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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Insurance companies in three states required to provide their response plans for climate change
The insurance commissioners for New York, California, and Washington state have announced that they will now be requiring insurers to disclose a climate change response plan that will outline the way in which they plan to respond to the changing risks that customers and businesses face as wildfires, severe storms, and rising sea levels become more common. Until now, those three states have asked only about a third of the larger insurance companies to provide information in the form of responses to a survey, but for all other insurers, it…
Read MoreCalifornia trade groups and insurance regulators settle two Iran divestiture
California insurance regulators and trade groups have come to a settlement over two suits regarding efforts that were being made to put pressure on insurance companies to stop their investments into organizations that took part in nuclear, defense, or energy-related work in Iran. The announcement was first made at the end of Friday by Dave Jones, the Insurance Commissioner in California. The lawsuits had to do with a controversial initiative started in 2009 by Steve Poizner, the previous California Insurance Commissioner, which threatened insurers with penalties and publication when they…
Read MoreEmployers in California pay slightly more into premiums for workers’ compensation insurance
According to Dave Jones, the California insurance commissioner, the top 100 companies in the state, which make up 96.7 percent of its market, have increased the rates that they have filed by an 2.8 percent average so far this year. The average increase will impact the majority of businesses that are legally required to purchase plans that pay for an injured employee’s medical expenses when the injury occurred while on the job, and that offers compensation for work related disabilities both temporary and permanent. The majority of the policies held…
Read MoreCommissioner 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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