Business News
SACRAMENTO – Insurance Commissioner Dave Jones announced this week that the California Department of Insurance recovered more than $81.3 million for consumers during 2017 through consumer complaint investigations and market conduct examinations of insurance companies.
"As insurance commissioner and the leader of the largest consumer protection agency in the state, my top priority is protecting consumers," said Commissioner Jones. "Thanks to the hard work of our dedicated professionals and the authority given to me under Proposition 103, we succeeded in recovering over $81 million for California consumers."
Last year the department's consumer hotline received over 147,000 calls for assistance. Through the department's complaint handling efforts, staff recovered more than $62.4 million for consumers in 2017.
Additionally, the department performed 125 market conduct examinations, resulting in more than $18.9 million in recovered claims or premiums being returned to consumers.
Since Commissioner Jones took office in 2011, more than $469 million has been returned to consumers through the department's direct intervention.
Due to Proposition 103, in 2017 the department also saved consumers over $271 million in proposed insurance rate increases. Since 2003, $3.7 billion in proposed insurance rate increases has been saved by policyholders.
Proposition 103, passed by California voters in November 1988, establishes the Insurance Commissioner's authority to approve rates set by insurance companies.
It requires the commissioner's "prior approval" before insurance companies can implement property and casualty insurance rates.
The ballot measure also required each insurer to roll back its rates 20 percent.
"As insurance commissioner and the leader of the largest consumer protection agency in the state, my top priority is protecting consumers," said Commissioner Jones. "Thanks to the hard work of our dedicated professionals and the authority given to me under Proposition 103, we succeeded in recovering over $81 million for California consumers."
Last year the department's consumer hotline received over 147,000 calls for assistance. Through the department's complaint handling efforts, staff recovered more than $62.4 million for consumers in 2017.
Additionally, the department performed 125 market conduct examinations, resulting in more than $18.9 million in recovered claims or premiums being returned to consumers.
Since Commissioner Jones took office in 2011, more than $469 million has been returned to consumers through the department's direct intervention.
Due to Proposition 103, in 2017 the department also saved consumers over $271 million in proposed insurance rate increases. Since 2003, $3.7 billion in proposed insurance rate increases has been saved by policyholders.
Proposition 103, passed by California voters in November 1988, establishes the Insurance Commissioner's authority to approve rates set by insurance companies.
It requires the commissioner's "prior approval" before insurance companies can implement property and casualty insurance rates.
The ballot measure also required each insurer to roll back its rates 20 percent.
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- Written by: Editor
SACRAMENTO – State Treasurer John Chiang on Thursday launched a new effort to generate increased investments in California bonds through greater transparency and more competition.
The new www.BuyCaliforniaBonds.com Web site offers greater efficiency and transparency to investors looking to invest confidently as they support California infrastructure projects.
“I am on a mission to make California government more transparent, accountable and responsive to the needs of the public through technological innovation,” said Treasurer Chiang. “By making the ‘what, when and why’s’ about the state’s finances, debt, and economic outlook available with a simple mouse click, I hope to entice more investors to finance projects of critical importance to our state, from transportation and clean water to schools and affordable housing.”
The new Web portal is a gateway to thousands of pages of financial data and documents about the state’s bond sales. Individual investors and institutional investors will find the site rewardingly simple to use.
New features include:
– A streamlined homepage that makes it easier to locate the website’s most viewed information.
Numerous investor resources, including financial documents and reports, bond ratings, bond sale information, frequently asked questions, contact information, and more.
– The ability to receive notifications about upcoming bond sales and whenever new documents are posted.
“More data that is easy to access and slice-and-dice will translate into more investor interest. More investors mean more competition and – ultimately – better deals for California taxpayers,” said Chiang.
The launch of the Web site coincides with the start of the 2018 bond sale season. The first offering utilizing the new BuyCaliforniaBonds.com website will be Feb. 22 when the iBank begins its sale of green revenue bonds for clean water projects.
During 2017, the State Treasurer’s Office sold more than $8.8 billion in general obligation bonds, $877 million in lease revenue bonds and $5.1 billion in revenue bonds for state agencies and universities.
Since Treasurer Chiang took office in January 2015, refunding has resulted in approximately $6.4 billion in public savings over the remaining life of the bonds.
BuyCaliforniaBonds.com is the third government transparency Web site launched by Chiang as State Treasurer. Earlier this year, he introduced California’s first online business development gateway, CBIG, to spur job creation and economic expansion in the state. In 2015, Chiang launched the award-winning DebtWatch Web site, which allows anyone in California to be a citizen watchdog and monitor precisely how taxpayer dollars are being spent within a community.
The new www.BuyCaliforniaBonds.com Web site offers greater efficiency and transparency to investors looking to invest confidently as they support California infrastructure projects.
“I am on a mission to make California government more transparent, accountable and responsive to the needs of the public through technological innovation,” said Treasurer Chiang. “By making the ‘what, when and why’s’ about the state’s finances, debt, and economic outlook available with a simple mouse click, I hope to entice more investors to finance projects of critical importance to our state, from transportation and clean water to schools and affordable housing.”
The new Web portal is a gateway to thousands of pages of financial data and documents about the state’s bond sales. Individual investors and institutional investors will find the site rewardingly simple to use.
New features include:
– A streamlined homepage that makes it easier to locate the website’s most viewed information.
Numerous investor resources, including financial documents and reports, bond ratings, bond sale information, frequently asked questions, contact information, and more.
– The ability to receive notifications about upcoming bond sales and whenever new documents are posted.
“More data that is easy to access and slice-and-dice will translate into more investor interest. More investors mean more competition and – ultimately – better deals for California taxpayers,” said Chiang.
The launch of the Web site coincides with the start of the 2018 bond sale season. The first offering utilizing the new BuyCaliforniaBonds.com website will be Feb. 22 when the iBank begins its sale of green revenue bonds for clean water projects.
During 2017, the State Treasurer’s Office sold more than $8.8 billion in general obligation bonds, $877 million in lease revenue bonds and $5.1 billion in revenue bonds for state agencies and universities.
Since Treasurer Chiang took office in January 2015, refunding has resulted in approximately $6.4 billion in public savings over the remaining life of the bonds.
BuyCaliforniaBonds.com is the third government transparency Web site launched by Chiang as State Treasurer. Earlier this year, he introduced California’s first online business development gateway, CBIG, to spur job creation and economic expansion in the state. In 2015, Chiang launched the award-winning DebtWatch Web site, which allows anyone in California to be a citizen watchdog and monitor precisely how taxpayer dollars are being spent within a community.
- Details
- Written by: Editor
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