Insurance Commissioner Ricardo Lara issued an Order adopting emergency workers’ compensation regulations in response to the COVID-19 pandemic. These new regulations will mandate insurance companies to recompute premium charges for policyholders to reflect reduced risk of loss consistent with Commissioner Lara’s April 13 and May 15, 2020 Bulletins, and will result in savings for many… Continue reading CDI Issues Order Resulting in Workers’ Comp Savings for California Businesses Affected by COVID-19
Tag: CDI
CA Commissioner Requires Insurance Companies to Fairly Investigate All BI Claims Caused by COVID-19
After receiving numerous complaints from businesses, public officials, and other stakeholders of certain insurance representatives attempting to dissuade business policyholders affected by COVID-19 from filing a notice of claim under its business interruption insurance coverage or refusing to open and investigate these claims upon receipt of a notice of claim, Insurance Commissioner Ricardo Lara and… Continue reading CA Commissioner Requires Insurance Companies to Fairly Investigate All BI Claims Caused by COVID-19
CA Insurance Commissioner Calls on Insurers to Push Back Property Claim Deadlines
Insurance Commissioner Ricardo Lara today issued a Notice instructing all insurance companies to stop enforcing policy or statutory deadlines on policyholders for claims or coverage until 90 days after the statewide “state of emergency” or any other “state of emergency” has ended related to COVID-19. The Commissioner issued this latest Notice to protect policyholders from… Continue reading CA Insurance Commissioner Calls on Insurers to Push Back Property Claim Deadlines
‘Renew California’ Bill Seeks to Ease Wildfire-Fueled Homeowners Insurance Crisis
A wildfire-related crisis facing counties all over the state could have one solution in sight. As the risk of destructive wildfire grows, tens of thousands of California homeowners are finding insurance companies are dropping their coverage and pulling out of fire-prone communities altogether. That leaves homeowners unprotected at best — and unable to keep their… Continue reading ‘Renew California’ Bill Seeks to Ease Wildfire-Fueled Homeowners Insurance Crisis
California Puts Former Berkshire Insurance Unit Under State Control
California regulators seized an insurer formerly owned by Warren Buffett’s Berkshire Hathaway Inc., the latest twist in a continuing dispute about whether its sale of the company violated that state’s insurance regulations. The California Department of Insurance said Tuesday that California Insurance Co., one of the insurance companies owned by workers’ compensation insurer Applied Underwriters,… Continue reading California Puts Former Berkshire Insurance Unit Under State Control
Buyout of Berkshire Hathaway Insurance Unit Under Scrutiny
A former insurance subsidiary of Warren Buffett’s Berkshire Hathaway Inc. sparred with the California Department of Insurance on Monday about whether its recent sale violated state insurance regulations. Applied Underwriters, a workers’ compensation insurer, said Wednesday that its co-founder Steve Menzies and Quadrant Management bought the company, including the 81% owned by Berkshire, for $920… Continue reading Buyout of Berkshire Hathaway Insurance Unit Under Scrutiny
CA Commissioner Lara ‘Deeply Sorry’ for Taking Donations from Insurance Industry He Regulates
California’s insurance commissioner Ricardo Lara apologized Tuesday for accepting campaign contributions from the insurance industry and announced reforms for his office and campaign. Lara, a Democrat, had promised during his campaign not to accept contributions from the industry he is responsible for regulating. But he has taken at least $50,000 in contributions from insurance executives,… Continue reading CA Commissioner Lara ‘Deeply Sorry’ for Taking Donations from Insurance Industry He Regulates
California Residents May be Vulnerable if Insurance Is Canceled Due to Wildfire Risk
California’s Department of Insurance can help homeowners who lose insurance coverage because of wildfire risk find new coverage, but it can’t guarantee what the cost or extent of coverage will be under a new policy. According to a Department of Insurance news release, “Current law does not allow the insurance commissioner to require insurers to… Continue reading California Residents May be Vulnerable if Insurance Is Canceled Due to Wildfire Risk
CDI Is Moving to Sircon’s Enhanced Online Insurance Licensing Services
The California Department of Insurance (CDI) will be moving its online licensing services for insurers, agents and brokers, adjusters, and bail agents to Sircon, powered by Vertafore, in the summer of 2019 to take advantage of Sircon’s enhanced online licensing services. At that time, the following CDI online licensing services for individual and business entity… Continue reading CDI Is Moving to Sircon’s Enhanced Online Insurance Licensing Services