and hire more investigators to enforce. However, as a producer,if I make a mistake I’d rather pay a $200 fine for a minor discrepancy than have to hire an attorney to defend myself in court. I’m just surprised the Trial Attorney’s lobby didn’t rise up against this since it is going to cut into their racket….I mean income.
Ironic that bill would be sponsored by a Farmers agent. If it is inforced they should be able to balance the California State budget with the fines derived from new Farmers agents, as they lack the training to be in complete compliance with DOI codes.
While I agree that this will mostly affect you agents, there is a need for fines in the industry but mostly against the companies and not the agents who are trying to do their best to support their clients. Access Insurance has been delaying payment on some minor fence damage ($900)to my property from one of their insured who recklessly and drunkenly plowed in to two cars and my fence. I’d like to see the company be fined $25,000 for acting in bad-faith, but the DOI is in the pockets of the industry and would never allow legislation to be enacted to give actual teeth to the DOI. Just going to have the shark lawyers go after them instead. Shame on DOI and shame on the legislature for making the lawyers richer. You agents are going to take it in the shorts so the democrat legislature can say they’re protecting the little guy so the unscrupulous insurance companies (I know they’re not all that way, just a few) can keep screwing both the insured and the claimants.
….I guess you have to find new ways to generate revenue.
and hire more investigators to enforce. However, as a producer,if I make a mistake I’d rather pay a $200 fine for a minor discrepancy than have to hire an attorney to defend myself in court. I’m just surprised the Trial Attorney’s lobby didn’t rise up against this since it is going to cut into their racket….I mean income.
Ironic that bill would be sponsored by a Farmers agent. If it is inforced they should be able to balance the California State budget with the fines derived from new Farmers agents, as they lack the training to be in complete compliance with DOI codes.
Most ethical insurance brokers and financial consultants adhere to regulations as it is,is this necessary?
While I agree that this will mostly affect you agents, there is a need for fines in the industry but mostly against the companies and not the agents who are trying to do their best to support their clients. Access Insurance has been delaying payment on some minor fence damage ($900)to my property from one of their insured who recklessly and drunkenly plowed in to two cars and my fence. I’d like to see the company be fined $25,000 for acting in bad-faith, but the DOI is in the pockets of the industry and would never allow legislation to be enacted to give actual teeth to the DOI. Just going to have the shark lawyers go after them instead. Shame on DOI and shame on the legislature for making the lawyers richer. You agents are going to take it in the shorts so the democrat legislature can say they’re protecting the little guy so the unscrupulous insurance companies (I know they’re not all that way, just a few) can keep screwing both the insured and the claimants.