An Attempt to Undo Prop 103!

The LA Times has a great editorial about the attempt by the insurance companies to undo Prop 103.

It is a shame that the head of Mercury Insurance, and the other insurance companies, want to undo Prop 103. Prop 103, for those of you who do not know, was the brainchild of Harvey Rosenfield that kept insurance rates reasonable in this state. It tells the insurance companies how they have to set rates.

After Mr. Garamendi proposed changes to how rates are calculated, the insurance industry decided to place an initiative on the ballot. While I am not a big fan of the changes proposed by Mr. Garamendi, I do believe that the insurance  companies have made a bad decision here. How many times are they going to continue to fight their policyholders to increase their profits?