Industry: Finance & Insurance
News
June 21, 2017

Oklahoma Attorney General Mike Hunter and fellow Republican attorneys general in 11 other states want to stop an effort by a California regulator to get insurance companies operating in that state to divest from coal and disclose their fossil fuel investments. Hunter and the attorneys general — as well as one governor — sent a letter Monday to California Insurance Commissioner Dave Jones accusing him of trying to "publicly shame those who invest in American energy." The letter threatens legal action if Jones doesn't revise his policies.

News
June 21, 2017

Texas Attorney General Ken Paxton this week joined 11 other Republican attorneys general and Kentucky’s GOP governor in signing on to a letter demanding that California Insurance Commissioner Dave Jones, a Democrat, stop requiring insurance companies to report their fossil fuel investments and signing a “pledge” to divest from such holdings. “The threats made by the California insurance commissioner will hurt families, businesses and insurance carriers across the nation,” Paxton said in a statement. “These requirements are misguided, unrelated to insurance regulation, and are clearly politically driven. We will not stand by while negligent, politically motivated requirements harm the livelihood of thousands of U.S. citizens.”

News
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.
News
Dec. 2, 2016
Financial services and insurance company Transamerica said Thursday that it will close its office in Los Angeles, cutting about 315 jobs.
News
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.
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