209,000 California insurance jobs could disappear from ACA repeal

california insurance jobs

The state has hired former U.S. Attorney General Eric Holder as outside counsel to overcome this challenge. As the Republican party launches its efforts to deconstruct the Affordable Care Act (ACA), a recent study suggests massive damage to California insurance jobs. In fact, the research indicated that the state could see losses of over 200,000 insurance and health care positions from an ACA repeal. Repealing the federal health care reform could also slash an annual $20.5 billion from the California economy. These forecasts were produced by the UC Berkeley Center…

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Zenefits California insurance company must pay $7 million fine

California Insurance company Fraud scam

The insurer was charged the fine by the state’s regulator for the use of certain software to illegally license staff. California insurance company, Zenefits, is now facing a fine of $7 million from the state’s regulator. This fine is primarily the result of the insurer’s use of software that made it possible to complete the pre-licensing coursework in a period of time below the state requirement. The California Department of Insurance penalized the health insurer with the multimillion dollar fine, last week. As a result, Zenefits is now facing one…

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California lawmakers consider tax package targeting state health insurance program

California health insurance

Lawmakers aim to support Medi-Cal program with ambitious tax package Lawmakers in California may opt to take action on a tax package that aims to prevent a gap of $1.1 billion in the state’s health insurance program. The California Senate and Assembly are considering three pieces of legislation during a special legislative session, which was called last year in order to adjust taxes on insurance plans. The federal government has announced that it will discontinue support for the state’s Medi-Cal program if lawmakers are not able to effectively address tax…

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Covered California sparks more competition in state’s health insurance market

California health insurance industry agent

Competition in California insurance market is growing thanks to the state’s exchange California’s health insurance exchange, called Covered California, has released a new enrollment report. The report shows that the state’s exchange has had a significant impact on competition in the California insurance market. The exchange has lead aggressive negotiations with insurance companies, ensuring that competition remains strong and consumers have a wealth of options when it comes to finding the coverage that they need. According to Covered California, more than 439,000 new people have enrolled into the exchange. 439,000…

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Record number of homeowners purchase flood insurance in California

flood insurance policies

FEMA reports that more flood policies have been sold through NFIP this year The number of homeowners in California that have purchased flood insurance coverage has grown significantly, according to the Federal Emergency Management Agency (FEMA). This is due to worry concerning El Nino, which may result in several powerful storms in California. Heavy rainfall in the state may be good news for some, as California has been suffering from a severe drought, but this rainfall comes with the risk of flood disasters in several parts of the state. Worries…

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Wildfires in California hit the insurance industry with $1 billion in losses

insurance industry news bush fire

Fired introduce more financial strain to the insurance industry Two wildfires in Northern California have destroyed almost 150,000 acres of land, causing approximately $1 billion in insured losses, according to the California Department of Insurance. The fires hit the state last fall and the insurance industry has been working to measure the damage caused by the disasters since then. One of the fires, called the Valley Fire, has become the third most devastating wildfire in the state’s history in terms of total structures destroyed. Wildfires could be more destructive due…

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Insurance Commissioner Jones calls for the insurance industry to divest in coal

Dave Jones California insurance commissioner insurance industry rates

Commissioner Jones asks insurers to cut their investments in the coal industry California Insurance Commissioner Dave Jones has issued a call to the insurance industry, encouraging companies to divest from the coal industry. Commissioner Jones is working to require insurers to disclose their investments in coal companies as well. The use of coal among utilities has fallen sharply over the past few years due to federal emissions regulations, but coal companies still receive strong financial support from both the public and private sectors. By divesting from coal, the insurance industry…

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