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Blog Post
3/19/2009
Posted by Jamie Court
After Enron's fraud on California during the 2001 electricity crisis became clear, a lot of politicians felt they had to give back their Enron contributions.  Our consumer group was the beneficiary of a few of those returned dollars, since we fought the energy industry's deregulation schemes. Now Open Secrets reports AIG's contributions, from...
News Release
3/17/2009
CONTACT CONTACT: Carmen Balber, 202-629-3043; or Doug Heller, 310-392-0522 ext. 309
Washington, D.C. -- Congress should reject any proposal that would deregulate insurance or otherwise override state insurance laws that have successfully protected consumers during the current economic crisis, said the nonprofit Consumer Watchdog today in advance of an insurance hearing in the U.S. Senate Committee on Banking, Housing and Urban...
News Release
3/16/2009
CONTACT CONTACT: Jamie Court, (310) 392-0522 ext. 327; or Doug Heller, ext. 309
Advocates Say No Bonuses Should Be Paid Until Law Enforcement Conducts Detailed Review Of Any AIG Employee Who Wants to Enforce Contract   Santa Monica, CA -- Consumer advocates said that federal law enforcement agencies should create a special investigative unit dedicated to unearthing any fraud or misconduct attributable to AIG employees...
Blog Post
3/6/2009
Posted by Carmen Balber
The Office of Thrift Supervision took responsibility for its failure as AIG's primary regulator to prevent the company's accumulation of extreme risk in the years before its collapse.    As CQ reports: “It’s time for the OTS to raise their hand and say they have some responsibility and accountability here,” acting...
Blog Post
3/5/2009
Posted by Carmen Balber
I spent the morning watching a House Financial Services subcommittee hearing into what a ‘systemic risk regulator’ of the financial markets might be and what that has to do with the insurance industry. Now, if you’ve ever been to consumerwatchdog.org, you know that insurance is regulated by the states, and that here in...
News Release
2/11/2009
CONTACT CONTACT: Carmen Balber, 202-629-3043; or Doug Heller, 310-392-0522, ext. 309
Consumer Group Calls Congress Members' Appeal A Stalking Horse for Federal Deregulation of Insurance Washington, D.C. -- Consumer advocates warned Treasury Secretary Timothy Geithner not to allow necessary reform of the financial markets become a launching pad for insurance industry efforts to federally deregulate insurance, in a letter sent today...
News Release
2/6/2009
CONTACT CONTACT: Doug Heller, 310-392-0522, ext. 309
Weakened Regulations, Disregard for Process Leave AAA Insurance Customers Paying Too Much Santa Monica, CA -- California Insurance Commissioner Steve Poizner's decision to limit the size of Auto Club of Southern California's insurance rate cut will cost AAA policyholders an average of $240 each this year. The Commissioner announced a 5.4% rate...
News Release
1/27/2009
CONTACT CONTACT: Carmen Balber, 310/403-0284; or Jessica Lass, NRDC, 310/434-2300
California's first-in-the-nation requirement that mileage be considered in annual premiums will benefit the environment, says NRDC SAN FRANCISCO, CA (January 27, 2009) -- Consumer Watchdog today released a scorecard ranking California’s Top 10 auto insurance companies on how well they reward motorists who drive fewer miles with lower...
News Release
12/12/2008
CONTACT CONTACT: Doug Heller, 310-392-0522, ext. 309; or Carmen Balber, ext. 324
Changes By Poizner Earlier This Year Led to Rate Hikes And New Proposal Will Lead to Even Higher Rates for Individuals, Businesses   San Francisco, CA -- California Insurance Commissioner Steve Poizner has come under attack from consumer advocates for a proposal to deregulate insurance rates and allow insurance companies to raise rates on...
Blog Post
12/11/2008
Posted by Carmen Balber
I know that the insurance industry likes to operate in the dark. It took a voter revolt at the ballot box and 20 years fighting to implement Proposition 103 to force insurers to open their books to the public and justify rates in California. But this report by the industry information service, ISO, takes the cake. They counsel insurance companies...