On January 30, 2023, the California Department of Insurance (CDI) issued Bulletin 2023-1 related to the increase in private passenger motor vehicle financial responsibility requirements, pursuant to Senate Bill 1107.
The updates to the financial responsibility laws from Senate Bill 1107 (Dodd, Chapter 717, Statutes of 2022) go into effect on or before January 1, 2025. As a result, the CDI Bulletin reminds all auto liability insurers of their current obligation to file Prior Approval Rate Applications with the CDI's Rate Regulation Branch no later than July 1, 2023. It also provides an overview of Senate Bill 1107 and offers insurers some guidance on the implementation of this new law.
Questions related to the Bulletin should be directed to Lisbeth Landsman-Smith, Senior Staff Counsel, Lisbeth.Landsman@insurance.ca.gov, (916) 492-3561.