Patrick Wolff

Candidate Response - 8 of 8

This article is part of a multi-part series introducing candidates who are running for the position of insurance commissioner in California. Eight candidates responded to three questions posed by Journalist Don Jergler.

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Democrat and financial analyst, Patrick Wolff, built an auto and home insurance brokerage in 2001, and over the last 20-plus years, he’s spent time analyzing insurance companies and insurance markets as a financial analyst.

His plan is to address the state’s insurance crisis by holding insurance companies accountable, increasing choice and competition, and improving transparency.

Q: How do you feel about the direction of the state’s insurance market?

California’s property/casualty insurance market—particularly homeowners insurance—has been dysfunctional for years due to poor regulation driving away insurance companies. The Sustainable Insurance Strategy is starting to change things for the better. However, much more needs to be done. I am committed to carrying forward and strengthening the reforms started under the Sustainable Insurance Strategy.

“Holding insurance companies accountable is about smart, effective regulation of market conduct to ensure service is fair and customers are empowered….Improving transparency is about holding the Department of Insurance accountable for results.”

Patrick Wolff

One particularly important reform that needs to be implemented is the review and approval time for insurance company filings. In other states with a prior-approval system, it takes around 60 days for filings to be reviewed and approved. In California it takes 300 days, which is far too long. We need to speed up the review substantially to make it much easier for more insurance companies to come to market with competitive offerings for customers.

Q: What changes will you make if you are elected to the insurance commissioner post that our readers should know about?

Wolff: My plan is organized around three goals:

1. Holding insurance companies accountable.
2. Increasing choice and competition.
3. Improving transparency.

Holding insurance companies accountable is about smart, effective regulation of market conduct to ensure service is fair and customers are empowered. For example, I will publish a report card on every insurance company based on the Market Conduct Annual Statements to tell customers how well each insurance company has performed on claims.

Increasing choice and competition is about making sure the market has robust choice and competition that benefits customers—see my point above about reducing filing reviews.

Improving transparency is about holding the Department of Insurance accountable for results. I will publish an annual report telling the people of California how California’s insurance market is performing compared to all other states in terms of pricing, service and availability.

Q: What separates you from the other candidates in the race?

Wolff: This is the first elected office I have ever run for, and if elected Insurance Commissioner, I will not run for any other office. My other Democrat competitors are all professional politicians with no real insurance experience or expertise. By contrast, I have deep insurance experience and expertise. Early in my career, from 2001-2005 I worked at a major bank, where I spent four years building an auto and home insurance brokerage business.

I then spent the last 20 years as a financial analyst, where I analyzed and invested in companies and markets, including insurance.

I have analyzed insurance company balance sheets; I have invested directly in insurance companies; I have worked with insurance company customers and overseen the marketing operations of a multi-company insurance brokerage with national scope. My campaign is based on the radical idea that California’s chief insurance regulator should be someone with deep insurance knowledge and understanding, who is totally focused just on doing the job—not a politician who knows nothing about insurance and is using the job as a political stepping stone.

Compiled by Don Jergler, West Coast Editor of Insurance Journal