Homeowners insurance battle ensues between California commissioner and Mercury

Commissioner Dave Jones, california homeowenrs insurance

The insurer’s chairman and founder, George Joseph, is suing to stop the action of state regulators. Regulators in California have ordered a reduction in homeowners insurance rates by Mercury Casualty Co., only to be contested by the insurer, which is refusing to comply with the ruling. The order was to reduce the rates for the property coverage by an average of 8.2 percent. The insurer, based in Los Angeles, is now arguing the order that was made by the state to reduce the rates that it has been charging. The…

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Homeowners insurance in California to see lower rates for some customers

Homeowners Insurance

AAA has announced that some of its policyholders will see decreases of 9.3 percent. California Insurance Commissioner Dave Jones has announced that many homeowners insurance customers will be experiencing a notable lowering of their rates. This applies to many of the policyholders of AAA Northern California, Nevada and Utah Insurance Exchange. The reduction will be an average of 9.3 percent. It is likely to be greatly appreciated by homeowners insurance customers, particularly at a time when increases are being experienced throughout the country. The decrease is breaking with a number…

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MetLife agrees to settle life insurance claims in several states

auto Insurance fraud

The life insurance giant has agreed to a multistate settlement following regulator allegations among many states. MetLife Inc., the massive company that provides life insurance to millions of individuals across dozens of states, has announced that it will make approximately $438 million in payments toward a multistate settlement following allegations from regulators that said that it had withheld or delayed payments to thousands of policyholders. The payments will be made to beneficiaries over the next 17 years, with payments worth $188 this year. Regulators in many different states have all…

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California Insurance Commissioner Dave Jones requests reduced rates from “forced-placed” mortgage insurance companies

Insurance Commissioner Dave Jones has spoken with the 10 biggest insurers providing “lender-placed coverage” California insurance, in order to address a number of concerns that have been brought to his attention regarding excessive rates. Within that communication, Commissioner Jones directed that a California Department of Insurance (CDI) rate filing be made in order to lower their rates. The insurance commissioner too this step at a time when reports have been made quite heavily regarding sketchy financial integration between insurance companies that offer “forced-placed” mortgage insurance, and the mortgage lenders themselves.…

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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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