Life insurance settlements in California reach $763 million

Life Insurance

So far, there have been 11 insurers that have joined into the multistate agreement to pay. According to John Chiang, the California State Controller, there have been 11 life insurance companies that have now signed the multistate settlements for unpaid benefits of up to $763 million. These settlements were the result of a half decade investigation conducted by Mr. Chiang and his team. This investigation looked into the compliance that the life insurance industry has maintained with the unclaimed property laws in California. What his research revealed was that companies…

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Life insurance regulations overhaul isn’t ready for California commissioner’s vote

California life Insurance Commissioner Dave Jones

The top official of the state’s industry regulator says the rules need more polish. The commissioner in California has cautioned the regulators of other states that he will not be voting in favor of a life insurance regulations overhaul until a better understanding of the necessary resources is established. The overhaul would change the way that insurers establish their claims reserves. Commissioner Dave Jones said that he was not ready to vote for the life insurance regulations overhaul because the industry did not yet have a firm enough grasp on…

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