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SACRAMENTO – California Insurance Commissioner Dave Jones on Thursday issued a notice to insurers requesting they agree to expediting claims handling for Camp and Woolsey wildfire survivors in order to help them begin the recovery and rebuilding process more quickly.
With nearly 8,000 homes destroyed in both fires and up to 50,000 still at risk in the Woolsey fire, thousands of residents face the long and painful task of recovery, which often includes trying to reconstruct destroyed or missing documents.
In an effort to speed recovery, Commissioner Jones is asking insurers to agree to claims handling procedures to bring more timely payments to policyholders and provides greater flexibility with some deadlines and documentation typically required by insurers.
"Victims of these devastating wildfires need all the help we can provide," said Insurance Commissioner Dave Jones. "I am asking California insurers to adopt these expedited claims handling procedures to get help to policyholders more quickly, so they may begin working on rebuilding their homes and their lives."
Camp Fire survivors lost everything, as most of Paradise was completely destroyed by the fast-moving fire, as a result, many policyholders do not have much of what insurers require to begin the claim process, including copies of insurance policies, home inventories, receipts, and vehicle ownership papers.
The commissioner's notice asking insurers to adhere to expedited claims handling procedures, policyholders may receive advance payment for up to four months of additional living expenses, 25 percent of policy limits for personal property, and an expedited process for debris removal-a first step in rebuilding.
These procedures speed payments for damaged or destroyed vehicles and provide at least 30 days billing leniency for lost renewal notices or those who do not have the ability to have mail forwarded.
Commissioner Jones also declared an emergency exists in California yesterday, which allows insurance companies to use out-of-state adjusters to respond more quickly to the large number of losses. Jones also mobilized the department's resources to make sure consumers had access to the consumer assistance and support the department provides to help consumers navigate the insurance claims process.
Consumers are able to get help from the department's Consumer Service team at the Disaster Recovery Center in Chico.
With nearly 8,000 homes destroyed in both fires and up to 50,000 still at risk in the Woolsey fire, thousands of residents face the long and painful task of recovery, which often includes trying to reconstruct destroyed or missing documents.
In an effort to speed recovery, Commissioner Jones is asking insurers to agree to claims handling procedures to bring more timely payments to policyholders and provides greater flexibility with some deadlines and documentation typically required by insurers.
"Victims of these devastating wildfires need all the help we can provide," said Insurance Commissioner Dave Jones. "I am asking California insurers to adopt these expedited claims handling procedures to get help to policyholders more quickly, so they may begin working on rebuilding their homes and their lives."
Camp Fire survivors lost everything, as most of Paradise was completely destroyed by the fast-moving fire, as a result, many policyholders do not have much of what insurers require to begin the claim process, including copies of insurance policies, home inventories, receipts, and vehicle ownership papers.
The commissioner's notice asking insurers to adhere to expedited claims handling procedures, policyholders may receive advance payment for up to four months of additional living expenses, 25 percent of policy limits for personal property, and an expedited process for debris removal-a first step in rebuilding.
These procedures speed payments for damaged or destroyed vehicles and provide at least 30 days billing leniency for lost renewal notices or those who do not have the ability to have mail forwarded.
Commissioner Jones also declared an emergency exists in California yesterday, which allows insurance companies to use out-of-state adjusters to respond more quickly to the large number of losses. Jones also mobilized the department's resources to make sure consumers had access to the consumer assistance and support the department provides to help consumers navigate the insurance claims process.
Consumers are able to get help from the department's Consumer Service team at the Disaster Recovery Center in Chico.
- Details
- Written by: California Department of Insurance
SACRAMENTO – Just a week following the deadly Thousand Oaks shooting in Southern California, more than a dozen institutional investors from around the nation came together this week to establish the Principles for a Responsible Civilian Firearms Industry — a joint assertion that investors have a stake in promoting meaningful progress in curbing the abuse of firearms and to advance public safety in the United States.
The principles follow many of the ideas in the plan California State Treasurer John Chiang proposed before both the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) earlier this year, when he called for the nation’s institutional investors to engage, and, if necessary, divest from the purveyors of illegal weapons banned for sale in California.
“One week after another vicious mass shooting in Thousand Oaks that took the lives of 12 innocent Californians, I am proud to announce that a powerful group of institutional investors from across the nation — including CalPERS and CalSTRS — are finally taking the necessary steps to implement the engagement and divestment policy I initially proposed before both boards this past spring,” said Treasurer Chiang. “Engagement is an important and crucial first step, but these conversations must result in real action, otherwise divestment and other actionable options must be kept on the table. We can end the vicious cycle of mass shootings in our schools, businesses, and places of worship if businesses and citizens stand up, together, and take concrete actions like this."
