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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.
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.
Federated Mutual Insurance Company (Federated) is an American insurance company that is the direct writer of property and casualty insurance products with headquarters in Owatonna, Minnesota. As of 2019 [update] , the Company had approximately 2,600 employees and operated in 48 states, with several service offices located throughout the country.
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 ...
Like standard home insurance, California FAIR Plan premiums vary based on a number of rating factors. This includes the location, age and condition of the home, proximity to a fire station, the ...
A recent rule change could cause a spike in insurance premium for homeowners across California, as the costs of the Los Angeles area wildfires are passed onto them in a way that was not allowed in ...
[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 ...
(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 ...