Latest California Headlines
All the headlines from our California Topic Page, ordered by recency.
IBA West Submits Testimony Opposing Revised Proposed ‘Broker Fiduciary Duties’ Regulations
May 5 2005 // IBA West submitted written testimony expressing strong opposition to the revised “Broker Fiduciary Duties” regulations proposed by Insurance Commissioner John Garamendi this week. “While these regulations...
Estrada New President for U.S.I.’s Northern Calif. Operation
May 5 2005 // U.S.I. Holdings Corporation announced the appointment of David E. Estrada as president of its Northern California operation. Through its Northern California operation, USI is a distributor of insurance and financial...
NCCI State of the Line Report: Workers’ Comp Combined Ratio Best Since 1997
May 5 2005 // The workers’ compensation calendar year combined ratio dropped four points to 105 percent, the best performance for the first time since 1997, according to NCCI Holdings Inc.’s State of the Line preliminary...
A.M. Best Assigns Rating to California Insurance Co.
May 4 2005 // A.M. Best Co. has assigned a financial strength rating of A- (Excellent) to California Insurance Company (CIC) (San Francisco, Calif.), a wholly-owned subsidiary of Applied Underwriters Inc. (AUI) (Omaha, Neb.). The rating...
Calif. Broker Arrested on Seven Counts of Grand Theft
May 4 2005 // Insurance broker Robert Stephen Rice, 56, was arrested on seven felony counts of grand theft at his home in Thousand Oaks, Calif., by the California Department of Insurance (CDI) Fraud Division. The arrest is the result of...
Calif. Credit Regulation Bill Passes First Committee
May 4 2005 // Legislation sponsored by the Association of California Insurance Companies (ACIC) to impose strong regulation of the use of credit information by homeowners insurers passed its first committee test today. The bill, AB 1454...
ACIC: Costly, Anti-Consumer Bill Passes Calif. Committee
May 4 2005 // The Senate Judiciary Committee has approved legislation that would shift Medi-Cal costs – and insurance rate hikes – to all forms of liability insurance, such as homeowners and automobile coverage, according to...
Calif. Legislative Committee Takes Correct Action on Producer Requirements
May 3 2005 // California legislators have issued a “sharp rebuke” of Insurance Commissioner John Garamendi’s efforts to impose new requirements on agents and brokers, according to the National Association of Mutual...
Mercury General Corporation Announces 1Q Results
May 2 2005 // Los Angeles-based Mercury General Corporation reported net income of $60.4 million, or $1.10 per share (diluted), in the first quarter 2005 compared with $68.8 million, or $1.26 per share (diluted), in the same period for...
Sponsor Pulls Bill Mandating California Insurer Community Investments
May 2 2005 // The sponsor of a California bill that would mandate insurer community development investments, withdrew the bill from consideration by this legislative session. Assembly Member Mark Ridley-Thomas, will not pursue AB 925...
Former Calif. SCIF President Webb Passes Away; Worked at SCIF For More than 36 Years
May 2 2005 // Former State Fund President Jack Webb – one of the most influential and colorful figures in the 91-year history of California’s workers’ compensation insurance system – died May 2nd. Webb had been...
Calif. Senate Committee Passes SB 150, SB 603
May 2 2005 // Last week the California Senate Banking, Finance and Insurance Committee approved two measurers that are detrimental to the underwriting process and will increase costs for consumers, says the American Insurance...
PIFC: Garamendi’s Proposed Homeowner Regs Flawed
Apr 29 2005 // There is not one statute in the entire Insurance Code of California that authorizes the insurance commissioner to adopt a proposed set of homeowners’ insurance regulations submitted to the Office of Administrative...
New Wholesaler Launched in Southern Calif.
Apr 28 2005 // Kari Ogden, Robin Robb and Joe Rowland announced the opening of TB&C Wholesale Brokerage, which will offer excess and surplus line products and services in offices located in Pasadena and Orange County, Calif. Ogden...
Suspects Arrested in Alleged Car Theft Ring in California
Apr 28 2005 // Ten Thai nationals were arrested in California for allegedly participating in a car theft ring that caused $10 million (euro7.7 million) in losses to dealerships and insurances, police said. The suspects were arrested for...
PIFC Comments on Calif. Earthquake Authority’s Financial Stability
Apr 28 2005 // The following statement was released by Dan Dunmoyer, president of the Personal Insurance Federation of California, in response to comments made by California State Treasurer Phil Angelides at the California Earthquake...
Broker Compensation Bill Defeated in Calif. Committee
Apr 28 2005 // The American Agents Alliance reported that SB 938 (Dunn) was heard and defeated in the Senate Banking, Finance and Insurance Committee yesterday by a 2-5 vote. The bill, which the Alliance and other insurance trade groups...
California Panel To Consider Anti-Consumer Insurance Bills
Apr 27 2005 // The Senate Banking, Finance and Insurance Committee this week will consider three bills that have one thing in common – provisions that ultimately will hurt consumers if enacted, according to Sam Sorich, president of...
NAMIC Says Calif. Commissioner Continues Search for Problem to Solve on Broker Compensation
Apr 27 2005 // California Insurance Commissioner John Garamendi’s hoped-for regulations on the professional duties of an agent or broker propose solutions to problems that have yet to be identified according to the National...
California’s WCIRB Report on Dec. 31, 2004 Insurer Experience Released
Apr 26 2005 // California’s WCIRB has completed its quarterly report summarizing the most current insurer loss and premium experience as of Dec. 31, 2004. Among the highlights of the report are the following: The average statewide...
