Industry: Finance & Insurance
Dec. 22, 2016
What kind of financial stability can any insurance company have in California if at any point insurance officials can decide to retroactively decrease the prices they charged consumers? . . . But Rex Frazier, president of the Personal Insurance Federation of California in Sacramento, captured the significance here: “The Department of Insurance just reversed over 25 years of consistent legal interpretation, claiming new powers to order retroactive premium refunds with the stroke of a pen, no public debate and no explanation. If their authority to do this was that clear, why did it take a quarter of a century to find it? Their view of the law is wrong, and their suspicion of due process is worse. Even the IRS would think this is heavy-handed.” . . . Some argue it [Prop 103] ended up boosting insurance-industry profits by reducing competition. But that latter point doesn’t make the latest departmental edict anything other than what it is. It’s a taking, and a particularly troubling one because of the uncertainty it offers for the state’s insurance industry and for California businesses in general.
Dec. 2, 2016
Financial services and insurance company Transamerica said Thursday that it will close its office in Los Angeles, cutting about 315 jobs.
Nov. 1, 2016
Visa issued a statement Tuesday acknowledging "a variety" of job cuts, but offered no details on the size and scope. Several Visa employees and former employees tell the San Francisco Business Times that Visa recently cut 800 to 1,500 jobs, with the company's former headquarters campus in Foster City especially hard hit.
April 14, 2016
Insurers say they are losing money on their ObamaCare plans at a rapid rate, and some have begun to talk about dropping out of the marketplaces altogether.
March 18, 2016
That means that regulators are not just setting ground rules for the insurance industry. They are determining the actual prices that are charged and paid. So when new regulations are approved, they often drive up the cost of doing business and drive down profitability. It creates pressure for insurers to come back to the department and seek rate hikes, distorts the insurance market, leads to fewer consumer choices and erodes the state's business climate. It crushes competition, which is the real way to drive down rates for insurance and everything else.
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