California Insurance Commissioner Approves First Cannabis Business Owners Policy
On June 4, California Insurance Commissioner Dave Jones announced that he approved the first Cannabis Business Owners Policy (“CannaBOP”) in California.
Read MoreTopic: California Developments
NAIC’s Center for Insurance Policy and Research Hosts Webinar About the Insurance Needs of the Cannabis Industry
On Wednesday, the NAIC’s Center for Insurance Policy and Research hosted a webinar entitled “Weeding Through the Unique Insurance Needs of the Cannabis Industry.” The webinar kicked off with comments from Dave Jones, Commissioner of the California Department of Insurance.
Read MoreBack to the Future
Prior to the 1990’s Bellefonte Reinsurance Co. v. Aetna Cas. & Sur. Co., 903 F.2d910 (2d Cir. 1990) (“Bellefonte”) decision, the insurance/reinsurance industry operated under the assumption that expenses in addition to loss, unless explicitly excluded, were included coverages under facultative reinsurance certificates.
Read MoreCalifornia Department Encourages Development of Insurance Products for Legal Cannabis; Industry Begins Moving In
In a letter sent to California insurers on 4/20, California Insurance Commissioner Dave Jones reiterated his call for insurers to file rates and forms for insurance products for the California cannabis industry.
Read MoreRevised California Reinsurance Regulations Allow California Domestics to Cede 100% of Business to Affiliates and Intercompany Pools
California’s reinsurance regulations (Cal. Code Regs. tit. 10, §§ 2303 – 2303.29) were amended effective the first of this year. The revisions included changes to update the regulations to comport with current law and current Department of Insurance practice.
Read MoreCalifornia Wildfires: Carriers See A State Ablaze
California’s wildfire season has been a long and grueling one this year, scorching both the northern and southern halves of the state. Although some of the fires are still burning, eventually the state’s winter rains will come and douse the remaining embers.
Read MoreHeard It Through The Grapevine: Wine Country Wildfires
The wine country wildfires of October 2017 are expected to have caused greater losses than any other in U.S. history. AON Benfield predicts that on an aggregated basis, “this is costliest insured wildfire event ever recorded.”
Read MoreWe’ll Drink to That… Not So Fast?
Although there are still 9 active wildfires in California’s wine country, Cal-Fire anticipates that nearly all of these will be fully contained by the end of this week.
Read MoreFIRING On All Cylinders
The wildfires raging in Northern California are already the worst in the state’s history. The risk of cataclysmic fires is greater in Southern California, but the elements (fierce winds, high temperatures, and low humidity) conspired to create this conflagration.
Read MoreYou don’t need a weather man to know which way the wind blows* (*Bob Dylan)
Dave Jones, California Insurance Commissioner took an aggressive stand on Climate Change in a Press Release issued June 21, 2017, stating that if any “…climate denying politicians of red states who threaten to sue me, I will happily defend my obligation as California’s Insurance Commissioner to make sure insurers are addressing climate change related risks and to protect California consumers.” He further noted, “The threats of lawsuits by 12 red state attorneys general and one governor are not going to stop me from doing my job as insurance commissioner to make sure that insurance companies are recognizing potential financial risks associated with climate change.” He pointed out that the bankruptcy of over 35 coal companies and the refusal of four major US banks to provide loans for new coal infrastructure, and the shift away from fossil fuels (oil, gas, coal and utilities that rely on those) creates a risk of becoming ‘stranded assets’ “ …on the books of insurance companies with significantly reduced or no value.” Commissioner Jones then asked those regulated insurance companies to “voluntarily divest from coal…and to publicly disclose their investments in coal, oil, gas, and utilities so insurers, regulators, shareholders, and consumers have better insight into these investments and the risks they face due to climate change. Insurers doing business in California now know which way the wind...
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