Business News
SACRAMENTO – Insurance Commissioner Ricardo Lara strongly urges that insurance companies assist Californians who are affected by the federal government shutdown and may face delays in paying premiums or cancellation of policies.
The commissioner is asking insurers to be patient and work with these California residents during this difficult time.
“The federal shutdown is putting Californians at unnecessary risk of losing insurance coverage over late or unpaid bills,” said Commissioner Lara. “I am asking insurers to partner with me to protect our federal workers and contractors in California to give them some peace of mind during this time of uncertainty.”
The partial shutdown of the Federal Government is negatively affecting many California consumers, specifically those employed by the federal government and contractors who are not being paid their regular salary or receiving reimbursements when normally due.
This delay in payment affects these consumers’ ability to pay their bills on time including insurance coverage, mortgages or other loans.
Commissioner Lara asks insurers to take into consideration the difficulties California consumers are facing and will continue to face until the current shutdown has ended.
He urges insurers to relax due dates for premium payments, extend grace periods, waive late fees and penalties, allow forbearance with regard to the cancellation/non-renewal of policies, allow payment plans for premium payments, and exercise judicious efforts to assist affected policyholders and work with them to make sure that their insurance policies do not lapse.
The commissioner is asking insurers to be patient and work with these California residents during this difficult time.
“The federal shutdown is putting Californians at unnecessary risk of losing insurance coverage over late or unpaid bills,” said Commissioner Lara. “I am asking insurers to partner with me to protect our federal workers and contractors in California to give them some peace of mind during this time of uncertainty.”
The partial shutdown of the Federal Government is negatively affecting many California consumers, specifically those employed by the federal government and contractors who are not being paid their regular salary or receiving reimbursements when normally due.
This delay in payment affects these consumers’ ability to pay their bills on time including insurance coverage, mortgages or other loans.
Commissioner Lara asks insurers to take into consideration the difficulties California consumers are facing and will continue to face until the current shutdown has ended.
He urges insurers to relax due dates for premium payments, extend grace periods, waive late fees and penalties, allow forbearance with regard to the cancellation/non-renewal of policies, allow payment plans for premium payments, and exercise judicious efforts to assist affected policyholders and work with them to make sure that their insurance policies do not lapse.
- Details
- Written by: California Department of Insurance
SACRAMENTO – The California Debt Limit Allocation Committee, or CDLAC, chaired by California State Treasurer Fiona Ma, on Wednesday unanimously voted to raise the 2019 state bond cap for qualifying private activity bonds to $4,153,489,725, a $2,141,160 increase over the state ceiling set in 2018.
At the same time, the committee reaffirmed its continuing legislative priorities will remain promoting housing for lower income families and individuals and preserving and rehabilitating existing governmental assisted housing for lower income individuals and families.
“Housing is one of my top priorities,” Treasurer Ma said. “In concert with the governor’s priorities, we need to work together to meet the state’s goals and keep moving forward.”
The higher bond cap for private activity bonds was predicated on an increase in population following a formula set by the federal government. Private activity bonds are used to finance various types of facilities owned or used by private entities, including water and sewer facilities, manufacturing plants, certain residential rental projects, and mortgage loans to finance owner-occupied residential property.
The committee voted to allocate 65.16 percent of the bond cap to affordable multifamily housing projects and 7.55 percent of the cap to projects benefitting first-time homebuyers. Allocations also were assigned to industrial (manufacturing) developments (0.24 percent) and exempt facilities projects overseen by the California Pollution Control Financing Authority (7.05 percent).
The state treasurer’s office has two affordable housing investment programs for developers that benefit low-income Californians and that draw on the allocations established by the committee.
CDLAC manages the state’s tax-exempt bond allocations for affordable housing projects and the Single-Family First-Time Homebuyer Program. In 2018, CDLAC’s allocation for tax-exempt bonds helped to finance more than 15,000 units of housing and 40 percent of these projects were new construction.
Another program offered by the treasurer’s office is the California Tax Credit Allocation Committee (CTCAC), which administers the federal and state Low-Income Housing Tax Credit Programs. In 2018, CTCAC’s three Federal Credit Awards programs provided financing for nearly 19,000 low-income housing units.
At the same time, the committee reaffirmed its continuing legislative priorities will remain promoting housing for lower income families and individuals and preserving and rehabilitating existing governmental assisted housing for lower income individuals and families.
“Housing is one of my top priorities,” Treasurer Ma said. “In concert with the governor’s priorities, we need to work together to meet the state’s goals and keep moving forward.”
The higher bond cap for private activity bonds was predicated on an increase in population following a formula set by the federal government. Private activity bonds are used to finance various types of facilities owned or used by private entities, including water and sewer facilities, manufacturing plants, certain residential rental projects, and mortgage loans to finance owner-occupied residential property.
The committee voted to allocate 65.16 percent of the bond cap to affordable multifamily housing projects and 7.55 percent of the cap to projects benefitting first-time homebuyers. Allocations also were assigned to industrial (manufacturing) developments (0.24 percent) and exempt facilities projects overseen by the California Pollution Control Financing Authority (7.05 percent).
The state treasurer’s office has two affordable housing investment programs for developers that benefit low-income Californians and that draw on the allocations established by the committee.
CDLAC manages the state’s tax-exempt bond allocations for affordable housing projects and the Single-Family First-Time Homebuyer Program. In 2018, CDLAC’s allocation for tax-exempt bonds helped to finance more than 15,000 units of housing and 40 percent of these projects were new construction.
Another program offered by the treasurer’s office is the California Tax Credit Allocation Committee (CTCAC), which administers the federal and state Low-Income Housing Tax Credit Programs. In 2018, CTCAC’s three Federal Credit Awards programs provided financing for nearly 19,000 low-income housing units.
- Details
- Written by: Elizabeth Larson
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