Gavin Newsom: “The reforms we've just put into place allow for more rapid…”

“… most affordable insurance markets in the country because the voters initiated a framework on regulation that denied significant rate increases. As a consequence of that, people started exiting the market. The reforms we've just put into place allow for more rapid rate increases. That's the pressure point now as we move from about average to below average in our rates. We're now starting to see those tick up.” (10:42–10:49)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.