Rating agency Standard & Poor’s seems to be in the grips of a downgrading frenzy as the agency downgrades the credit ratings of five of California largest insurance companies. The move comes on the heels of the agency’s downgrading of the federal government’s credit rating, which sparked controversy throughout the country and drove many businesses to re-evaluate their place in the commercial market. S&P downgrade of the state’s insurers could have major implications for the industry, but Insurance Commissioner Dave Jones says that there should be no doubt about the…
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New regulations take effect in California, drawing the ire of the state’s insurance companies
New homeowner’s insurance regulations have taken effect in California. According to Insurance Commissioner Dave Jones, the new regulations will offer new protections to consumers against being under insured. Part of the aim of the new regulations is to improve upon the state’s standard regarding natural disasters and catastrophic damage to homes. Furthermore, homeowners will no longer be able to purchase “too little” coverage, as the new regulations mandate a minimum level of insurance coverage based upon the property being insured. The regulations have ruffled the feathers of the Association of…
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