January 31, 1986
As a result of the insurance company's plan to shore up its property/casualty reserves, Cigna will report an $853-million loss for all of 1985. Operating income in 1985 would otherwise have been about $347 million, the nation's fourth-largest diversified financial-services company said. The company said its reserves have been depleted by burgeoning insurance claims. Insurers maintain reserves to protect themselves against unforeseen claims.
January 24, 2006 |
Farmers Insurance Group has agreed to pay a $1-million fine to settle charges that it mishandled about 350 claims filed by policyholders from 2001 to 2004, the California Department of Insurance said. The majority of the consumer complaints involved delays in investigations and payments of pending automobile and homeowner insurance claims at the Los Angeles-based company, the department said. A Farmers spokeswoman said the fine was related to "administrative and reporting issues."
May 13, 1997
Incomnet Inc. has purchased California Interactive Computing Inc. in a $1.8-million deal. CIC of Valencia markets software for insurance claims processing. Incomnet agreed to pay CIC $1.8 million over five years. Incomnet has also signed a two-year employment agreement with CIC's former chief executive, Jerry Buckley. Incomnet, based in Woodland Hills, provides telecommunications services.
CALIFORNIA | LOCAL
September 26, 1995 |
Starting next Monday, the California Employment Development Department will process all unemployment insurance claims by Ventura County residents over the telephone. Ventura and San Diego counties are the test areas for a new system that will eventually handle all unemployment insurance claims statewide by phone.
November 21, 2004 |
Water causes nearly a half-billion dollars of insured damage inside California homes each year, according to a continuing study by the Insurance Information Network of California. The number of household water damage claims is on the decline, but the average cost of water claims continues to climb. The 81,518 claims reported by the companies surveyed resulted in $428.5 million in insured losses in 2003, the first decline in costs since water claims data became available in 1997.
January 8, 2006 |
A national coalition dedicated to preparing Americans for natural disasters recently launched a California affiliate in Sherman Oaks, pledging to create a fund for people without enough insurance. James Lee Witt, former director of the Federal Emergency Management Agency, and retired Adm. James M. Loy, former deputy secretary of the Department of Homeland Security, co-chair the national coalition ProtectingAmerica.org. The new affiliate, ProtectingCalifornia.
CALIFORNIA | LOCAL
December 19, 2001 |
Multiple pleas were made Tuesday urging homeowners to meet the Dec. 31 deadline to reopen claims stemming from the 1994 Northridge earthquake. Policyholders unsatisfied with the outcome of insurance claims submitted before Jan. 1, 2001, have less than two weeks to file a lawsuit against their insurance company. A state law, which resulted from passage of Senate Bill 1899, lifts the typical one-year statute of limitations that homeowners have to sue insurers over the handling of their claims.
CALIFORNIA | LOCAL
May 17, 2003 |
A federal grand jury has indicted six people on charges of falsifying claims for unemployment insurance. The residents from the San Joaquin area were charged with possession of stolen Social Security numbers in an 80-count indictment as part of an ongoing investigation into phony unemployment insurance claims. Last week, 13 people, most from the Sanger-Reedley area, were named in an 84-count indictment charging conspiracy, mail fraud, identity theft and money laundering.