Insurance

Brace Yourself For Higher Insurance Rates

February 18, 2009  ·  Consumer Watchdog

<p> Insurance industry critic Harvey Rosenfield, author of Proposition 103, questioned some of what Poizner is doing. "The tentative changes I've seen would let the insurance companies estimate their future losses and also let them choose which years to include as the basis for that," he said. "It's basically deregulation." </p>

Financial Services Reform Could Be “Launching Pad” For Federal Insurance Deregulation, Group Warns

February 16, 2009  ·  Consumer Watchdog

A consumer advocacy group says it fears Treasury Secretary Timothy Geithner’s financial services reform could become “a launching pad” for the federal deregulation of insurance.

Consumer Group Attacks OFC Concept

February 12, 2009  ·  Consumer Watchdog

Insurance regulation should remain with the states, and switching to an optional federal insurance charter (OFC) would be tantamount to deregulation, according to a letter sent yesterday to the Treasury Department by Consumer Watchog, a consumer advocacy group.

Anthem Blue Cross Agrees To Take Back Clients, Pay $1 Million Fine

February 11, 2009  ·  Consumer Watchdog

<p> <strong>As part of a deal with California regulators, the state's largest health insurer will offer new coverage to 2,330 people it dropped after they submitted bills for expensive medical care.</strong><br /> Jerry Flanagan, a patient advocate with Consumer Watchdog in Santa Monica, said Anthem's $1-million fine was "an insult to the people of California, especially those who have lived under the financial destruction caused by rescission." The fine, he said, pales in comparison to what Anthem must have saved by rescinding policies for years. Anthem has never said what costs it avoided through rescission. But Health Net, in documents produced for the Bates trial, said it avoided $35.5 million by canceling 1,600 policies. </p>

State Insurance Commissioner Announces AAA So Cal Rate Cut

February 6, 2009  ·  Doug Heller

The state insurance commissioner has announced a rate reduction for drivers covered by AAA of Southern California. Commissioner Steve Poizner says the rate cut of more than 5 percent will save the average policyholder about $100 a year. Consumer groups are not cheering. Doug Heller is with Consumer Watchdog. It wanted the commissioner to cut AAA’s premiums by 13 percent – more than double what he approved.

Auto Club To Cut Car Insurance Rates 5.4%

February 6, 2009  ·  Consumer Watchdog

<p> <strong>The reduction from the Automobile Club of Southern California will average about $100 per vehicle and become effective April 1.</strong> <br /> One consumer advocate criticized the new reduction for being only half what it should have been. "Based on an initial review, this is not a sufficient rate cut," said Douglas Heller, executive director of Consumer Watchdog of Santa Monica. </p>

Limits on executive compensation, Take II

February 4, 2009  ·  Consumer Watchdog

President Obama just finished a White House press conference with newly-confirmed Treasury Secretary Geithner that follwed up on a reform that Congress promised but failed to deliver on. They announced a curb on excessive executive compensation...

Costly Coverage: Critics Complain State Insurance Commissioner Makes It Too Easy For Industry To Raise Rates

February 1, 2009  ·  Consumer Watchdog

<p> Todd Foreman, a former Insurance Department regulator who is now a staff attorney at Consumer Watchdog, said the new policy runs counter to the spirit of Proposition 103  “What Poizner is saying is, 'I'm not going to do my job as a regulator. I'm going to sit back and wait for the companies to come in to tell me where they want to set their rates,'” Foreman said. “That's a fundamental misunderstanding of the law and of his job as a regulator.”<br /> </p>

Top Execs Still Living Like Kings

January 28, 2009  ·  Consumer Watchdog

<p> Over the past two years, 100,000 bank employees have lost their jobs, yet The Associated Press reported yesterday that nearly 90% of the top executives at 200 banks that received federal bailout money are still on the job. The guys who screwed up the entire financial system are the ones being bailed out; ordinary workers get pink slips. "When you deal with the same dogs, you're going to end up with the same fleas," warned Jamie Court, president of the California-based group Consumer Watchdog. </p>

Pay-As-You Drive Gaining Steam

January 28, 2009  ·  Consumer Watchdog

<p> You may qualify for auto insurance premium reduction, according to a consumer group that wants insurers to do even more when it comes to giving drivers a price break for driving less. To that end, Santa Monica-based Consumer Watchdog released a first-of-its-kind report on Tuesday that ranks the state's top 10 providers of auto insurance when it comes to providing price reductions to motorists who end up driving less than the annual miles listed on a policy. </p>

Commissioner Poizner’s cuts will weaken oversight of insurers

January 28, 2009  ·  Consumer Watchdog

As the regulator of a financial services industry that affects so many individuals and businesses directly at the pocketbook level, the public needs more, not less, oversight these days. 

Auto Insurance Report Card Released

January 27, 2009  ·  Consumer Watchdog

<p> <a href="http://abclocal.go.com/kgo/story?section=news/7_on_your_side&id=6627942">Click here to view the TV news clip of this story</a>. </p> <p> It seems simple enough. The fewer miles you drive, the less likely you are to get into an accident. Few would disagree with that. But, when it comes to giving you a discount for driving less, not all insurance companies are created equal. Carmen Balber is with Consumer Watchdog and says, "We are finding that unfortunately, California's insurance companies don't make the grade when it comes to closely tying insurance premiums to drivers' annual miles driven." </p>