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Showing 75 posts in Insurance.

Insurance
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The California Supreme Court Pumps the Brakes on Carrier Refunds

Last week, the California Supreme Court denied a petition and depublication request by California’s insurance commissioner and consumer organizations in a case entitled State Farm General Insurance Company v. Lara. The repercussions of this decision are potentially huge for carriers. (Read More)

Insurance
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California Enacts Sweeping Amendments to the Insurance Code

Assembly Bill 1511 was recently enacted in California. The omnibus bill, which is a consolidation of multiple legislative efforts, amends, among other things, certain provisions of the California Insurance Code relating to (1) notices of renewal or nonrenewal concerning residential property insurance policies, (2) insurer investments, (3) claims against insurers, (4) the Insurance Commissioner’s authority in enjoining persons who violate the Insurance Code, (5) the Insurance Adjuster Act, and (5) the State Compensation Insurance Fund.

By way of this alert, Michelman & Robinson, LLP provides an overview of the law that goes into effect on January 1, 2022. (Read More)

Insurance
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California Court Upholds Insurance Commissioner’s Order to Expand FAIR Plan Coverage

In an effort to better protect homeowners, insurance coverage has been expanded and limits increased under the California FAIR Plan – the state’s insurer of “last resort.” Such was the mandate as set forth in California Insurance Commissioner Ricardo Lara’s 2019 Order No. 2019-2, which has just been upheld by the Superior Court of California for the County of Los Angeles. (Read More)

Insurance
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California Department of Insurance to Hold Public Discussion on Mitigation in Rating Plans and Wildfire Risk Models

The California Department of Insurance has invited the public to participate in a pre-notice discussion regarding a contemplated addition to the California Code of Regulations (“CCR”) dealing with mitigation in rating plans and wildfire risk models. The web-based virtual event will be held on March 30, 2021 at 1:00 pm (PST). (Read More)

Insurance
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California Insurance Commissioner Issues Bulletin Notifying Insurers of Moratorium on Wildfire-Related Cancellations and Non-Renewals

Early last year, California enacted Senate Bill 824 (codified as section 675.1(b)(1) of the California Insurance Code), which serves to prohibit insurers from canceling or non-renewing policies of residential property insurance placed on homes located in certain ZIP codes for a year after the declaration of a state of emergency related to a California wildfire. The statutory provision also requires the California Insurance Commissioner to issue a bulletin informing insurers of the ZIP codes subject to the moratorium. (Read More)

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House Introduces Pandemic Risk Insurance Act of 2020 in the Wake of COVID-19 Business Interruption Claims

Legislation known as the Pandemic Risk Insurance Act of 2020 (the PRIA), which was introduced in the U.S. House of Representatives this week, aims to create a reinsurance program in response to the growing COVID-19 crisis and in anticipation of future pandemics and their effects on the insurance industry and broader economy. Similar in scope and with language comparable to the Terrorism Risk Insurance Act of 2002 (TRIA) that was passed after 9/11, the PRIA, if signed into law, would cap the total pandemic-related insurance losses that carriers might face going forward. Michelman & Robinson explains. (Read More)

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California Insurance Commissioner Extends Order for Insurers to Partially Refund Premiums

This is an update to Michelman & Robinson's previous report about California Insurance Commissioner Ricardo Lara’s bulletin (Bulletin 2020-3) to insurance companies requiring the return of premiums to businesses and consumers in an effort to provide financial relief during the coronavirus crisis. By way of a new bulletin (Bulletin 2020-4issued today (May 15, 2020), Commissioner Lara has extended his prior mandate directed at all admitted and non-admitted property and casualty and workers’ compensation carriers doing business in CaliforniaM&R explains the scope of Commissioner Lara’s updated directive here. (Read More)

Insurance
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U.S. Supreme Court Agrees to Hear Challenge to Scope of Anti-Injunction Act in Micro-Captive Insurance Company Transactions Case

This week, the U.S. Supreme Court agreed to hear a case of great consequence when it comes to judicial review of IRS guidance that arguably concerns tax collection or assessment. At issue in CIC Services LLC v. Internal Revenue Service is the scope of the Anti-Injunction Act and, more specifically, what constitutes the collection or assessment of taxes for purposes of the statute. (Read More)

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NAIC Issues Business Interruption Data Call in the Wake of COVID-19

Late last week, the National Association of Insurance Commissioners (“NAIC”) issued a letter online to all property and casualty insurers on behalf of insurance regulators nationwide regarding a data call to collect information related to business interruption insurance and COVID-19. Carriers can expect to receive the letter directly on—or shortly after—Friday, May 8, 2020. In the meantime, Michelman & Robinson breaks down the information included in the correspondence and answers questions about the data call, the information requested, and who is affected by the NAIC’s outreach. (Read More)

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Attention Insurers: the CDI Has Ordered You to Fairly Investigate All Business Interruption Claims Caused By the COVID-19 Outbreak

That businesses have seen a sharp—and in some instances, total—decline in revenue due to the coronavirus crisis is something we all continue to grapple with. Indeed, the stay-at-home and similar orders in place throughout the nation have served to bring commerce to a screeching halt across industries. Consequently, business owners are turning to their insurance portfolios, seeking to invoke business interruption coverage—to the extent they have it available to them—to compensate for mounting losses of income and the like. (Read More)