I view my role as your insurance commissioner as the most important job I have had. Insurance is a unique product. It's not like selling televisions or toasters. Insurance is said to be the worlds largest industry today, with $3.4 TRILLION in yearly premium revenue, and another $1 TRILLION in investment income. Huge industry. Here in California insurance is a $120 BILLION dollar business, about 15% of the total California economy. I ran for Insurance Commissioner because this position is arguably the 2nd most important economic policymaking position in the state, 2nd to the Governor. In this position, I can make a positive direct impact on every person, every family, and every business in the state.

We all work very hard for our money, and being able to put dollars back into the pockets of families and businesses is the key component of all my work as your Insurance Commissioner. As a small business owner, I know how hard it is to grow your business, and how hard it is when overhead that is out of your control can cause you to think twice about ramping up your hiring, or expanding to new offices.

Not long ago, Workers Comp rates were a significant problem to the business community, driving companies out of the state, stifling growth, and costing people jobs as businesses struggled under the immense weight of their obligations to provide Workers Comp to all of their employees. I’m pleased to tell you that the Workers Comp reforms have done a fantastic job at lowering annual premiums, from a high of $32 billion a year in 2003, to around $20 billion a year last year. That’s a $12 billion infusion into the California economy, and I’m here to tell you that I will fight tooth and nail to keep the workers comp industry efficient, solvent, and well positioned to provide to employees the service it is intended for. Getting injured workers proper and timely medical attention and back to the job. California's workers comp rates are still above the national average, so we still have work to do, and I’m here to do it.

For families and individuals working hard to make ends meet, putting money back into their pockets is a key goal of mine. Auto insurance, health insurance, and homeowners insurance, are all products that are necessary to provide financial security in the event of circumstances out of your control. I will continue to work hard to lower rates across the board. It's money back to you. Money better spent on your families and on your children’s education.

Insurance fraud is a $15 billion dollar problem in California. It's rampant, its not victimless, and it costs us all. I can assure you that insurance companies don’t eat the cost of fraud as they pass it on to consumers in the form of higher premiums. In my first year as your Insurance Commissioner, we have ramped up our anti-fraud efforts, created special task forces with DA's around the state, and arrested hundreds of people for insurance fraud of all types. We will continue to find people engaging in fraud, prosecute them, and throw them in jail. As the amount of fraud goes down, insurance rates will soon follow.

Second, I will work with law enforcement, other government agencies, and insurance companies to get uninsured drivers off the road. 25% of drivers in California drive without insurance. Insurance companies tell me that we all pay an extra 10-15% on top of our premium to cover the cost of the uninsured. It's not fair to all of us who pay our auto insurance premiums to have to subsidize those who are breaking the law.

Lastly, I believe it’s very important that consumers have a variety of choices and plenty of information to make those choices when purchasing insurance. A healthy insurance market, with plenty of competition, will lead to lower rates across all lines of insurance. I believe in the free market, and as Insurance Commissioner I can help to foster a vibrant insurance market where lots of competition leads to lots of choices for you. When companies are forced to compete, the product gets better, and prices will go down. Some may say that my job as Insurance Commissioner is complex, with actuaries and financial analysts and statiticians, but I view my job quite simply. I'm going to work tirelessly and do what I need to do to put money back into the pockets of you, your family, and your businesses. I can have a direct positive impact on our economy, and I intend to make that impact a strong one.