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| Jul 28, 2020 | Firm News

Below are more helpful Covid-19 resources to help people navigate their lives during these stressful times:

Insurance Commissioner Ricardo Lara issued a Bulletin extending his previous order requiring insurance companies to return partial insurance premiums to consumers and businesses and provide much-needed financial relief amid the ongoing COVID-19 pandemic. The Department of Insurance will review all premium adjustments to ensure they are fair and adequate and reflect policyholders’ reduced risk.

The Bulletin now includes the month of May, having already included the months of March and April, covering at least six different insurance lines: private passenger automobile, commercial automobile, workers’ compensation, commercial multi-peril, commercial liability, medical malpractice, and any other insurance line where the risk of loss has fallen substantially as a result of the COVID-19 pandemic.

The Commissioner’s Bulletin 2020-4 requires insurance companies to provide an adjustment to the premium in the form of a premium credit, reduction, return of premium, or other appropriate adjustment as soon as possible, and no later than August 11, 2020. For most if not all consumers, this will be a percentage of the premium — not 100 percent — and the Department of Insurance will validate each insurance company’s plan so that refunds are adequate and reflect the reduced risk.

http://www.insurance.ca.gov