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[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 ...
Its budget is primarily derived from funds generated by license fees, assessments, and Proposition 103 recoupment fees. The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the state of California, United States. The current California Insurance Commissioner is Ricardo Lara.
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.
California insurers will be required to sell coverage in wildfire-prone regions that have seen an insurer exodus in recent years, state Insurance Commissioner Ricardo Lara announced Monday. Under ...
The first state commissioner of insurance was appointed in New Hampshire in 1851 and the state-based insurance regulatory system grew as quickly as the insurance industry itself. [4] Prior to this period, insurance was primarily regulated by corporate charter, state statutory law and de facto regulation by the courts in judicial decisions.
California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out claims related to the Los Angeles wildfires, the state Insurance ...
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The California insurance commissioner has been an elected executive office position in California since 1991. Prior to that time, the insurance commissioner was appointed by the governor. The officeholder is in charge of the California Department of Insurance. The current insurance commissioner is Democrat Ricardo Lara.