CDI News

Some Changes to California’s FAIR Plan Could Go into Effect Early Next Year

Note: This has been updated with FAIR Plan comments below. Changes to the insurance plan offered by California’s property insurer of last resort could possibly go into effect as early as the next few months – that is if no …

AM Best Comments on California Insurance Co. Ratings Following Regulatory Action

AM Best on Wednesday said the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of California Insurance Co. and its pooled insurance affiliates, collectively referred to as North American Casualty Group, remain under review …

California Agent Arrested for Allegedly Leaving Client Uninsured in 2018 Mudslides

California Department of Insurance detectives this week arrested insurance agent Mark Lynch, 40, on 13 felony counts of grand theft, embezzlement, and money laundering after allegedly collecting over $72,425 in insurance premium payments from five clients while leaving one client …

Court Orders California Insurance Company Conserved in Another Round in Applied Battle

Note: This story has been updated with a response from an Applied spokesman describing the actions by the California Department of Insurance as “an unusual Draconian attempt.” A San Mateo County Superior Court on Monday evening issued an order appointing …

New Mexico Explains Role in Enabling Applied Underwriters Sale

The growing drama behind the $920 million sale of Berkshire Hathaway-owned Applied Underwriters to its founder Steven Menzies got another voice added to the story. The New Mexico Office of Superintendent of Insurance on Thursday said New Mexico facilitated the …

Mercury Paying $41M in Decades-Long Court Battle With California Insurance Department

Mercury Insurance Co. has agreed to pay more than $41 million to end a two-decade long battle with the California Department of Insurance battle over the Los Angeles-based carrier improperly tacking fees onto auto insurance policies and over false advertising …

California Commissioner: Data Shows ‘Disturbing’ Disparities in Auto Insurance Discounts

The California Department of Insurance on Tuesday released data from an investigation showing what the CDI is calling “wide socioeconomic disparities” in auto insurance group discounts offered to millions of California drivers. The CDI says the investigation illustrates that many …

States Reviewing Proposed Sale of Workers’ Comp Specialist Applied Underwriters

A possible sale of workers’ compensation specialist Applied Underwriters looks to be a step closer to reality. The California Department of Insurance is reviewing an application for the sale of the Calif.-based Berkshire Hathaway subsidiary. CDI officials confirmed with Insurance …

California Companies Ordered to Stop Selling Workers’ Comp Policies

California Insurance Commissioner Dave Jones has issued an order requiring a central valley company and its affiliates to stop selling workers’ compensation and liability policies because it is not properly licensed with the California Department of Insurance. In October 2016, …

Insurtech Slice Now Offering Homeshare Insurance in California

Slice Insurance Technologies, an insurtech company offering on-demand, short-term insurance coverage, is now selling its commercial lines insurance product for homesharing hosts in California. The California Department of Insurance said that the surplus lines broker is coming into the market …