Washington, DC – A federal judge today ruled in favor of the
National Association of Insurance Commisioners and its efforts to recoup more than $100 million for life insurance consumers nation wide, an amount which the agency contends that a select few insurance companies may have overcharged life insurance consumers by inflating
California life insurance prices and
California life insurance
quotes.
The federal judicial panel and courts actions allows the NAIC to help reduce
California life insurance
rates. The objective of NAIC staff throughout this action has been to provide life insurance rate relief for life insurance consumer policyholders who have been charged excessive life insurance rates.
NAIC staff, using authority granted by the federal judicial panel’s decision, ordered life insurance companies to reduce its life owners rates by 12 percent in September 2004.
California life insurance companies appealed the reduction in district court, claiming that the they had been denied due process in ordering the rate reduction.
“NAIC staff’s latest action, based on a different law was designed to address the court’s concerns regarding due process,” said NAIC’s Deputy Commissioner for Policy. “Despite the insurance companies objections, the courts have allowed the debate based on the facts to move forward. In the end we believe the facts will show that their rates can be reduced.”
NAIC staff contends that life insurance companies have been overcharging its policyholders since June 11, 2003, the effective date of Senate Bill 14. NAIC is seeking a refund of the excessive premium plus 10 percent interest. The total amount will be calculated from June 11, 2003, to present.
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California Facts: California became a U.S. territory in 1847 when Mexico surrendered it to John C. Frémont. On Jan. 24, 1848, James W. Marshall discovered gold at Sutter's Mill, starting the California Gold Rush and bringing settlers to the state in large numbers. By1964, California had surpassed New York to become the most populous state. One reason for this may be that more immigrants settle in California than any other state—more than one-third of the nation's total in 1994. Asians and Pacific Islanders led the influx.
Leading industries include agriculture, manufacturing (transportation equipment, machinery, and electronic equipment), biotechnology, aerospace-defense, and tourism. Principal natural resources include timber, petroleum, cement, and natural gas. Death Valley, in the southeast, is 282 ft below sea level, the lowest point in the nation. Mt. Whitney (14,491 ft) is the highest point in the contiguous 48 states. Lassen Peak is one of two active U.S. volcanoes outside of Alaska and Hawaii; its last eruptions were recorded in 1917. Other points of interest include Yosemite National Park, Disneyland, Hollywood, the Golden Gate Bridge, Sequoia National Park, San Simeon State Park, and Point Reyes National Seashore. The Golden State From a book, Las Sergas de Esplandián, by Garcia Ordóńez de Montalvo, c. 1500
The Ten Largest cities in California are: Los Angeles, San Diego, San Jose, San Francisco, Long Beach, Fresno, Sacramento, Oakland, Santa Ana, Anaheim.
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