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Proposition 103, titled Insurance Rate Reduction and Reform Act, was a California ballot proposition voted on in the 1988 California General Election. It passed with 51% of the vote on November 8, 1988. [1] Proposition 103 expanded the regulatory capacities of the California Department of Insurance, especially in property and casualty insurance.
[A]n insurer may, under [California] Insurance Code sections 331 and 359, rescind a fire insurance policy based on an insured's negligent or unintentional misrepresentation of a material fact in an insurance application, notwithstanding the willful misrepresentation clause included in the required standard form fire insurance policy (Insurance ...
[1] [2] [3] The FAIR Plan was established in 1968 by a statutory amendment to the California Insurance Code (specifically, section 10090 et seq. [4]), and is regulated by the office of the California Insurance Commissioner. The plans are typically more expensive and provide less coverage than commercial plans. [5]
(The Center Square) - California homeowners may face noticeable insurance rate hikes under new rules finalized by state regulators that allow property insurers to use complex climate algorithms ...
California’s FAIR Plan offers property insurance for owner- and tenant-occupied buildings, seasonal homes, condos and rental properties (personal property coverage only). To get coverage ...
For example, as enacted in California, the Civil Code contains a definition of consideration, [4] a principle in the common law of contracts which has no direct equivalent in civil law systems. Similarly, it codifies the mailbox rule that communication of acceptance is effective when dropped in the mail, [ 5 ] [ 6 ] which is a feature unique to ...
In 2016, California had the 17th-highest per-capita (per-person) property tax revenue in the country at $1,559, up from 31st in 1996. [30] In 2019, WalletHub applied California's statewide effective property tax rate of 0.77% to the state median home market value of $443,400; the annual property taxes of $3,414 on the median home value was the ...
The commissioner’s office said the requirement will be limited to California, so in-state consumers will not be on the hook for the insurance costs of other high-risk areas, like the Gulf Coast.