Treasurer Chiang’s original plan called for engagement, with a progressive series of increasingly tougher steps. If engagement proved unsuccessful, these additional steps could include persistent dialogue with the company’s board and management, support for shareholder resolutions, public statements, voting against directors, and, ultimately, divestment.
CalPERS CEO Marcie Frost added, “We commend the treasurer for his early focus on this important issue and the need for us to take responsible actions as fiduciaries and asset owners to monitor and manage risks in our investment portfolios. The principles will help advance engagement of companies in the firearms industry.”
In the 318 days of 2018, the United States has already seen 310 mass shootings — almost one for every day — according to the Gun Violence Archive. Washington, DC has, however, never taken a single action after any of these gun tragedies. Nevertheless, earlier this year, multiple Fortune 500 companies began to end their relationships with the gun lobby and socially conscious investors began the effort to shut off both the direct and indirect flow of money to companies that sell or manufacture assault weapons. The Principles being adopted today are proof that some of the nation’s largest investors and funds can be at the forefront of this movement.
In 2013, in response to the Sandy Hook school shooting, both CalPERS and CalSTRS divested from manufacturers of firearms that are illegal in the State of California. Treasurer Chiang — then California State Controller — was a member of both boards at the time and voted for the divestments, but knew more had to be done. Last year, exactly one month after the deadliest mass shooting in U.S. history took place in Las Vegas, Treasurer Chiang presented his plan before the CalSTRS board, and, soon after, did the same before the board of CalPERS.
Earlier this year, CalSTRS ultimately adopted Treasurer Chiang’s policy.
Other than CalPERS and CalSTRS, signatories of the Principles for a Responsible Civilian Firearms Industry include: Connecticut Retirement Plans and Trust Funds, Florida State Board of Administration, Maine Public Employees Retirement System, Maryland State Retirement and Pension System, Nuveen, OIP Investment Trust, Oregon Public Employees Retirement Fund, Rockefeller Asset Management, San Francisco Employees’ Retirement System, State Street Global Advisors, and Wespath Investment Management.
The principles follow many of the ideas in the plan California State Treasurer John Chiang proposed before both the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) earlier this year, when he called for the nation’s institutional investors to engage, and, if necessary, divest from the purveyors of illegal weapons banned for sale in California.
“One week after another vicious mass shooting in Thousand Oaks that took the lives of 12 innocent Californians, I am proud to announce that a powerful group of institutional investors from across the nation — including CalPERS and CalSTRS — are finally taking the necessary steps to implement the engagement and divestment policy I initially proposed before both boards this past spring,” said Treasurer Chiang. “Engagement is an important and crucial first step, but these conversations must result in real action, otherwise divestment and other actionable options must be kept on the table. We can end the vicious cycle of mass shootings in our schools, businesses, and places of worship if businesses and citizens stand up, together, and take concrete actions like this."
Treasurer Chiang’s original plan called for engagement, with a progressive series of increasingly tougher steps. If engagement proved unsuccessful, these additional steps could include persistent dialogue with the company’s board and management, support for shareholder resolutions, public statements, voting against directors, and, ultimately, divestment.
CalPERS CEO Marcie Frost added, “We commend the treasurer for his early focus on this important issue and the need for us to take responsible actions as fiduciaries and asset owners to monitor and manage risks in our investment portfolios. The principles will help advance engagement of companies in the firearms industry.”
In the 318 days of 2018, the United States has already seen 310 mass shootings — almost one for every day — according to the Gun Violence Archive. Washington, DC has, however, never taken a single action after any of these gun tragedies. Nevertheless, earlier this year, multiple Fortune 500 companies began to end their relationships with the gun lobby and socially conscious investors began the effort to shut off both the direct and indirect flow of money to companies that sell or manufacture assault weapons. The Principles being adopted today are proof that some of the nation’s largest investors and funds can be at the forefront of this movement.
In 2013, in response to the Sandy Hook school shooting, both CalPERS and CalSTRS divested from manufacturers of firearms that are illegal in the State of California. Treasurer Chiang — then California State Controller — was a member of both boards at the time and voted for the divestments, but knew more had to be done. Last year, exactly one month after the deadliest mass shooting in U.S. history took place in Las Vegas, Treasurer Chiang presented his plan before the CalSTRS board, and, soon after, did the same before the board of CalPERS.
Earlier this year, CalSTRS ultimately adopted Treasurer Chiang’s policy.
Other than CalPERS and CalSTRS, signatories of the Principles for a Responsible Civilian Firearms Industry include: Connecticut Retirement Plans and Trust Funds, Florida State Board of Administration, Maine Public Employees Retirement System, Maryland State Retirement and Pension System, Nuveen, OIP Investment Trust, Oregon Public Employees Retirement Fund, Rockefeller Asset Management, San Francisco Employees’ Retirement System, State Street Global Advisors, and Wespath Investment Management.
- Details
- Written by: California Treasurer's Office
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