consumer protection News

California Insurance Commissioner Touts Bills Signed by Governor

California Insurance Commissioner Ricardo Lara thanked Gov. Gavin Newsom on Wednesday for protecting the state’s consumers through the signing of 11 bills that Lara sponsored this legislative session. According to Lara, the new laws will expand access to insurance, prevent …

Diet Dr Pepper Is Not Promising Weight Loss, Court Rules

A U.S. federal appeals court on Monday said the maker of Diet Dr Pepper did not deceive consumers into thinking the soft drink promoted weight loss by including “diet” in its name, a decision that could doom a similar lawsuit …

Bipartisan Internet Privacy Proposal Calls for User OK to Share Data But Is Mum on Suits

A top House panel unveiled long-awaited draft privacy legislation that calls for limits on sharing consumers’ information and would allow users to correct their personal data. The draft, which also calls for the Federal Trade Commission to establish a new …

Anxiety, Policy Limits Rising Ahead of California’s Sweeping Data Privacy Law

Robert L. Wallan’s clients are keeping him quite busy as they fret about the implementation next year of the nation’s most far-reaching data privacy law, which gives California consumers more control over their personal data. Wallan, a partner in Pillsbury …

Pros and Cons of the Rise of Online Insurance Platforms: Geneva Association

Online platforms can foster insurance market transparency and reduce both transaction costs and information asymmetries, factors typically associated with increased competition and societal welfare. However, online insurance platforms also give rise to challenges concerning consumer protection and competition that should …

North Dakota’s Godfread ‘Excited’ About Technological Innovations in Insurance

North Dakota’s insurance commissioner is bullish on the technological innovations that are occurring within the insurance industry and wants his state to be in the forefront of experimenting with and testing new insurance products and developments. Though in terms of …

California Insurance Commissioner Sponsored Bills Signed into Law in 2014

During the 2014 legislative session California Gov. Jerry Brown signed nine bills sponsored by the California Department of Insurance and Insurance Commissioner Dave Jones. A bill that adds protections for small businesses has already taken effect and five other consumer …

AXA Equitable to Pay New York DFS $20M Fine Over Annuity Changes

New York officials announced AXA Equitable will pay a $20 million fine to the state’s Department of Financial Services (DFS) for violating insurance law related to certain variable annuity products. DFS said its investigation uncovered that AXA made changes to …

UK’s FCA Fines Swinton Group $11.215 Million for ‘Add-On’ Mis-selling

The UK’s Financial Conduct Authority (FCA) [the successor to the FSA] has fined Swinton Group Limited, one of the country’s largest insurance retailers, £7,380,400 [$11.215 million] for mis-selling. After an investigation the FCA said it had “found that Swinton’s aggressive …

UK’s FCA Wastes No Time in Setting Priorities; 15% Budget Increase

The UK’s newly established Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), which replaced the FSA on April first, have lost no time in ordering their priorities for 2013/14. The FCA announced that its overall Annual Funding Requirement …