Latest California Headlines

Insurance Surcharge Proposed To Fund Calif. Fire Suppression Efforts

Jan 10 2010 // California Gov. Arnold Schwarzenegger has submitted to the Legislature his proposed 2010-11 budget — and called for “greater reductions in nearly every aspect of state government than were necessary in...

California Stamping Fee Increasing to 0.25%

Jan 10 2010 // The Executive Committee and the Stamping Committee approved an increase in the stamping fee from 0.225 percent to 0.250 percent, effective Feb. 1, 2010, the Surplus Line Association of California announced. All new...

Court Upholds $500 Million Award Against U.S. Life Insurance Co.

Jan 7 2010 // The U.S. Ninth Circuit Court of Appeals has upheld an arbitration award requiring U.S. Life Insurance Co. to pay reinsurance of more than $500 million to Superior National Insurance Companies, workers’ compensation...

California To Push For Budget Reforms, Sale of State Fund Assets Unlikely

Jan 7 2010 // Californians can expect more tax increases and cuts in state services, but it’s unlikely that a sale of some of the state workers’ compensation insurer’s assets will be used to shore-up the budget. In his...

California Insurance Companies Respond to Terror Financing Probe

Jan 7 2010 // All 1,327 insurance companies licensed in California have responded to California Insurance Commissioner Steve Poizner’s request to provide data on their investments with companies doing business with Iran’s...

Swiss Re Obtains $150 Million Cat Bond Cover for Calif. Quakes

Jan 5 2010 // Swiss Re has entered into a transaction with Redwood Capital XI Ltd., a Cayman Islands exempted company financed through the offering of insurance-linked securities, to receive up to $150 million in the event of a...

California Appeals Court Upholds Right to Challenge Insurance Rates

Jan 5 2010 // Insurance companies must pay the legal costs of consumer challenges to insurance rate increases, even if they withdraw or settle challenges to rate applications before a formal hearing on their application is called, a...

Dec 30 2009 // Insurers contributed $30.1 billion to California’s gross state product in 2007, accounting for about 2 percent of the state’s gross domestic product, according to a new report written by the Insurance...

California Stamping Fee Increasing to 0.25% in February

Dec 29 2009 // The Executive Committee and the Stamping Committee approved an increase in the stamping fee from 0.225 percent to 0.250 percent, effective Feb. 1, 2010, the Surplus Line Association of California announced. All new...

Special Reuters Report: America’s Route to Recovery

Dec 29 2009 // When Bob Hagan was a boy in Youngstown, Ohio, people equated the coke dust they swept off their doorsteps each day with opportunity, for it came from the steel mills that built this city. After graduating from high school...

California’s Poizner Follows Through on Campaign Donation

Dec 28 2009 // California Republican gubernatorial hopeful Steve Poizner is following through on a pledge to tap his personal fortune to help his struggling campaign. Campaign finance reports show the state insurance commissioner sent...

Zurich Obtains $225 Million Calif. Quake Backup from Lakeside Re II

Dec 28 2009 // The Zurich Financial Services Group announced that it has obtained, through its subsidiaries, Zurich American Insurance Company and Zurich Insurance Company Ltd, a 3-year $225 million catastrophe excess of loss reinsurance...

S. California Agent In Jail for Pocketing Premium

Dec 24 2009 // California Insurance Commissioner Steve Poizner today announced that Rosa De Romero De Rosa (AKA Rosa D. Rosa), 53, of Huntington Park, was arrested Dec. 22 and faces one felony count of grand theft after allegedly taking...

Scientists Update California Tsunami Maps

Dec 21 2009 // Scientists have released updated tsunami maps pinpointing California coasts vulnerable to giant waves generated by an undersea earthquake. Previous hazard maps only covered select coastal communities and focused on...

Former Agent in S. California Arrested for Identity Theft

Dec 21 2009 // California Insurance Commissioner Steve Poizner today announced that James Alfred Morris, 66, of Covina, has been arrested and charged with eight felony counts of identity theft and six felony counts of grand theft after...

2009 P/C Insurance Mergers, Acquisitions Large and Small

Dec 20 2009 // Large insurers AIG, Farmers and The Hartford made moves in 2009, as did large brokers Marsh, Aon, Willis, Gallagher, Brown & Brown, Hub and Wells Fargo. So, too, did, many regional insurers and Main Street agencies....

Six Factors Create Volatility in Calif. Workers’ Comp Insurance Market

Dec 18 2009 // “Since insurance rates were partially deregulated in 1995, the California workers’ compensation insurance market has been very volatile. For reasons that go beyond price deregulation, there have been dramatic...

California Commissioner Sends Out Warning of Elderly Scams

Dec 18 2009 // Elderly Should Be Vigilant to Avoid Scams, California State Insurance Commissioner Poizner Warns. The warning comes on the heels of a $15,000 fine against Annuity Services Insurance Center for deceptive advertising...

Health Care Reform To Have Major Impact on Workers’ Compensation

Dec 16 2009 // Workers’ compensation insurers and actuaries need to prepare for upcoming changes arising from proposed healthcare reform and the shifting medical landscape, attendees of the Casualty Actuarial Society (CAS) annual...

Earthquake Early Warning System Possible

Dec 15 2009 // An earthquake early warning system for California is feasible in coming years, according to research being presented at the American Geophysical Union meeting in San Francisco this week. The ongoing study demonstrates that...