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The state regulator wants insurers to work with their customers as risk exposures change.
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Ricardo Lara says certain carriers had tried to dissuade policyholders from filing claims.
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The groups sent a letter of opposition yesterday to the California congressman.
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The proposed legislation would potentially have a cataclysmic impact on insurers’ balance sheets, according to industry trade bodies. -
The move comes after Republican lawmakers asked President Trump to intervene on the industry’s behalf.
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Mandating carrier payouts for uncovered claims would undermine contract law and jeopardise the sector’s solvency, the lawmakers warn.
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The bill follows similar legislation proposed in six other states.
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Kemper today become the latest carrier to announce a partial refund for customers.
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Ricardo Lara says the economic effects of coronavirus has cut risk exposures.
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The US President was speaking in a White House press conference on Friday.
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The comments come as AM Best earlier today warned over the impact of regulatory creep on BI claims.
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The ratings agency discussed impacts from the pandemic and noted that it is still awaiting responses to a “stress test” questionnaire.
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