Tag: California

California at risk for major earthquake

S.Vagus
San Andreas Fault Line California earthquake insurance

Geologists meet in California to highlight earthquake concerns California is no stranger to earthquakes; indeed, thousands of seismic events of varying degrees happen every day in the state. Last week, concerns regarding a massive, nationwide earthquake were drummed up when more than 9 million people throughout the state participated in an earthquake drill. California insurers are well versed in the risks associated with earthquakes in the state. What has many insurers worried, however, are the risks associated with a nationwide catastrophe. The U.S. Geological Survey met with risk professionals in…

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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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California Health Benefit Exchange supported through new laws

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Governor Jerry Brown - California health insurance

Governor passes new laws concerning California Health Benefit Exchange Last week, California Governor Jerry Brown signed into law a series of legislations designed to prepare the state for the coming of the California Health Benefit Exchange. The exchange program is part of the Affordable Care Act, which tasks states with building their own health insurance marketplace that is filled with affordable policies that are designed to meet the needs of consumers. The laws passed by Governor Brown aim create a positive environment for this exchange program to take root as…

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Mercury Insurance invests more money in Prop 33

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California auto insurance

Mercury Insurance executive donates more funds to controversial legislative initiative Mercury Insurance executive George Joseph has donated more money to a legislative initiative in California, the fate of which will be determined in November this year. The initiative is known as Proposition 33 and aims to provide more rate increase freedoms to the state’s auto insurance companies. Mercury Insurance has been one of the strongest advocates of the initiative, which has earned the company a fair amount of criticism for wanted to raise rates in an unjustified manner. Prop 33…

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Health care reforms receive more federal money for IT

health insurance healthcare reform

Many state insurance exchanges to benefit from more grant funds to expand their capabilities. The Department of Health and Human Services (HHS) have just released the latest information regarding funding for the health care reform, which shows that several states will be receiving over $765 million in total grant money. These funds are intended to boost the state health insurance exchanges on the IT level. The states that will be receiving the grants will include Connecticut, California, New York, Hawaii, Vermont, Maryland, and Iowa. This money will provide the states…

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Minnesota making significant progress on its health insurance exchange

S.Vagus

Minnesota health insurance moves ahead with exchange system. Minnesota is making significant progress on establishing its health insurance exchange system. The state has determined that it will continue building an exchange despite the uncertain future of the Affordable Care Act. The federal health care law requires each state to build its own exchange by 2014 or risk losing control of the exchange effort to the federal government. Though the state is committed to building an exchange, the burden of the process falls on the Minnesota Department of Commerce instead of…

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Californian’s now have more choices in auto insurance

Nordstrom
Californian’s now have more choices in auto insurance

Daniel Rorapaugh, CEO of AA Auto Protection, stated on January 18th that their company is now able to offer Mechanical Breakdown Insurance (MBI) to those in California. It was a difficult process, but since approved, there are more options available to drivers in California. Before their approval, brokers didn’t have this coverage to offer. MBI coverage is a policy that covers you if your car malfunctions and needs repairs. With purchasing this type of policy, drivers are offered some protection from high mechanic’s bills. Depending on the level of coverage…

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