The California Department of Insurance (CDI), established in 1868, is the agency charged with overseeing insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in California. The CDI has authority over how the insurance industry conducts business within California, and licenses and regulates the rates and practices of insurance companies, agents, and brokers in the state.
CDI has over 1,300 employees charged with the responsibility of protecting consumer interests. Its budget is primarily derived from funds generated by license fees, a-sessments, and Proposition 103 recoupment fees. The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the state of California, United States. The current California Insurance Commissioner is Ricardo Lara.
In the early 1900s, the California State Legislature transformed the CDI into a law enforcement agency when it passed new anti-fraud insurance legislation. The legislation provided sworn peace officers to investigate and arrest those who commit fraud.
On November 8, 1988, California voters passed Proposition 103, by a narrow margin (51%), on the promise of providing consumers with a 20% rate rollback. It also broadened the Department of Insurance's responsibility for enforcement to include property insurance, automobile insurance, life insurance and other types of casualty coverage, including a requirement that the property and casualty insurance premium rates must be pre-approved by the department. Proposition 103 also changed the status of the California Insurance Commissioner to that of an elected official, from being a governor-appointed position. Proposition 103 also expanded the department's important role in consumer affairs.
In 2001, the CDI implemented and began overseeing the Slavery Era Insurance Registry, as per new legislation requirements signed into law in 2000. The registry was created to require insurance companies to disclose any historical data regarding slavery insurance policies they might have from the early days of California for the purposes of historical research, genealogy, and to preserve any evidence which might be material to reparations claims.
GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24
