American International Group Inc. (AIG) subsidiary, New Hampshire Insurance Co., along with York Risk Services, its claims processing agent, are now facing citations for 125 violations connected with alleged improper handling of California wildfire related claims from 2008. According to California Department of Insurance (CDI) general counsel, Adam M. Cole, “The allegations in this case reflect a troubling lack of attention to consumer needs by New Hampshire Insurance Company.” CDI has stated that each of the various violations for which the insurer has been sited have to do with “an…
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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…
Read MoreAllstate boosts efforts for recruiting in California
Allstate Insurance Company has announced its intention to grow its agency owning workforce for the fourth consecutive year in California in 2012. This is a part of an ongoing aggressive campaign to recruit new agency owners, which resulted in 17 new recruits in 2009, 44 in 2010, and 58 in 2011, in that state alone. According to the California strategic deployment leader at Allstate, William Vasquez, “Allstate is committed to growing in California and to serving more Californians.” He went on to say that professional entrepreneurs with the sales and…
Read MoreProposed legislation in California would allow drivers to use smartphones to prove insurance coverage
State Assemblyman Mike Gatto, a democrat from Los Angeles, has recently proposed new legislation in California, to amend the law concerning the responsibility of motorists to carry proof of their auto insurance coverage with them whenever they are behind the wheel within the state. Assembly Bill 1708 would require California insurance companies to provide a customer’s proof of financial responsibility in a format that is accessible by a mobile electronic device, should that documentation be requested by the individual. This also means that should a motorist be pulled over for…
Read MoreCalifornia homeowners to benefit from new insurance regulations
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…
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 MoreCalifornia climate change conference discusses issues and economic impact on insurance industry as well others
The long awaited climate conference was launched by Democratic Governor Jerry Brown, where he made a strong attack on the Republican party, libertarians, and other groups that refuse to believe that we are in a period of climate change and that this will increase the number of risks to which Californians are exposed. There were approximately 250 leaders for business and energy policy who were present at Brown’s “Extreme Climate Risks and California’s Future” conference, which lasted a day and was held in San Francisco at the California Academy of…
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