Insurance Commissioner Dave Jones Announces Settlement With Insurer Over Noncompliance Issue
News: 2012 Press Release
Insurance Commissioner Dave Jones today announced that XL Specialty Insurance Company (XL) has agreed to pay the California Department of Insurance (CDI) a fine in the amount of $298,419, along with a refund of $10,710. The settlement is the conclusion of a noncompliance action that found XL used unapproved rating factors in calculating earthquake premiums.
"I am pleased we were able to resolve this matter,"
XL primarily focused on offering commercial earthquake coverage to condominiums in
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $259 billion in premiums annually in California. In 2014 the California Department of Insurance received more than 175,000 calls from consumers and helped recover over $63 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.