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CONSUMERS: 1999 PRESS RELEASE

For Release: December 2, 1999
Media Calls Only: 916-492-3566

CALIFORNIA INSURANCE COMMISSIONER CHUCK QUACKENBUSH HOLDS INVESTIGATORY HEARINGS REGARDING READINESS OF INSURANCE COMPANIES TO COMPLY WITH CALIFORNIA'S HOLOCAUST REGISTRY LAW
Hearings Held in San Francisco and Los Angeles

SAN FRANCISCO/LOS ANGELES – Commissioner Chuck Quackenbush is holding two hearings this week to investigate the readiness of insurance companies to comply with California’s Holocaust Registry Law.

"At today’s hearing in San Francisco, we will be gathering testimony from insurance companies to gauge exactly where they are, and intend to be, with respect to complying with California law," said Commissioner Quackenbush.

Today’s hearing in San Francisco is being held at 10:00 a.m. Yesterday, a hearing was held in Los Angeles. Commissioner Quackenbush warned companies at yesterday’s hearing in Los Angeles that they must provide company lists of insurance policies in order to comply with state law and to help thousands of Holocaust survivors determine whether their families had insurance coverage and are due payment on long denied claims.

"I have always advocated an open competitive insurance marketplace in California, but I will lower the hammer on any insurance company that refuses to comply with state law," said Commissioner Quackenbush.

In San Francisco today (December 2, 1999) six companies are scheduled to testify:

Allianz

Basler

Munich Re

Winterthur

AXA

Swiss Re

In Los Angeles yesterday, (December 1, 1999) three companies testified:

Assicurazioni Generali S.p.A (U.S. Branch)

Gerling

Zurich

Agreements were reached with Aegon, Fortis and ING before the first hearing in
Los Angeles.

 

 

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