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Business News

New regulations for commercial Dungeness crab fishery now in effect

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Written by: California Department of Fish and Wildlife
Published: 19 November 2018
The California Department of Fish and Wildlife enacted new regulations to reduce the risk of marine life entanglements in commercial Dungeness crab fishing gear.

These regulations became effective on Oct. 30, 2018, and will be in place for the upcoming 2018-19 commercial Dungeness crab season.

The new regulations allow no more than two trailer buoys to be used at the surface and establish a maximum distance between the front end of the main buoy to the tail end of the last trailer buoy depending on the depth that a trap is deployed.

In depths less than or equal to 35 fathoms (210 feet), the distance should measure no more than 4 fathoms (24 feet), while at depths greater than 35 fathoms, the distance should measure no more than 6 fathoms (36 feet).

A diagram describing new surface gear regulations for the 2018-19 season can be found here.

These regulations were developed with input from the California Dungeness Crab Fishing Gear Working Group, a multi-stake holder group comprised of state and federal agency staff, fishermen and non-governmental organizations.

The working group is tasked with evaluating options to reduce the risk of whale interactions with Dungeness crab fishing gear.

In addition to the new surface gear requirements, all recreational and commercial Dungeness crab fishermen are strongly encouraged to follow the Best Practices Guide developed by the Working Group to reduce the risk of marine life entanglements.

Californians find $17 million in lost life insurance benefits

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Written by: California Department of Insurance
Published: 17 November 2018
SACRAMENTO – The Life Insurance Policy Locator – launched by the California Department of Insurance through the National Association of Insurance Commissioners – has matched consumers with policies totaling $17,332,464 just in the past 12 months, and $33,863,187 since the 2016 launch.

"This policy locator has made a meaningful difference in thousands of Californian's lives." said California Insurance Commissioner Dave Jones. "State insurance regulators saw a need for a national service like this a few years ago and we want to do everything to protect consumers. This tool efficiently connects consumers with lost policies and money they're owed."

In its initial two years, the locator has matched 24,934 consumers with policies across the U.S., totaling $368 million. More than 48,000 consumers have conducted searches nationwide in that time.

During its first year, the policy locator initially found $92.5 million in lost benefits for consumers. As more matches were made to requests from that year, the first-year total has increased to $166.7 million.

More information on the Life Insurance Policy Locator can be found here.

Insurance commissioner issues emergency notice to help expedite claims in California fires

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Written by: California Department of Insurance
Published: 16 November 2018
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.

CalPERS and CalSTRS sign new set of principles aimed at curbing gun violence

Details
Written by: California Treasurer's Office
Published: 16 November 2018
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.
  1. California insurance commissioner issues emergency declaration to help fire survivors across the state
  2. Wells Fargo donates $250,000 to support communities impacted by California wildfires
  3. California controller reports state revenue missed projections for October
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