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Proposition 103
California voters passed Proposition 103 on November 8, 1988. It in effect made insurance companies require "prior approval" from the California Department of Insurance before implementing property and casualty insurance rates. It passed with 51% of the vote. The measure expanded the Department's responsibility for enforcement to include: property insurance, automobile insurance, life insurance and other types of casualty coverage. Proposition 103 made the California Insurance Commissioner an elected position (previously being a governor-appointed position). The ballot measure required insurers "roll back" their rates 20 percent. Proposition 103 devised a process enabling consumer participation in the setting of insurance rates, and allowed consumer "intervenors" witness fees and expenses in some cases. Insurance regulation Insurance types regulated by Proposition 103 are: Personal automobile, dwelling fire, earthquake, homeowners, inland marine, and umbrella; Commercial aircra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1988 United States Presidential Election
The 1988 United States presidential election was the 51st quadrennial presidential election held on Tuesday, November 8, 1988. The Republican nominee, incumbent Vice President George H. W. Bush, defeated the Democratic nominee, Governor Michael Dukakis of Massachusetts. This was the first presidential election since 1948, and the most recent to date in which a party won more than two consecutive presidential terms. This also remains the most recent election in which a candidate won over 400 electoral votes. Additionally, this was the last time that the Republicans won the popular vote three times in a row. President Ronald Reagan was ineligible to seek a third term. Instead, Bush entered the Republican primaries as the front-runner, defeating U.S. Senator Bob Dole and televangelist Pat Robertson. He selected U.S. Senator Dan Quayle of Indiana as his running mate. Dukakis won the Democratic primaries after Democratic leaders including Gary Hart and Ted Kennedy withdrew or de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Department Of Insurance
The California Department of Insurance (CDI), established in 1868, is the agency charged with overseeing insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in California. The CDI has authority over how the insurance industry conducts business within California, and licenses and regulates the rates and practices of insurance companies, agents, and brokers in the state. CDI has over 1,300 employees charged with the responsibility of protecting consumer interests. Its budget is primarily derived from funds generated by license fees, assessments, and Proposition 103 recoupment fees. The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the state of California, United States. The current California Insurance Commissioner is Ricardo Lara. History In the early 1900s, the California State Legislature transformed the CDI into a law en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Insurance
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, cyber-attack, and theft. History Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of conv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automobile Insurance
Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region. History Widespread use of the motor car began after the First World War in urban areas. Cars were relatively fast and dangerous by that stage, yet there was still no compulsory form of car insurance anywhere in the world. This meant that injured victims would rarely get a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses. Life policies are legal contracts and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; common examples include claims relating to suicide, fraud, war, riot, and civil commotion. Difficulties may arise where an event is not clearly defined, for example, the insured knowingly incurred a risk by consenting to an experimental m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Insurance Commissioner
The California insurance commissioner has been an elected executive office position in California since 1991. Prior to that time, the insurance commissioner was appointed by the governor. The officeholder is in charge of the California Department of Insurance. The current insurance commissioner is Democrat Ricardo Lara. Duties * Oversees and directs all functions of the Department of Insurance. * Licenses, regulates, and examines insurance companies. * Answers public questions and complaints regarding the insurance industry. * Enforces the laws of the California Insurance Code and adopts regulations to implement the laws. * The mission is to ensure vibrant markets where insurers keep their promises and the health and economic security of individuals, families, and businesses are protected. Office As a result of the passage of Proposition 103 in 1988, the elected office of the California Insurance Commissioner was created in 1991. Previously, the position was held by a per ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elected Official
An official is someone who holds an office (function or Mandate (politics), mandate, regardless whether it carries an actual Office, working space with it) in an organization or government and participates in the exercise of authority, (either their own or that of their superior and/or employer, public or legally private). An elected official is a person who is an official by virtue of an election. Officials may also be appointed ''ex officio'' (by virtue of another office, often in a specified capacity, such as presiding, advisory, secretary). Some official positions may be Inheritance, inherited. A person who currently holds an office is referred to as an incumbent. Something "official" refers to something endowed with governmental or other authoritative recognition or mandate, as in official language, official gazette, or official scorer. Etymology The word ''official'' as a noun has been recorded since the Middle English period, first seen in 1314. It comes from the Old French ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Longshore And Harbor Workers' Compensation Act
The Longshore and Harbor Workers' Compensation Act, , commonly referred to as the "Longshore Act" or "LHWCA" is federal workers' compensation law/act enacted in 1927. Initially, it mandated coverage to employees injured on navigable waters of the United States. Today, it mandates that coverage be provided to certain "maritime" workers, including most dock workers and maritime workers not otherwise covered by the Jones Act. In addition, Congress has extended the LHWCA to cover non-appropriated fund employees (i.e. certain MWR and AAFES employees), Outer Continental Shelf workers, and U.S. government contractors working in foreign countries under the Defense Base Act This coverage is mandated for all employees, including owners and officers of companies that work in or around navigable waters of the United States. The LHWCA is administered by the Division of Longshore and Harbor Workers' Compensation, a division of the Office of Workers' Compensation Programs of the United States ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Law
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise. History The earliest form of insurance is probably marine insurance, although forms of mutuality (group self-insurance) existed before that. Marine insurance originated with the merchants of the Hanseatic league and the financiers of Lombardy in the 12th and 13th centuries, recorded in the name of Lombard Street in the City of London, the oldest trading insurance market. In those early days, insurance was intrinsically coupled with the expansion of mercantilism, and exploration (and exploitation) of new sources of gold, silver, spices, furs and other precious goods - including slaves - from the New World. For these merchant adventurers, insurance was the "mean ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Law
The law of California consists of several levels, including Constitutional law, constitutional, Statutory law, statutory, and regulatory law, as well as case law. The California Codes form the general statutory law, and most state agency regulations are available in the California Code of Regulations. Sources of law The California Constitution, Constitution of California is the foremost source of state law. Legislation is enacted within the California Statutes, which in turn have been codified into the 29 California Codes. State agencies promulgate regulations with the California Regulatory Notice Register, which are in turn codified in the California Code of Regulations. California's legal system is based on common law, which is interpreted by case law through the legal opinion, decisions of the Supreme Court of California, California Courts of Appeal, and Appellate Divisions of the Superior Courts of California, and published in the ''California Reports'', ''California Appella ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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