In the wake of increasing non-renewals and outright cancellations, the Insurance Commissioner ordered an independent study of California's home and business insurer of last resort; the so-called Fair Plan. California's FAIR Plan, was created by the state legislature more than a half century ago for people canceled by insurers.
In the wake of increasing non-renewals and outright cancellations, the Insurance Commissioner ordered an independent study of California's home and business insurer of last resort; the so-called Fair Plan.
At an investigative hearing, an independent study ordered by the insurance commissioner found that the FAIR Plan is not fair. The list: unfair in accepting customers, providing poor coverages, not disclosing or properly interpreting coverage clauses, illegally adding coverage limits, illegally charging higher rates, delaying claim payments, failure to apply required discounts as well as poor business practices; including customer's and agent's inability to contact FAIR Plan staff.
Harvey Rosenfield, whose Prop. 103 has saved car owners and homeowners $100 billion since it passed in 1988, says the root of the problem is that the fox is guarding the hen house. "Traditional market insurers are responsible for the day-to-day operations of the FAIR Plan and they handle those operations by virtue of their membership on the Governing Committee of the Fair Plan," said The Insurance Commissioner Special Counsel Bryant Henley.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fact-checking Meghan Markle: Vanity Fair couldn’t verify activism claims, new book saysWhen Meghan Markle was dating Prince Harry, she hoped that a cover story in the national magazine would emphasize her role as an activist and philanthropist. A new book explains why that didn&8217…
Read more »
Stipends, passion for teaching attracts candidates to SAISD job fairWith one month left until school starts, SAISD was facing 112 teacher vacancies before this week's job fair.
Read more »
CPS holds job fair to hire teachers for 50 schools before school startsChicago Public Schools held their first of three job fairs to hire teachers before the school year starts.
Read more »
How Meghan Markle's Vanity Fair Cover in 2017 Sparked Royal OutrageThe tale's part of royal biographer Tom Bower's new book, 'Revenge: Meghan, Harry, and the War Between the Windsors.’
Read more »