Insurance Commissioner Dave Jones Announces Another $1.5 Million for State General Fund as a Result of Enforcement Action
News: 2012 Press Release
Insurance Commissioner Dave Jones announced today that he deposited another $1.5 Million to the State of California's General Fund as a result of an enforcement action brought by the Department of Insurance and a settlement agreement reached with Travelers Insurance Companies.
"The deposit of $1.5 Million to the State of California General Fund demonstrates once again the value provided by the California Department of Insurance at no cost to the taxpayers," said Commissioner Dave Jones. "The company cooperated fully with the Department of Insurance in reaching the settlement, making the remedial changes we requested, and in refunding premiums where appropriate."
The settlement agreement is the result of a market conduct examination by the California Department of Insurance that found the Travelers companies committed violations of the Insurance Code and Regulations from January 1, 2006 through July 31, 2006. Specifically, Department examiners looked at whether the companies were properly applying rating rules and underwriting guidelines for both personal and commercial lines. The details of the enforcement action were noted in a June 28, 2012 press release.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.