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Time to Get California Back on Track, State Insurance Commissioner Tells SILVAR Members
Pictured: California Insurance Commissioner Steve Poizner with Menlo Park/Atherton District Chair Gene Lentz (right)
In the first 100 days in office as California Insurance Commissioner, Steve Poizner has been responsible for a $200 million dollar budget and 1,300 employees, of whom 1,290 are civil servants. He has had to deal with the biggest insurance scam involving accident claims, a crop freeze that resulted in over a billion dollars of crop damage, and a state fund meltdown.
Poizner thinks California is in poor shape, that the state has gone from best to worst, or near worst, in important areas like education, investment in infrastructure and venture capital. A new entrepreneurship has been unleashed in China, Russia and India, with exponential changes, forcing California to be more competitive. He would like to help bring the state back to that level, Poizner told Realtors and affiliates at the Menlo Park/Atherton District Tour Meeting on Monday.
"I feel our state is off track and our long-term health and prosperity is in jeopardy," Poizner said. "I'd like to be able to give back and make a difference."
Poizner said as state insurance commissioner he has judicial, legislative and executive power to regulate the insurance industry - from workers compensation to health care. He noted that medical insurance and worker's compensation are two things driving people out of the state.
While in office, Poizner said he aims to drive the cost of insurance down by aggressively attacking insurance fraud.
The Los Gatos resident sad he wants to prepare the state for the next natural disaster. He indicated studies show that California is even less prepared than New Orleans was for a natural disaster. Only one in eight homeowners buys earthquake insurance today, as opposed to one in three homeowners a few years ago.
"We do not have affordable choice for earthquake insurance," Poizner said, and he would like to change this.
Last but not least, Poizner said he would like to drive down the cost of homeowner's insurance by stimulating competition, again pointing out that homeowner's insurance has also become almost unaffordable in this state.
In closing, the state insurance commissioner recalled U.S. President Theodore Roosevelt's words: "Do what you can with what you have, with where you are."
"As insurance commissioner, I am now in a position in my life where I can give back and get the economy back on track," said Poizner.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
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