Wells Fargo insurance license may be suspended or revoked in California

Wells Fargo insurance scandal

The state Department of Insurance is seeking the action following alleged improper sales practices. The California Department of Insurance has revealed that it is planning to either suspend or revoke the Wells Fargo insurance license in the state. It is pursuing this intention as a result of the company’s online insurance referral program and its allegedly improper sales practices. The department conducted an investigation that revealed around 1,500 improper insurance sales. In those cases, the online Wells Fargo insurance company was allegedly found to have sold about 1,500 policies and…

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California Department of Insurance estimates suggest $1.05 billion in wildfire damage

forest fire California wildfire loss

Official estimates indicate that the devastating wildfires that plague the state will create billion dollar losses. The California Department of Insurance has released an estimate for the damages left behind by the catastrophic wildfires that have left historic damages in the state. The department believes the insured wildfires losses will reach at least $1.05 billion. This estimate is based on the claims received so far from the eight largest Californian insurance companies. Following that estimate, the California Department of Insurance also revealed that it expects the figure to grow. By…

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California auto insurance investigating premiums discrimination

san francisco california auto insurance

The state Department of Insurance launched an investigation into the factors used to calculate rates. The California auto insurance industry may soon be changing the way its rates are calculated in order to reduce discrimination against drivers from minority neighborhoods. The California Department of Insurance launched an investigation into the practices of eight auto policy providers in the state. The investigation is meant to decide whether the insurers are discriminating against people in minority neighborhoods. The California auto insurance rate investigation was launched in response to an article published on…

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Zenefits under investigation by California insurance regulators

insurance companies investigation

The software company has now had its business practices called into question and officials will be examining them. Zenefits, a software company, is now facing an investigation by California insurance department officials, as the firm’s business practices have been called into question. The California Department of Insurance released a statement with regards to the investigation that launched last year. While the California insurance officials have only just recently announced that they are looking into Zenefits and the way it conducts its business, it also stated that its efforts started back…

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Wildfires in California hit the insurance industry with $1 billion in losses

insurance industry news bush fire

Fired introduce more financial strain to the insurance industry Two wildfires in Northern California have destroyed almost 150,000 acres of land, causing approximately $1 billion in insured losses, according to the California Department of Insurance. The fires hit the state last fall and the insurance industry has been working to measure the damage caused by the disasters since then. One of the fires, called the Valley Fire, has become the third most devastating wildfire in the state’s history in terms of total structures destroyed. Wildfires could be more destructive due…

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California approves new auto insurance products for TNC industry

california immigrant auto insurance law

New insurance products will be available for TNC drivers California officials have approved new auto insurance products that will affect the Transportation Network Company (TNC) space. Companies like Uber and Lyft have had a major impact on the insurance space, largely due to concerns that these companies are not providing adequate coverage for their drivers. Insurers are beginning to take note of the rising popularity of TNC and, in order to mitigate risks, have begun offering new insurance policies. State Farm is among these companies. State Farm is among several…

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Auto insurance firm hit with $27.6 million fine

teen auto insurance

Mercury Insurance is being ordered to pay a large fine for wrongful fees issued to consumers The California Department of Insurance has ordered Mercury Insurance, one of the state’s largest auto insurance providers, to pay some $27.6 million in fines for allegedly charging consumers wrongful fees. This represents the largest fine issued against an auto insurance company in the state. Insurance Commissioner Dave Jones ordered the fine, accusing the insurer of charging broker fees that it did not approve of to begin with. Mercury Insurance believes that the fine is…

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195 Arrested in massive auto insurance fraud bust in California

fraudulent insurance claims jail scam

54 arrests were made throughout the Bay Area and involved claims estimated at over $250,000. A widespread auto insurance fraud investigation that spanned the state of California has now resulted in the arrest of 54 people in the Bay Area, after an alleged rash of falsified claims were submitted to insurers. This announcement was recently made by the Department of Insurance within the state. According to the announcement that was made by the state department officials, the claims from this insurance fraud bust could have led to over $250,000 in…

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Health insurance regulators in California not awarded more power

California health insurance

California Proposition 45 has been defeated by voters amidst strong opposition to the measure Voters in California have decided to deny the passage of Proposition 45, which would have provided the state’s Insurance Commissioner, Dave Jones, and the state’s Department of Insurance, with the power to review health insurance rate increases. Under current law, state regulators cannot reject rate increases coming from insurers before these increases have been implemented. Commissioner Jones has been advocating for more regulatory power for some time, claiming that tougher regulations would be a benefit to…

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Auto insurance for self-driving vehicles is a hot topic in California

Self driving car auto insurance

State regulators are beginning to show more attention to insurance issues involving automaked vehicles Self-driving cars could become more common in the future and this may have an impact on auto insurance. The California Department of Insurance is advising the state’s insurance companies to prepare for the eventual proliferation of automated vehicles. Insurance Commissioner Dave Jones has been gathering data about these vehicles and the technology behind them, hoping that insurers will use this data to adapt more quickly to a future where drivers are a thing of the past.…

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