California News

New Markets

The following markets were selected from the MyNewMarkets database of 25,000 coverages and programs. To find additional markets, or to submit markets, go to www.MyNewMarkets.com. Apartments Low Income Subsidized Housing Market Detail: Housing Insurance Services offers programs through two admitted …

Study: Workers’ Compensation Public Options Outperform Private Industry

State funds blunt the impact of bigger losses through concerted loss prevention efforts. An insurance industry think tank has concluded that 25 public and quasi-public workers’ compensation insurance plans perform better financially than the private market in a number of …

Decades in the Making, NAIC Outlines Natural Catastrophe Plan

White Paper Approved at Fall Meeting with Near-Unanimous Vote Though it may seem like the debate over the creation of a national catastrophe insurance plan is a relatively recent phenomenon, the National Association of Insurance Commissioners actually began addressing the …

Endurance Reports $153.8 Million Q3 Net Income; Conference Call Today

Bermuda-based Endurance Specialty Holdings Ltd. reported net income of $153.8 million and $2.51 per diluted common share for the third quarter of 2009, compared to a net loss of $99.4 million and $1.79 per diluted common share in the third …

California’s Dunhill Insurance Charged with Municipal Bond Fraud

A California financial products firm, two current executives and a former executive were indicted on Thursday for bid rigging and fraud related to municipal bond contracts, the Justice Department said. Dunhill Insurance Services Inc, also known as CDR Financial Products …

Facebook Awarded $711 Million Damages in Anti-Spam Case

Social networking website Facebook was awarded $711.2 million in damages relating to an anti-spam case against Internet marketer Sanford Wallace, court documents show. Wallace did not oppose the motion or appear at the hearing on Sept. 18, 2009, according to …

California Car Crash Ring Broken Up

California’s Insurance Commissioner Steve Poizner announced that a year-long investigation by California Department of Insurance detectives has resulted in eight arrests and the dismantling of a staged automobile collision ring. “Criminals that engage in staged auto collisions seek monetary gain …

California Pizzeria Owner Pleads to Insurance Fraud

Two Southern California men who were arrested on Oct. 15 for workers’ compensation insurance fraud in Orange County. The state Insurance Commissioner, Steve Poizner, said that Sanjiv Mahendra Shah, 53, of Placentia and Abu M. Hossain, 59, of Chino Hills …

California to Update Workers Compensation Regulations

California’s Department of Industrial Relations has proposed an update to regulations for the Workers’ Compensation Information System. The update is part of the Division of Workers’ Compensation’s 12-point plan to reign in medical costs in the system. The 12-point plan …

New Business Owners Product in California

Trinity E&S Services, Inc., with offices in Bermuda Dunes and Petaluma, Calif., is announcing the introduction of an E&S Business Owners Policy for retail agents in California that do not otherwise have access to a business owners policy product with …