about to go off a cliff.
But as a candidate for Governor in 2010, it’s never too early to start handing out goodies to your constituency. Is that the sort of vision that a Poizner candidacy will be offering to California?
Say it ain’t so, Steve.
Incidentally, the figures from 2007 WCIRB reports show workers’ comp broker commissions and fees of $942 million, 7.1% of premium. Some comp brokers are making huge profits.
Meanwhile, Poizner is reducing the most common licensing fee paid, from $144 to $135. The projected savings (or loss in revenue to the State of California) is said to be $3.5 million annually.
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Category: Political developments