California Governor Jerry Brown has signed into law a bill allowing California homeowners insurance companies to consolidate the required biannual notice offering earthquake insurance coverage with a notice explaining discounts and surcharges for earthquake insurance.
Senate Bill 596 was sponsored by the Association of California Insurance Companies (ACIC), which said it is aimed at saving natural resources by consolidating notifications.
The bill, authored by state Sen. Curren Price (D-Los Angeles), also reduces the font size required for the disclosure of the Unfair Claims Practices Act. Additionally, SB 596 requires insurers to send policyholders copies of sections of the Unfair Claims Practices Act.
‘Signature of SB 596 enables insurers to save between 5 and 6 million sheets of paper annually while continuing to provide informative consumer disclosures,’ said Mark Sektnan, ACIC president. ‘SB 596 is an example of how insurers are thinking green and finding new business practices that inform policyholders while conserving natural resources.’
SB 596 was unanimously approved by the state Assembly and the state Senate. Brown signed SB 596 on Sept. 6, 2011. The law takes effect Jan. 1, 2012.
ACIC is an affiliate of the Property Casualty Insurers Association of America (PCI).
Topics California
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