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
California Developments
New General Counsel Appointed by the California Commissioner of Insurance
By Troutman Pepper Locke on
Posted in California Developments, United States
On May 16, 2017, California Insurance Commissioner Dave Jones announced the appointment of Ken Schnoll as General Counsel for the California Department of Insurance. As stated by Commissioner Jones, Mr. Schnoll brings more than 30 years’ experience to his new role, including work in regulatory and transactional matters with health…
Liberty v. Ledesma and Meyer Construction, Case No. 14-56120 (9th Cir. 2016)
By Troutman Pepper Locke on
The California Supreme Court is poised to answer the following unsettled question of California law certified by the Ninth Circuit Court of Appeals on August 22, 2016 (see order here): “Whether there is an ‘occurrence’ under an employer’s commercial general liability policy when an injured third party brings…
Locke Lord’s Insurance & Reinsurance Newsletter – September 2016
By Troutman Pepper Locke on
Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team.
- “When Does the Acquisition of a
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The California Earthquake Authority (CEA) is Considering Purchasing Cat Bonds over Reinsurance
By Troutman Pepper Locke on
Posted in California Developments
This year the CEA will buy more reinsurance than in prior years, but the CEA may be casting an eye towards revenue bonds as part of its overall claims-paying resources, believing that a bond program could be more effective than reinsurance.
The CEA was formed as the result of the…
California Insurance Commissioner Asks Insurers to Exit Thermal Coal Investments
By Troutman Pepper Locke on
Posted in California Developments, Regulatory
On January 25 the California Insurance Commissioner issued a press release, and also sent email messages to insurers licensed in California, indicating that he is requesting all insurers doing business in California to refrain from making any new investments, refrain from renewing any existing investments, and to sell or withdraw…
California Governor Signs Long-term Care Insurance Bill
By Troutman Pepper Locke on
On October 6, 2015 California’s Governor Jerry Brown signed into law Senate Bill 575, requiring annual notifications of certain nonforfeiture benefits under long-term care insurance contracts. Under current law, an insurer is required to offer, at the time of application for a long-term care insurance contract, an option to purchase…
California Adopts NAIC Corporate Governance Annual Disclosure Requirements
By Troutman Pepper Locke on
Posted in California Developments, Regulatory
On Monday, August 17, 2015, California Assembly Bill 553 was signed by Governor Jerry Brown, and became immediately effective. AB 553 adopts much of the NAIC’s Model Corporate Governance Annual Disclosure Model Act, along with a number of measures to bring California’s Insurance Holding Company Systems Act into conformity with…
California Department Bans Price Optimization
By Troutman Pepper Locke on
The California Department of Insurance issued a bulletin on February 18, 2015 advising insurers that they may not use “price optimization” as a rating factor in California. The Department defines price optimization as “any method of taking into account an individual’s or class’s willingness to pay a higher premium relative…
California Broadens the Exemption to the Confidentiality of Statements Filed Pursuant to the California Holding Company Act
By Troutman Pepper Locke on
Posted in California Developments, Regulatory
California law presently provides for a limited exemption from discovery for a request for a document filed pursuant to the California Holding Company Act. This exemption applies to documents and information reported to the Insurance Commissioner in registration statements or obtained by or disclosed to the Insurance Commissioner in the course of an examination or investigation.…