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SACRAMENTO – Insurance Commissioner Dave Jones announced Tuesday that he has issued an order that every insurer licensed to write workers' compensation insurance in the state of California must report their federal income tax savings annually through a rate filing in light of the new tax law.
The recent revision to the Federal Tax Schedule for 2018 reduced the corporate tax rate from 35 percent to 21 percent.
That means that nationally insurers will now be able to retain even more of policyholder premiums as profit.
"Any savings to insurers should be passed along to California businesses," said Commissioner Jones. "This order will allow my department to examine workers' compensation insurers' savings and rates and provide transparency to the public. I urge insurers to pass these savings along to policyholders."
Jones' order will require each insurer to submit a rate filing to report the dollar amount of their tax savings by Dec. 31, 2018, and on a yearly basis through Dec. 31, 2020.
Insurers will need to provide details about how those savings impact their rates. The insurer must also provide a detailed explanation if they have determined that there is no rate impact, stating why the reduction in the federal corporate tax rate does not affect their rates.
The recent revision to the Federal Tax Schedule for 2018 reduced the corporate tax rate from 35 percent to 21 percent.
That means that nationally insurers will now be able to retain even more of policyholder premiums as profit.
"Any savings to insurers should be passed along to California businesses," said Commissioner Jones. "This order will allow my department to examine workers' compensation insurers' savings and rates and provide transparency to the public. I urge insurers to pass these savings along to policyholders."
Jones' order will require each insurer to submit a rate filing to report the dollar amount of their tax savings by Dec. 31, 2018, and on a yearly basis through Dec. 31, 2020.
Insurers will need to provide details about how those savings impact their rates. The insurer must also provide a detailed explanation if they have determined that there is no rate impact, stating why the reduction in the federal corporate tax rate does not affect their rates.
- Details
- Written by: California Department of Insurance
LAKE COUNTY, Calif. – The Lake County Winegrape Commission and Lake County Winery Association have launched a new Web site highlighting Lake County wine country.
LakeCountyWine.org is an educational resource for members of the wine trade and consumers who wish to discover and educate themselves on this up-and-coming region.
Elements of this new educational resource include specifics on what makes the area unique for grape growing, as well as in-depth information on the geology, climate and people of the area.
For example, the site discusses the area’s past vulcanism, the influence it’s had on the area’s geography and how this factor contributes to uniqueness of Lake County’s wines.
“It’s an exciting time for Lake County,” said Debra Sommerfield, president of LCWC. “We’ve seen a lot of interest from sommeliers and other industry contacts wanting more information about our region. We’re thrilled to be able to present this new online resource for the wine trade and enthusiasts.”
“This Web site is a great resource for people all around the world,” said Jonathan Walters, chairman of the LCWC Board of Directors. “It provides an opportunity to learn about our wines and high-elevation growing region.”
Detailed information on each of Lake County’s five existing appellations, or AVAs, and its two proposed AVAs explains how each sub-region is different.
New Web site features include videos and quotes from the growers and winemakers to give visitors a closer look at what makes Lake County a great place for wine.
“The Lake County wine region is a place where you can still meet the owners and wine makers while enjoying a wonderful experience and exceptional wines,” said Cindi Olof, chair of the Lake County Winery Association Board.
Andy Beckstoffer, Owner of Beckstoffer Vineyards, shares these sentiments. “In 1997, we invested in over 1,000 plantable acres in the Red Hills of Lake County, beginning the modern era of premium vineyard planting in Lake County because we knew the area had great potential. We established the Red Hills AVA in 2004 along with several other growers. For more than 20 years, we’ve been stewards to that land and have been enchanted by the results. I’m happy to see Red Hills and Lake County get the recognition they deserve and am pleased that this new website will educate the public on this wonderful place.”
The new Web site is just part of a greater program to educate the public on the wines of Lake County.
In addition to the Web site, the Lake County Winegrape Commission supported curriculum development and presentation of materials that were included in this Web site as well as in-market trade seminars and wider participation in national events.
In August, the Lake County Winegrape Commission will be showcasing wines to attendees at the TEXSOM Conference and at the San Diego Bay Food & Wine Festival in November.
Wine educators or educational organizations interested in using course materials in their instructional endeavors may contact the Lake County Winegrape Commission.
LakeCountyWine.org is an educational resource for members of the wine trade and consumers who wish to discover and educate themselves on this up-and-coming region.
Elements of this new educational resource include specifics on what makes the area unique for grape growing, as well as in-depth information on the geology, climate and people of the area.
For example, the site discusses the area’s past vulcanism, the influence it’s had on the area’s geography and how this factor contributes to uniqueness of Lake County’s wines.
“It’s an exciting time for Lake County,” said Debra Sommerfield, president of LCWC. “We’ve seen a lot of interest from sommeliers and other industry contacts wanting more information about our region. We’re thrilled to be able to present this new online resource for the wine trade and enthusiasts.”
“This Web site is a great resource for people all around the world,” said Jonathan Walters, chairman of the LCWC Board of Directors. “It provides an opportunity to learn about our wines and high-elevation growing region.”
Detailed information on each of Lake County’s five existing appellations, or AVAs, and its two proposed AVAs explains how each sub-region is different.
New Web site features include videos and quotes from the growers and winemakers to give visitors a closer look at what makes Lake County a great place for wine.
“The Lake County wine region is a place where you can still meet the owners and wine makers while enjoying a wonderful experience and exceptional wines,” said Cindi Olof, chair of the Lake County Winery Association Board.
Andy Beckstoffer, Owner of Beckstoffer Vineyards, shares these sentiments. “In 1997, we invested in over 1,000 plantable acres in the Red Hills of Lake County, beginning the modern era of premium vineyard planting in Lake County because we knew the area had great potential. We established the Red Hills AVA in 2004 along with several other growers. For more than 20 years, we’ve been stewards to that land and have been enchanted by the results. I’m happy to see Red Hills and Lake County get the recognition they deserve and am pleased that this new website will educate the public on this wonderful place.”
The new Web site is just part of a greater program to educate the public on the wines of Lake County.
In addition to the Web site, the Lake County Winegrape Commission supported curriculum development and presentation of materials that were included in this Web site as well as in-market trade seminars and wider participation in national events.
In August, the Lake County Winegrape Commission will be showcasing wines to attendees at the TEXSOM Conference and at the San Diego Bay Food & Wine Festival in November.
Wine educators or educational organizations interested in using course materials in their instructional endeavors may contact the Lake County Winegrape Commission.
- Details
- Written by: Lake County News Reports
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