Tag: California Insurance

State of California takes over control of former Berkshire insurance unit

G. Turner
Berkshire Insurance Unit - Warren Buffett of Berkshire Hathaway

The Department of Insurance said that it never gave its approval to the sale of the company. The California Department of Insurance have seized a former Berkshire insurance unit. The regulators claim that the sale of California Insurance Co. was in violation of state regulations. This is the latest step in the ongoing controversy regarding the sale of the unit. Earlier this week, the California Department of Insurance said that it had not given its approval to the sale of the Berkshire insurance unit with Applied Underwriters, a workers’ compensation…

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California Insurance Commissioner Ricardo Lara Apologizes for Accepting Industry Contributions

H. Cutner
Insurance Commissioner Ricardo Lara - Government Portrait from 2016

Lara released a letter last week that acknowledged that his campaign had solicited those contributions. California Insurance Commissioner Ricardo Lara has said he was sorry for having both solicited campaign contributions from the insurance industry and for having accepted them. Last Tuesday, he issued a letter in which he acknowledged the activity as well as his regret for having done so despite a campaign pledge he had made not to accept contributions from insurers. The letter was issued to a number of groups, including Public Advocates, United Policyholders and Health…

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What does California earthquake insurance coverage provide following a disaster

Julie Campbell
California earthquake insurance coverage - House after earthquake

Following the tremors last Thursday and Friday, many residents are looking into the protection available. The importance of California earthquake insurance coverage was placed in the spotlight last Thursday and Friday. The 6.4 magnitude quake was the strongest to rock Southern California in two decades and was followed by a 7.1 magnitude quake the next day. The tremors shook homes and other buildings across hundreds of miles in the state. Independence Day came with a number of different catastrophe risks, particularly with the number of tornadoes that have been cutting…

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California may use penalties to pay for health insurance subsidies

Julie Campbell
Health insurance subsidies - money - dollar sign

Governor Gavin Newsom has proposed a tax penalty that would cover the Californian subsidy costs. Governor Gavin Newsom has proposed a new move to fund health insurance subsidies in the state. It would provide an estimated 850,000 Californians with assistance in paying their premiums. The goal is to assist people who make too much to qualify for federal aid but struggle to pay premiums. To be able to afford to provide the additional health insurance subsidies, the Democratic governor has proposed a tax penalty. This would be applied to Californians…

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California watchdog group calls for tougher insurance industry rules

Nordstrom
Insurance Industry Rules - Business Man

A consumer advocacy group is now petitioning state legislators to reconsider a privacy bill. A California consumer watchdog is petitioning legislators to tighten insurance industry rules. The advocacy group is asking lawmakers to rethink the pending California Consumer Privacy Act. According to the watchdog, the act has the potential to allow insurance companies to sidestep privacy laws. The California Consumer Privacy Act is slated to become effective in January 2020. It was written to provide regulations preventing the sale of consumer personal information from being sold to other companies. It…

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