December 23, 2010 |
California's largest health insurers, fearing they'll lose new customers in the state's lucrative individual insurance market, have canceled controversial decisions last fall to stop selling policies for children. The insurance companies abruptly halted the sale of individual policies for kids in September rather than comply with provisions of the nation's new healthcare law that required them to accept all youngsters under age 19 regardless of their medical conditions. Insurers said at the time that the healthcare overhaul could saddle them with huge and unexpected costs, particularly if competitors exited the market.
July 30, 2010 |
As millions of Californians continue to cope with surging costs for health insurance, state lawmakers, consumer advocates and lobbyists in Sacramento are haggling over how tough to get with companies seeking large rate increases. August will be a key month as state officials try to forge a strategy to comply with the nation's new healthcare law. Among the law's far-flung provisions is a call for states to develop plans for reviewing "unreasonable" increases in health insurance premiums.
May 14, 2010 |
Nearly 300 insurance companies licensed to do business in California have refused to comply with a state regulator's request that they stop making new investments in corporations engaged in energy or defense-related work in Iran. The insurers, including more than a dozen major firms such as State Farm, Geico and Prudential, are questioning the authority of state Insurance Commissioner Steve Poizner to impose sanctions. By contrast, Poizner said, 1,010 other insurance companies said they would comply.
November 10, 2009 |
For the second time in a year, the California insurance commissioner has rejected an industry rating agency's proposal that he recommend that insurers significantly raise rates paid by employers for workers' compensation insurance. Steve Poizner today rejected a call from the California Workers' Compensation Insurance Rating Bureau to hike rates by 22.8% for policies that would be written or renewed after Jan. 1. By law, the insurance commissioner is charged with reviewing the benchmark rate considered by insurance companies in pricing future policies and recommending changes -- up or down.
September 28, 2003 |
Call it the California paradox: The most picturesque home sites are often the most perilous. Steep hillsides with sweeping views and tree-lined canyons may make the ideal house locale, but they also provide enough fuel-filled brush to torch a home within minutes during a wildfire. For the tens of thousands living in brush areas, the price of paradise comes with higher homeowner insurance premiums or substandard, piecemeal coverage.
January 24, 2002 |
In a move that may lead to higher homeowner insurance rates statewide, a major rating agency threatened Wednesday to downgrade State Farm's California operations because of serious losses in the insurer's residential business. Standard & Poor's placed State Farm General Insurance Co., a subsidiary of State Farm Mutual Automobile Insurance Co., on a credit watch after losses eroded the insurer's reserves to $390 million from $566 million a year ago.