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The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation. -
Under the proposal, the tax would be effective from 2025.
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At a Tuesday hearing, California's assembly committee on insurance quizzed insurance commissioner Ricardo Lara on the finer points of his sustainable insurance plan.
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An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
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The ratings agency also downgraded carrier’s Long-Term Issuer Credit Ratings (Long-Term ICR).
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The ratings agency cited persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility as being among the reasons for maintaining the outlook at stable.
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The state is already experiencing affordability challenges, and regulators are concerned that an availability crisis is brewing.
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The ratings agency cites ongoing deterioration in results for personal auto and homeowners’ lines, along with rising loss costs, driven by inflationary pressures.
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The Senate Budget Committee, chaired by Democratic Senator Sheldon Whitehouse, is seeking information on plans to address increased underwriting losses from extreme weather events.
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Commissioner Lara’s 2019 mandate, ordering FAIR to offer a more comprehensive insurance package beyond its historical “fire-only” coverage, has now survived a second court challenge.
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The proposal comes as part of the OECD’s framework for taxing global corporations.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
