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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…
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
Insurance companies doing business in California must put money into a fund to pay for coverage under the FAIR Plan. The number of people on the FAIR Plan has nearly doubled in recent years ...
To understand why the insurance industry is spiraling in California, consider Proposition 103. Passed by voters in 1988, the law was meant to protect consumers by preventing insurers from ...
Although the NAIC's mandate is to benefit state regulators and insurance consumers by promoting uniform laws and regulations, by promoting uniformity of regulation among the states, it also makes it easier for insurance companies to comply with the laws and regulations in all states in which they do business.
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.
The department operates under the California Business, Consumer Services and Housing Agency. The DFPI protects California consumers and oversees the operations of state-licensed financial institutions, including banks, credit unions, debt collectors, nonbank mortgage lenders, student loan servicers, money transmitters, and others. Additionally ...
The bill faced concerns from insurance companies and lawmakers during a hearing Wednesday. ... environmental organizations. ... bill allows and it will further destabilize California’s fragile ...