California’s Department of Insurance is issuing over $3 million in grants to the state’s District Attorneys in an effort to battle the spread of fraudulent disability and health claims. The state has been wracked with fraud for several years, a fact that Insurance Commissioner Dave Jones has labored to rectify. According to Jones, the grants will be used to fun investigations and prosecutions as the state government looks to crack down on insurance fraud. Jones hopes that the move will also dissuade individuals from committing fraud, knowing that District Attorneys…
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American Agents Alliance initiative seeks discount for consumers maintaining car insurance
A California agents group, the American Agents Alliance, is moving forward with an initiative that would offer a discount to consumers who have persistently maintained their vehicle insurance, no matter their insurer or insurance company. The current law states that this persistency discount is allowed only when the coverage has been continually kept with the same company. However, the initiative sought by the Agents Alliance is comparable to Proposition 17 in 2010 – which lost by only 2 percent – and would have permitted consumers to carry their persistency discount…
Read MoreUnclaimed billions from life benefits…who will get it?
Lawmakers in the U.S. are battling over billions of dollars in unclaimed life insurance benefits. A number of states have stepped into the legal arena, hoping to lay claim to the money. Technically, the money belongs to beneficiaries, but states have laws that impose statutes on how long benefits can go unclaimed. The money presents an enticing opportunity for states that have dangerously thin wallets. California, in particular, has been aggressive in their pursuit of these funds. The state, after meandering through the legal process, is now pressuring insurance companies…
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