Arnold Schwarzenegger News

California Legislator: Feds Will Step Up Involvement in Insurance Industry

“Listen to me now, understand me later.” State Sen. Juan Vargas, D-San Diego, gave a well-received Arnold Schwarzenegger impression, chest heaving and heavy on the former California governor’s thick Austrian accent. Vargas, a former president of external affairs for Safeco …

2010′s Top Insurance Stories in the West

In 2009, independent insurance agents and brokers faced a “perfect storm” with the economic downturn, premiums at a fraction of what they used to be, and unemployment and home foreclosure rates up, said Kevin Baker of San Jose, Calif.-based Suhr …

Hundreds Victim to California Rainstorms

Following a series of powerful storms that brought heavy, record-setting rain, snow and high winds to California, insurers report their employees are on-hand to help victims. Meanwhile, Gov. Arnold Schwarzenegger has proclaimed a state of emergency in Kern, Orange, Riverside, …

Calif. Assemblyman Villines to Serve on Flood Protection Board

Calif. Governor Arnold Schwarzenegger has appointed former Assembly minority leader Michael Villines to the Central Valley Flood Protection Board Villines lost a bid for state insurance commissioner last month. The new post pays $40,669 annually. The position requires confirmation by …

Fire Surcharge X-ed Out of Calif. Budget

For the third year in a row, California Gov. Arnold Schwarzenegger’s proposal to impose a 4.8 percent statewide surcharge on all residential and commercial property insurance premiums for fire suppression efforts did not come to fruition. The governor’s proposal, known …

Declarations

Inflationary Increase “The previous $15 million capital and surplus requirement has been in place since the ’90s, so is not near as meaningful in guaranteeing financial solvency of surplus line insurers today. This is a needed inflationary increase.” —Ted Pierce, …

Fire Surcharge Omitted From California Budget

Insurers are thanking their lucky stars, that for the third year in a row, California Gov. Arnold Schwarzenegger’s proposal to impose a 4.8 percent statewide surcharge on all residential and commercial property insurance premiums for fire suppression efforts did not …

Schwarzenegger Vetoes Workers’ Comp Bill

Calif. Gov. Arnold Schwarzenegger has vetoed a workers’ compensation insurance measure that would have required an employer and insurer to resolve disputes that arise in California to be resolved in the state, and the second AB 2490 did, however, provide …

Calif. Insurers Encouraged to ‘Go Green’

Insurers have new incentives to go green, thanks to a new law signed by California Gov. Arnold Schwarzenegger. AB 1011, authored by Assembly Dave Jones, who is running for Insurance Commissioner, requires the state Department of Insurance to collect data …

Calif. Insurers Must Disclose Cancellation Fees

Insurers in California will now be required to disclose cancellation penalties —prior to or concurrent with an application for insurance — thanks to legislation recently signed by Gov. Arnold Schwarzenegger. Previously, the law stated that an insured was entitled to …