The California Assembly Insurance Committee approved an amended measure that will now require insurers to provide an explanation to consumers when policies are declined, canceled or non-renewed, AIA reported. The bill, SB 150, authored by Senator Martha Escutia (D-Whittier), was originally opposed by AIA. The senator removed the language regulating underwriting criteria, however, thus removing AIA’s objections. “We appreciate Senator Escutia’s willingness to address our reservations with this measure,” said Janine Gibford, AIA assistant vice president, Western Region. “SB 150 will now help homeowners to understand and recognize their potential risks or hazards so they can rectify the condition. This bill provides important new consumer education.” SB 150 was approved by the Assembly Insurance Committee by a vote of 7 to 3. The bill will now move to the floor for a full vote by the California State Assembly.
Topics Carriers
Was this article valuable?
Here are more articles you may enjoy.
AIG to Acquire Renewal Rights of Everest’s Retail Commercial Business Worth $2B 
Catastrophe Bonds’ Huge Market Gains Put Reinsurers on Backfoot 
World’s Largest Retirement Community Taps Muni Market to Help Build More Homes 
Update: Hurricane Melissa Churns Toward Jamaica as Category 5 Storm From This Issue
