California regulator warns insurers over auto policy practices
The California Department of Insurance issued a formal notice to insurers directing them to cease any and all moratoriums on auto insurance and reminding them that California law prohibits this practice.
The warning comes after insurers imposed moratoriums on writing new private passenger auto policies or prohibiting additions to existing auto policies in the Southern California wildfire areas.
The regulator reminded insurers that Proposition 103 and regulations issued by the commissioner require insurers to write private passenger auto coverage for any consumer who qualifies as a good driver.
"Buying new auto coverage or changing your auto insurance coverage any time before you experience a loss is your right as a good driver," said insurance commissioner Dave Jones.
"I am committed to making sure consumers' rights are protected, which is why I issued a notice to all property and casualty insurers writing private passenger auto directing them to stop any and all moratoriums on auto insurance and reminding them that such moratoriums and restrictions are prohibited under California Law."
More of today's news
Brit forms collateralised reinsurance platform; adds former Axis Re CEO
Fidelis co-founder and former CFO re-joins Third Point Re board
At least 1,500 structures affected by Southern California wildfires
Lloyd’s broker Tysers acquires commercial lines business
California wildfires prompt regulator action
Reinsurance veteran joins Chaucer board
S&P calls EMEA insurers to focus on preserving capital, earnings
Pioneer hires Hartford underwriter for E&S property operation
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze