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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California labor law could inadvertently target insurance agents and others

California’s new labor law may have dire implications for insurance agents in the state. The law was enacted late last year and is designed to punish employers that misclassify workers in an attempt to receive discounts on their insurance coverage. The law itself does not make specific mention to insurance agents, but the language in which the law is written is very vague. Agents could easily fall victim to the law simply by providing employers with advice regarding employee classifications. The law allows the California Labor and Workforce Development Agency…

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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…

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2012 Automobile Insurance Discount Act had no problem obtaining the necessary signatures for qualification

The American Agents Alliance didn’t face any struggles in obtaining the over 800,000 signatures that they gathered in a period of only ten weeks for submission to counties in order to qualify their initiative called the 2012 Automobile Insurance Discount Act, which provides law abiding consumers with a new car insurance rate reduction in California. According to the American Agents Alliance executive director, Mike D’Arelli, the effort was much simpler than they had anticipated. He explained that people know that consumers will benefit from this reduction. Moreover the majority of…

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