State Assemblyman Mike Gatto, a democrat from Los Angeles, has recently proposed new legislation in California, to amend the law concerning the responsibility of motorists to carry proof of their auto insurance coverage with them whenever they are behind the wheel within the state. Assembly Bill 1708 would require California insurance companies to provide a customer’s proof of financial responsibility in a format that is accessible by a mobile electronic device, should that documentation be requested by the individual. This also means that should a motorist be pulled over for…
Read MoreTag: California insurance companies
California homeowners to benefit from new insurance regulations
New rules for homeowners insurance have been implemented in California to help to protect people when disaster strikes their homes. The regulations have been implemented to help consumers to make sure that they have the coverage that they need when they have been paying into an insurance policy and the time comes that they need to make a claim following a disaster. According to Amy Bach, the head of United Policyholders, following a large loss, people frequently discover that they don’t have as much coverage as “they thought they had…
Read MoreCalifornia trade groups and insurance regulators settle two Iran divestiture
California insurance regulators and trade groups have come to a settlement over two suits regarding efforts that were being made to put pressure on insurance companies to stop their investments into organizations that took part in nuclear, defense, or energy-related work in Iran. The announcement was first made at the end of Friday by Dave Jones, the Insurance Commissioner in California. The lawsuits had to do with a controversial initiative started in 2009 by Steve Poizner, the previous California Insurance Commissioner, which threatened insurers with penalties and publication when they…
Read MoreCalifornia climate change conference discusses issues and economic impact on insurance industry as well others
The long awaited climate conference was launched by Democratic Governor Jerry Brown, where he made a strong attack on the Republican party, libertarians, and other groups that refuse to believe that we are in a period of climate change and that this will increase the number of risks to which Californians are exposed. There were approximately 250 leaders for business and energy policy who were present at Brown’s “Extreme Climate Risks and California’s Future” conference, which lasted a day and was held in San Francisco at the California Academy of…
Read MoreReport shows insurance is an economic player in California
A new report has shown that the property and casualty industry for California insurance is responsible for bringing billions of dollars into the state. The report, which was released by the Insurance Information Institute, showed that in 2008, that sector of the insurance industry brought $34.7 billion into the economy. It also showed that insurers are responsible for approximately 2 percent of the total gross state product for California. In fact, in that state, there are more insurance professionals employed than in any other state in the country. In 2009,…
Read More