Insurance

So You Think You Have Insurance?

September 21, 2008  ·  Consumer Watchdog

<p> <strong>Preventing Unwarranted Insurance Cancellations</strong> </p> <p> The insurance industry has mounted a fierce lobbying campaign against AB 1945. Jerry Flanagan of Consumer Watchdog, which supports the measure, has counted 35 lobbyists working the halls of the Capitol against it. </p>

NCOIL’s take on AIG and HR5840

September 19, 2008  ·  Doug Heller

<p> The National Conference of Insurance Legislators wrote to Speaker Pelosi about HR 5840 today.  Here's the news release: </p> <p> <strong> For Immediate Release </strong> </p> <p> <strong> NCOIL THANKS SPEAKER...</strong> </p>

House Bill Embroiled In Controversy Over Insurance Regulation

September 19, 2008  ·  Consumer Watchdog

<p> On Sept. 17, Consumer Watchdog, a California-based consumer advocacy group, sent a letter to Kanjorski asking him to withdraw the bill in light of the federal government's $85 billion bailout of AIG, the nation's largest insurer.<br /> </p>

Arnold stands up for taxpayers. Seriously.

September 18, 2008  ·  Judy Dugan

<p> Taxpayers can breathe a sigh of relief, after that look of puzzlement, over the <a href="http://www.sacbee.com/749/story/1248296.html">budget deal that state lawmakers apparently struck with Governor Schwarzenegger</a> tonight. </p> <p> The... </p>

McCain: Fire Cox? Too late

September 18, 2008  ·  Carmen Balber

<p> Senator John McCain today <a href="http://www.businessweek.com/election/2008/blog/archives/2008/09/mccain_to_cox_y.html">said SEC Chairman Chris Cox should be fired</a> for falling asleep at the wheel as conditions built towards the current meltdown of the nation's financial markets. Where was Senator McCain (or the rest of the US Senate for that matter) back in 2005... </p>

Harvey’s new blog outs AIG’s Greenberg

September 18, 2008  ·  Harvey Rosenfield

<p> CW's founder Harvey Rosenfield recounts in his <a href="http://www.honestanswers.org/">new blog Honest Answers</a> an interesting conversation not long ago with a retired judge who told Harvey that then-AIG CEO Hank Greenberg was complaining to judges about Harvey and his Prop 103's regulation. Greenberg argued, of course, that the government shouldn't be meddling in AIG's business.  Well, as Harvey points out, yesterday the goverment had to buy out AIG's business to save it and preserve Greenberg's own wealth, which is still tied up in shares of AIG.  </p>

Congress slows down on plan to override state insurance regulation

September 18, 2008  ·  Carmen Balber

<p> AIG’s near collapse has at least one silver lining: the US House took HR 5840 (Kanjorski, D-PA) off the floor yesterday. The bill would allow the treasury department to override state regulation of the insurance industry. (... </p>

McCarty to AIG clients: It’s OK

September 18, 2008  ·  Consumer Watchdog

State insurance regulators said Wednesday they are continuing to look into the potential impact in Florida from the financial crisis at insurance giant American International Group (AIG) even as they sought to soothe nervous customers. Still, consumer advocates called for prompt action from regulators to protect consumers. "State insurance regulators must act quickly to ensure that AIG does not raise premiums on drivers and homeowners to make up for the losses from its foray into the world of subprime mortgages," said Carmen Barber, a spokeswoman for California-based Consumer Watchdog.

With Wall Street Crisis, Bill Creating Federal Insurance Office Stalls

September 17, 2008  ·  Consumer Watchdog

Consumer advocates had argued that this week's $85 billion federal bailout of insurer AIG was necessary because the federal government has been lax in its regulation of the financial-services industry. But the House's measure would only weaken federal oversight, they said. "AIG's stunning collapse and unprecedented bailout was driven largely by the massive failure of financial industry deregulation and the policy of weak federal oversight of the banking system," said California nonprofit Consumer Watchdog in a letter to bill sponsor Paul E. Kanjorski, D-Pa.

AIG: You have the right to remain silent

September 17, 2008  ·  Doug Heller

<p> Just days before Hurricane Andrew struck Florida in 1992, an AIG executive wrote a memo (<a href="https://consumerwatchdog.org/wp-content/uploads/2008/09/resources_AIG_Memo.pdf" target="_blank" title="AIG memo" rel="noopener">.pdf of memo</a>) calling the impending devastation "an opportunity to get... </p>

High cost, low benefit, health plans under Massachusetts health insurance mandate

September 16, 2008  ·  Carmen Balber

<p> The problem with Massachusetts' mandatory health insurance law - or any law requiring individuals to buy health insurance - is forcing people to purchase insurance that's unaffordable, doesn't provide real coverage, or both... </p>

Sacramento’s muggers

September 16, 2008  ·  Consumer Watchdog

<p> What if a mugger took you at gunpoint to the bank and made you hand over 10% of your savings? (He's a compassionate robber.) What if he said he'd give you back the money--someday--but he'd keep the interest? I suppose you'd be grateful to be alive. But don't Californians deserve more--or at least more honesty--from their own government? </p>