October 1, 2001 |
Following the trail blazed by State Farm Insurance Cos. and MetLife Inc., Allstate Corp. today became the latest insurer to open a bank, using its network of 2,000 California agents as a testing ground. Allstate Bank will offer checking accounts, certificates of deposit and mortgages through its California offices as well as nationwide via a Web site and a toll-free telephone number, said Kevin Slawin, the bank's chief executive. Northbrook, Ill.
September 3, 2001 |
California Insurance Commissioner Harry W. Low is turning up the heat on insurers to invest in low-income communities, citing poor participation in a voluntary program established by the industry five years ago to stave off legislation. In a letter to chief executives of 1,500 companies, he gave insurers until Wednesday to report back with annual goals that would bolster investments tracked by the California Organized Investment Network.
August 22, 2001 |
Five companies that cut millions of dollars in settlement deals with former state Insurance Commissioner Chuck Quackenbush have filed court papers trying to prove the agreements are legally binding--despite a lawsuit by the state attorney general intended to wipe them out. If the companies fail, they will face a fresh investigation into allegations that they low-balled hundreds and possibly thousands of people while paying damage claims linked to the 1994 Northridge earthquake.
August 15, 2001 |
A U.S. Supreme Court ruling that federal drug laws prohibit distribution of marijuana may be just what the doctor ordered for California insurance companies sick of paying claims on lost, stolen or confiscated pot. People legally using marijuana for medicinal purposes in California have been able to file claims with their insurance companies for payments when their pot was lost, stolen or confiscated by police.
CALIFORNIA | LOCAL
August 4, 2001 |
When Dr. Marcy Zwelling-Aamot and her fellow physicians negotiate with health plans, she says, the two sides come armed entirely differently. "The health plans have an AK-47 and we have a sign that says, 'Please don't shoot me,' " said Zwelling, a solo practitioner from Los Alamitos and secretary of the Los Angeles County Medical Assn.
August 1, 2001 |
California is the most popular place for real estate investments by U.S. insurance companies, a study by the American Council of Life Insurers showed Tuesday. Of the $212 billion in commercial mortgages held by insurance companies, a major source of funding for real estate purchases, $35 billion were made on properties in California. Texas was second with $15 billion, followed by New York at $14 billion.