Edison must pay insurers $1.16B for Thomas Fire and Montecito mudslides

Thomas Fire - Money burning

The power company announced the settlement of the lawsuit with insurance companies. Southern California Edison has announced that it has reached a settlement with insurance companies that sued it over the Thomas Fire and Montecito mudslide disasters. The utility will pay $1.16 billion to insurers over the disasters in Ventura and Santa Barbara counties. Edison announced this settlement in a news release in which it explained that the agreement was not an admission of any wrongdoing or liability. “We are making significant progress toward resolving wildfire-related litigation,” stated president and…

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California wine country flooding leaves thousands of homes and businesses damaged

California wine country flooding - Vineyard at Sunset

The floodwaters have turned two communities in Northern California into temporary islands. California wine country flooding is the worst the region has seen since 1995 when the Napa river reached record peak levels. The rain in Northern California has turned two wine country communities into temporary islands. At the moment, they can be reached only by boat. Thousands of homes and businesses are flooded as rivers across the region crest their banks. The Russian River crested at over 46 feet last week and the water did not recede until later…

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20,000 California doctors see a decrease in their business insurance premiums

Medical Malpractice Insurance

Rate regulation decreases these rates by an additional $21 million. Should a pending ballot initiative pass, patients in California will receive the same level of protection against health insurance premiums that are deemed unfair as doctors are receiving through their business insurance. The Department of Insurance in the state has announced that it will also be using its prior approval rate regulation authority to decrease the premiums for medical malpractice insurance for the approximately 20,000 medical professionals who are covered by The Doctors Company. The decrease in rates should total…

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Senate Health Committee passes SB 1431 with the praise of Insurance Commissioner Jones

California life Insurance Commissioner Dave Jones

Insurance Commissioner Dave Jones has announced the passage of a bill for the regulation of stop-loss coverage to small businesses. Jones has given his applause for this change to the California insurance industry, as the state Senate Health Committee passed SB 1431, which places a minimum number of aggregate and individual attachment points and which bans the exclusion of workers on the grounds of health status during the sale of stop-loss coverage for self-insured employers of 2-50 people. The bill passed by a 5 to 3 vote. It was authored…

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InsureCA4less.com website provides California residents with best insurance quotes and comparisons

The new insureca4less.com website has announced the availability of its full service insurance quote website that is specifically designed to cater to the needs of the residents of California. The site is now offering Californians fast and easy access to free instant insurance quotes from insurers located within their area. It also provides the ability to compare the top quotes from several insurance companies so that users will always know that they are receiving the coverage they need, but at the best possible price that can be found. The insureca4less.com…

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California insurance regulators target GeoVera Insurance, imposing fines and requiring the company to make changes to underwriting

California insurance regulators have taken action against GeoVera Insurance Co., providers of residential earthquake insurance, this week. Regulators took notice of the company after having received a multitude of complaints from policyholders. According to these complaints, the insurer’s underwriting procedures are not as adequate as they are supposed to be. Regulators have investigated the matter and found that the insurer’s practices were indeed falling short of the state’s standards. GeoVera will be facing major changes as regulators look to make the company more compliant with state laws. The insurer will…

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Partnership Launches First-of-its-Kind Website to Help California Businesses

California’s leading business organizations announced that they have joined together to launch a first-its-kind business-oriented website aimed at providing accurate and easy to understand information about the Patient Protection and Affordable Care Act. The Health Law Guide for Business, tailored specifically for the business community, will help business owners navigate through all 2,409 pages of the health care law with one simple website www.healthlawguideforbusiness.org. “The Health Law Guide for Business is a practical and fact driven website that houses the most current information regarding the new health care law. It…

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