Tag: california dept of insurance

Insurance fraud causing major problems in California

Auto Insurance

Ventura County officials begin crack down on insurance fraud California’s Ventura County District Attorney’s Office has been awarded with a $1 million grant from the state’s Insurance Department to combat fraud. Ventura County has been battling workers’ compensation and auto insurance fraud for several years, and the funds received through the Department of Insurance are expected to help District Attorney Greg Totten make new strides in the fight against fraud and eventually drive down insurance rates for honest consumers and businesses. Insurance fraud costs California $15 billion annually According to…

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Homeowners insurance in California to see lower rates for some customers

Homeowners Insurance

AAA has announced that some of its policyholders will see decreases of 9.3 percent. California Insurance Commissioner Dave Jones has announced that many homeowners insurance customers will be experiencing a notable lowering of their rates. This applies to many of the policyholders of AAA Northern California, Nevada and Utah Insurance Exchange. The reduction will be an average of 9.3 percent. It is likely to be greatly appreciated by homeowners insurance customers, particularly at a time when increases are being experienced throughout the country. The decrease is breaking with a number…

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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 homeowners to benefit from new insurance regulations

Marc

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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Commissioner Dave Jones reflects on achievements a year after taking office

California Insurance Commissioner Dave Jones has been in office for a full year now and he has taken the occasion of this anniversary to reflect on the accomplishments he has been a part of from 2011. In a statement released by the state’s Department of Insurance, the Commissioner notes that his time in office has been filled with confrontation with the insurance industry. Indeed, many of the actions coming from the Commissioner have been met with opposition from insurers, especially the bid to give state regulators more authority over the…

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