California Department of Insurance News

California Security Company Busted for $3.2M Workers’ Comp Premium Fraud

Security Code 3 Inc. owner Troy Carson, 55, of San Jose, was arrested by California Department of Insurance detectives for allegedly underreporting payroll by more than $12 million in an attempt to secure a lower workers’ compensation rate under false …

California Man Nabbed for Collecting Workers’ Comp from Multiple Insurers While Working

Michael Williams, 34, of Daly City, Calif., has been arrested on 21 felony counts of insurance fraud and grand theft after allegedly working for multiple employers while collecting over $85,000 in workers’ compensation benefits from two different insurers. In November …

$332B in Premiums Makes California World’s 4th Largest Insurance Market

California’s annual insurance premium volume has increased to $332 billion, Insurance Commissioner Dave Jones announced on Thursday. That makes California is the 4th largest insurance market in the world, and the state remains the largest insurance market in the United …

California Workers’ Comp Committee Votes to Lower Mid-Year Filing

The California Workers’ Compensation Insurance Rating Bureau’s governing committee has voted to authorize the WCIRB to submit a lower mid-year pure premium rate filing to the California Department of Insurance based in part on reduced lien filings and a new …

California Says Insurers Must Pass Tax Savings on to Policyholders

Insurance companies writing in California were sent a notice by the California Department of Insurance reminding them that under Proposition 103 their rates must not be excessive, inadequate, or unfairly discriminatory. The recent revision to the Federal Tax Schedule for …

California Department of Insurance Says it Recovered $81.3M for Consumers

Insurance Commissioner Dave Jones announced on Thursday that the California Department of Insurance recovered more than $81.3 million for consumers during 2017 through consumer complaint investigations and market conduct examinations of insurance companies. Last year the department’s consumer hotline reportedly …

Wells Fargo Facing Insurance License Discipline in California

Wells Fargo was served with an accusation by the California Department of Insurance seeking to suspend or revoke its licenses for alleged improper insurance sales practices related to the company’s online insurance referral program. Such practices resulted in insurance products …

California Governor Jerry Brown Signs Surplus Lines Association Backed Bill

Assembly Bill 1641, legislation offered and lobbied by the Surplus Line Association of California that is designed to give the California Department of Insurance more flexibility in deciding which coverages to add to the Export List, was signed into law …

California Department of Insurance Names Yang Deputy Commissioner

California Insurance Commissioner Dave Jones has named Amorette Yang to deputy commissioner of the California Department of Insurance’s community programs and policy initiatives branch. Yang was chief of the branch. She’s replacing Chris Shultz, who has accepted an appointment as …

Los Angeles Agent Sentenced for Embezzling Over $100K

Suren Hovhannisyan, a former insurance agent, has been sentenced in Los Angeles County Superior Court to 180 days in jail and five years of formal probation after pleading no contest to three felony counts of Grand Theft. Hovhannisyan was also …