Garamendi, Poizner take top spots following California elections

Former California Insurance Commissioner John Garamendi has won the election for Lt. Governor by a narrow margin of 49.5 percent to Republican Tom McClintock’s 44.9 percent, according to California’s Secretary of State.

In the race for insurance commissioner, Republican Steve Poizner beat Democrat Cruz Bustamante by a 50.6 to 38.9 percent margin.

The Insurance Commissioner will take office on Jan. 8. When he does, he will be presented with making decisions on several regulations proposed by former commissioner Garamendi, such as how rates are approved and reviewed, the development of rating factors for auto insurance, prices for auto repairs and home underwriting, according to the Property Casualty Insurers Association of American (PCI).

“Poizner will be able to take a fresh look at the proposals,”said Sam Sorich, president of the Association of California Insurance Companies. “The hope is that Poizner will foster a more positive tone in the commissioner’s office. Insurers and the insurance commissioner are not adversaries. Rather, we are partners in seeking to achieve a healthy insurance environment that benefits all California consumers. We do hope that the relationships that insurers and the insurance commissioner has becomes less adversarial,” he said.

“The election of Steve Poizner … is a welcome change for California consumers and the insurance industry. Unlike Commissioner Garamendi, Mr. Poizner will be a tough but fair regulator who will not use the California Department of Insurance for his own political purposes,” the Western Insurance Agents Association (WIAA) said in a statement.

In other races, Gov. Arnold Schwarzenegger was re-elected, as expected. And House Rep. Nancy Pelosi, D, of San Francisco, is expected to become the first woman to serve as speaker of the House.