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News Release
6/14/2010
Posted by Consumer Watchdog
Washington, D.C. --- The financial reform bill will deregulate state insurance oversight by allowing the Treasury Department to use a new national insurance office to overturn a broad range of state protections, including solvency rules, if the legislation is not amended, warned Consumer Watchdog today. The House-Senate Conference Committee meets...
News Story
6/7/2010
Posted by Consumer Watchdog
California small-business owners expected to be early beneficiaries of health reform, with billions of dollars in federal tax relief flowing this month to help them purchase medical coverage for their employees. But many said the 35 percent credits granted under the hard-fought legislation have run into a new hurdle: a buzz saw of rate increases...
News Release
5/20/2010
Posted by Consumer Watchdog
Washington, D.C. --- In advance of an expected final vote on financial reform legislation, Consumer Watchdog urged the U.S. Senate to fix provisions that would deregulate insurance oversight by giving the Treasury Department the ability to override state protections on behalf of foreign insurance firms, including laws requiring insurers to hold...
News Story
5/16/2010
Posted by Consumer Watchdog
Deciding whether or not to buy earthquake insurance is a dilemma for California homeowners, but it's doubly difficult for condominium and town home owners. Condo dwellers can buy quake insurance that covers the interior of their unit and certain other expenses. Homeowners associations can buy insurance that covers the building and other common...
News Story
5/12/2010
Posted by Consumer Watchdog
For decades, respected consumer advocate Harvey Rosenfield has been battling Mercury Insurance and other corporations that have sought to undermine Proposition 103, the landmark car insurance regulatory measure that he wrote and California voters approved in 1988. But he’s never felt the need to advertise on television, until now. Today...
News Story
5/11/2010
Posted by Consumer Watchdog
NEW YORK, NY (Dow Jones) -- George Joseph, the founder, chairman and largest shareholder of insurer Mercury General Corp. (MCY), employs his nephew as an executive in the firm without disclosing the family tie to investors, a consumer group said Tuesday. Joseph's nephew, Charles Toney II, is the Los Angeles-based auto insurer's chief actuary,...
News Release
5/11/2010
Posted by Consumer Watchdog
Santa Monica, CA – Mercury General Corp. has failed to fully disclose family ties within the company in possible violation of federal law and its own internal policies, Consumer Watchdog wrote to the Securities and Exchange Commission today. The company did not tell investors that the chief actuary --  responsible for financial...
News Story
5/7/2010
Posted by Consumer Watchdog
Backers say letting drivers carry discounts from carrier to carrier would aid most drivers. Foes say the measure would make rates unaffordable for many new drivers. In a Yes on 17 radio promotion, actors portraying a couple pondering their car insurance bills grumble about “the flaw in the law” that would rob them of a discount if...
News Release
5/5/2010
Posted by Consumer Watchdog
Current Senate Bill Allows Treasury to Preempt State Insurance Laws, Including Capital and Solvency Protections   Washington, D.C. -- Financial reform legislation must be amended to preserve states’ ability to protect insurance consumers and bring the bill in line with White House comments yesterday targeting potential industry...
News Release
5/5/2010
Posted by Consumer Watchdog
3rd Largest Auto Insurer Doesn’t Plan On Telling Customers They Could Face Price Hikes Santa Monica, CA –A letter Mercury Insurance Company apparently intends to send to its policyholders this week urging them to support Proposition 17 fails to disclose that its customers could be forced to pay enormous surcharges if the initiative...