Search Results for: Covered California

Covered California exchange program set in stone

Nordstrom
California health insurance

Covered California plan approved by governing board The board that is meant to govern California’s efforts to build its own health insurance exchange have approved the operational plans for the program. This is a major step towards the state running its own health insurance exchange program and complying with federal deadlines. The California Health Benefit Exchange board, which has changed the name of the exchange program to Covered California, has sent its approval for the operational plans to the Governor’s Office, which is expected to forward these plans to the…

Insurance Commissioner Jones announces that $54 million was recovered for California consumers last year

Dave Jones, the Insurance Commissioner for the state of California, has announced that the California Department of Insurance (CDI) has managed a recovery of over $54 million for consumers through the investigations of complaints in addition to examinations of the market conduct of insurers last year. Commissioner Jones said that the top priority of the CDI is to protect consumers. He went on to say that as a result of “a lot of hard work” by the staff at the Department, they were able to return $54 million to the…

California Insurance Market Seeks Solutions Amid Homeowner Policy Crisis

Loreen
California insurance market health

California’s insurance landscape is poised for a substantial rewrite as authorities deal with the implications of devastating wildfires and market instability. With a pivotal public hearing on the horizon, Insurance Commissioner Ricardo Lara spearheads the effort to address the frustrations of both homeowners and insurers. The Plight of California Homeowners and Insurers Amid the ashes of devastating wildfires, Californian homeowners have faced soaring insurance premiums and widespread policy cancellations, driving the need for regulatory reform. A proposed overhaul by Commissioner Lara aims to streamline rate increase approvals and clarify regulations…

California condo insurance company leaves the state

Marc
Condo insurance

Farmers subsidiary Foremost has announced that it will no longer sell this type of coverage in the state. Farmers subsidiary Foremost Insurance Co. has announced that as of April 2024, it will stop selling condo insurance in California. The California Condominium Homeowners program will be coming to an end at that time. This makes Foremost only the latest among many insurers that have decided to withdraw from selling coverage in the Californian market. Homeowners’ and condo insurance have been increasingly difficult for many residents to find, and those who do…

California market loses yet another homeowners insurance company

Marc
Homeowners insurance - Offered no more

The state has been struggling with a rapidly shrinking market due to considerable challenges. California is losing yet another homeowners insurance company from its market as a company owned by the second largest home insurer in the state announces that it will be ceasing operation in the state. This will leave tens of thousands of property owners looking to find new coverage. Farmers Direct Property and Casualty Insurance Company, an insurer owned by the second largest homeowners insurance provider in California’s property market, has surrendered the Certificate of Authority it…