A state Senate panel voted Wednesday to bar California’s insurance commissioner from ever again allowing insurance companies to avoid fines by contributing to nonprofit foundations.
The Senate Insurance Committee approved by an 8-0 vote to submit a bill to the full Senate that would prevent future tradeoffs similar to those undertaken by current Insurance Commissioner Chuck Quackenbush.
The commissioner has admitted to allowing at least four insurance companies to avoid $3.3 billion in fines for allegedly underpaying claims during the 1994 Northridge earthquake. Quackenbush’s legal team recommended the fines.
No time line has been slated for presenting the state’s Senate with such a bill. Meanwhile, investigations into Quackenbush’s involvement in the issue continue.
Was this article valuable?
Here are more articles you may enjoy.
Seven People Charged in $100M Workers’ Compensation Fraud Operation in Florida 
US Ready to ‘Take Any Actions Necessary’ to Fight EU ESG Rules 
Rhine River Shipping Stalls as Water Level Hits Record Low 
Jury Finds No Gun Defect, Sides With Sig Sauer in Unintended Discharge Case 
