How to resolve AdBlock issue? 
Business News
- Details
- Written by: California Department of Insurance
Commissioner Jones has reduced the benchmark rate by 36.5 percent since January 2015, when the average pure premium rate was $2.74 per $100 of payroll.
With an average filed pure premium rate of $2.22 per $100 of payroll as of January 1, 2018, insurers are on average applying pure premium rates that are 27.6 percent more than the indicated pure premium rate approved by the commissioner Wednesday.
Even after considering the industry's extensive use of rating plan credits, industry profitability appears to be substantial as a percentage of premium.
"It is time insurers do the right thing and pass along more cost savings to California employers who deserve to share in the benefits cost reductions have brought to the workers' compensation system," said Insurance Commissioner Dave Jones. "In addition to the cost reductions that have led to higher profits, insurers are also benefiting from the federal income tax break, which should result on average in about another five percent decrease in premiums."
Commissioner Jones' order sets the advisory pure premium rate below the $1.80 average rate recommended by the Workers' Compensation Insurance Rating Bureau (WCIRB) in its filing.
Jones issued the advisory rate after a public hearing and careful review of the testimony and evidence submitted by stakeholders. The pure premium benchmark rate is only advisory, as the Legislature has not given the insurance commissioner authority over workers' compensation insurers' rates.
The WCIRB's pure premium advisory rate filing established that overall costs continue to decline in California's workers' compensation insurance system.
The pure premium advisory rate reduction is based on insurers' cost data through December 31,2017. Insurers' net costs in the workers' compensation system continue to decline as a result of SB 863, SB 1160, and AB 1244 enacted by the Legislature and Governor Brown. The WCIRB noted continued favorable medical loss development including acceleration in claim settlements.
- Details
- Written by: AAA
Today, almost three-quarters (73 percent) of American drivers report they would be too afraid to ride in a fully self-driving vehicle.
When AAA asked the same question in a survey released in January, 63 percent of drivers said they were afraid.
“Despite their potential to make our roads safer in the long run, consumers have high expectations for safety,” said Greg Brannon, AAA’s director of Automotive Engineering and Industry Relations. “Our results show that any incident involving an autonomous vehicle is likely to shake consumer trust, which is a critical component to the widespread acceptance of autonomous vehicles.”
Surprisingly, AAA’s latest survey found that Millennials – the group that has been the quickest to embrace automated vehicle technologies – were the most impacted by these incidents.
The percentage of Millennial drivers too afraid to ride in a fully self-driving vehicle has jumped from 49 percent to 64 percent since late 2017, representing the largest increase of any generation surveyed.
AAA believes self-driving cars have the potential to revolutionize transportation safety around the world, where a million people are killed every year in traffic collisions.
But the technology must be implemented safely in order to keep the public’s trust, according to John Moreno, who manages Public Affairs for AAA Northern California and six other Western states, including Nevada, where AAA launched the nation’s first self-driving vehicle open to the public in Downtown Las Vegas last year.
AAA is surveying riders to gauge how their perceptions of the technology change after a firsthand demonstration.
As of May, over 23,000 people have taken a ride on the free shuttle. Early results from the yearlong pilot show a 30 percent increase in positive sentiment toward self-driving cars after riding on the shuttle, Moreno said.
“Consumer education is a key part of this effort, because people sometimes fear what they don’t understand. It’s always better to show rather than tell,” Moreno said. “When we demonstrate this shuttle to the public, we’re explaining how this technology works and how it benefits them. Taking that first ride makes all the difference in how people feel about the future potential of self-driving cars.”
When AAA first polled consumers about the self-driving technology in 2016 and later in 2017, a full 75 percent of Americans reported feeling afraid to ride in a fully automated vehicle. That percentage rose to 78 percent in early 2017, but fell to 63 percent in early 2018, with many pointing to a rising public trust in the technology.
