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Under the new regulations, companies must make their services available in high-risk areas to do business in the state, the first such requirement in California history. Insurers must…
In exchange for increasing coverage, the state will let insurance companies pass on the costs of reinsurance to California consumers. Insurance companies typically buy reinsurance to avoid huge ...
SACRAMENTO, Calif. (AP) — Months after California's home insurance market was rattled by major companies pausing or restricting their coverage, the state's top regulator said Thursday that he ...
Consumer Watchdog has argued that the review process will still allow the modeling companies and their client insurance companies to keep essential elements of the proprietary models out of the ...
That would mean that an insurer that has a 10% share of California's home insurance market would have to write 8.5% of the policies in such neighborhoods. The department released preliminary maps ...
Insurance is characterized as a business vested or affected with the public interest. [2] Thus, the business of insurance, although primarily a matter of private contract, is nevertheless of such concern to the public as a whole that it is subject to governmental regulation to protect the public’s interests. [1]
For instance, in Northern California, 20% of homebuilders surveyed, at the time, said that buyers’ concerns over property insurance are somewhat slowing sales, and in Southern California, 29% of ...
California’s property insurance rates are set by the state, which has led many property insurers such as State Farm and Allstate to stop accepting new customers or leave the state entirely. With ...