Insurance Premium Refund California
California s insurance commissioner on monday ordered some companies to refund premiums for march and april because of the coronavirus issuing a broad directive that.
Insurance premium refund california. California insurance commissioner orders premium refunds consumers and businesses affected by the coronavirus pandemic are at lower risk he says by bay city news published april 13 2020. California insurance commissioner ricardo lara has ordered all insurance companies to refund premiums for march and april. Insurance companies have 120 days to comply and lara s. California orders insurance premium refunds during outbreak california s insurance commissioner has ordered some companies to refund premiums for march and april because of the cronavirus pandemic.
Getty images one of the admittedly minor upsides to many people being. In alaska the director of the state s division of insurance issued a bulletin last month urging insurers to reduce or refund premiums. Drivers and business owners in california should get at least partial refunds on no less than two months worth of insurance premiums because of the coronavirus induced restrictions that have. The amount of the across the board premium refund may be an average percentage based.
A premium refund will not require prior approval by the california department of insurance if an insurance company follows certain methods outlined in the bulletin such as using an average. Insurers may refund premium without prior approval by the department of insurance if they apply a uniform premium reduction for all policyholders in an individual line of insurance for recent current and upcoming policy periods or any portion thereof.
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