In addition to the Las Vegas shuttle, AAA Northern California has several other partnerships and projects to learn more about self-driving technology: GoMentum Station in Concord, Calif., the state’s largest test site for self-driving cars, and Torc Robotics, a Virginia-based autonomous technology company.
- Details
- Written by: Lake County Sheriff’s Office
The fees associated with background checks for Lake County Commercial Cannabis permits have increased in the amount of $17, the agency reported.
This increase is due to the sheriff’s office completing the process of coordinating nationwide FBI background checks in addition to the California only checks that we have been performing.
Upon the commencement of the application process, the sheriff’s office did not have the ability/authorization to perform the FBI checks.
“We did not want to delay the processing of applications any further when we implemented this process,” said Lt. Corey Paulich in a Wednesday statement.
Paulich said people who have previously obtained fingerprint checks will not have to pay the increased fee. Should someone need a subsequent fingerprint check, the fee will be applied.
The current fees for a background check are now:
– $32.00 to CA DOJ for their fee;
– $17 to FBI for their fee;
– $20 fingerprint rolling fee;
– $100 processing fee for clearance check, research, and return of approval or denial.
If you have any questions regarding the commercial cannabis process you can contact the Community Development Department at 707-263-2221 or visit www.lakecountyca.gov/Government/Directory/Community_Development/Planning/Cannabis.
- Details
- Written by: California Department of Insurance
This new cannabis insurance policy, offered by Continental Heritage Insurance Company, provides product liability and product recall coverage against claims arising from commercial cannabis activity for licensed businesses in California.
"Whenever anyone shops in, works in, sells products to, or invests in a cannabis business, I want there to be insurance coverage available," said Jones. "Continental Heritage Insurance Company's insurance product is another example of the success we are having in getting more insurance coverage for the cannabis industry. I encourage more insurance companies to follow Continental Heritage's lead and file insurance programs to fill the gaps in coverage for the cannabis industry."
The newly approved program offers coverage to businesses with the following license types: Cultivator, Manufacturer, Distributor, Retail and Medical. Laboratory testing licenses are not eligible for this program.
The core component of this insurance program is the applicant's ability to conduct licensed activities in compliance with California laws and regulations and to produce and sell consistently safe products.
The commercial cannabis business is an evolving industry and Continental Heritage will monitor changes, collect data and make appropriate changes as necessary.
Commissioner Jones launched an initiative last year to encourage commercial insurance companies to write insurance to fill coverage gaps for the cannabis industry.
As a result of Jones' initiative, the first filing and approval of commercial insurance for the cannabis industry was announced in November of last year, the first surety bond program for the industry, also for Continental Heritage, was announced in February, and the first coverage for commercial landlords for the industry was announced earlier this month.
Earlier today, Commissioner Jones hosted a national webinar titled Weeding through the Unique Insurance Needs of the Cannabis Industry with the National Associate of Insurance Commissioners Center for Insurance Policy and Research.
Last month, Commissioner Jones renewed his call for insurers to offer insurance products for California's legalized cannabis industry in the wake of published reports that President Trump has abandoned Attorney General Jeff Sessions' policy on federal law enforcement of cannabis. Jones sent a formal letter to California insurers encouraging them to fill insurance gaps for California's cannabis businesses.
Jones has convened meetings between commercial insurance executives and cannabis business owners to educate the insurance industry about the sophistication, professionalism and risk management of the cannabis industry. Jones has also organized tours for insurance executives at cannabis businesses.
In October of last year, Jones held a first-in-the-nation public hearing to identify insurance gaps faced by the cannabis industry. Cannabis businesses and insurance industry representatives testified about the limited availability of insurance for cannabis businesses.
The hearing revealed that while there is insurance available from surplus lines insurers, coverage is limited in scope and, until the approval announced last November, admitted carriers were not yet writing insurance. Jones also announced that additional department staff time would be allocated to cannabis insurance filings given the critical need for this insurance coverage.