Los Angeles, CA — On Earth Day, California Insurance Commissioner Ricardo Lara chose “collaboration" with the insurance industry over urgent climate action. Commissioner Lara rejected a petition from 60 environmental, consumer and social justice groups that sought emergency rules to make insurers disclose the fossil fuel projects they insure. The Commissioner's refusal to act allows insurers to keep their complicity in global warming secret and puts the brakes on the forward momentum on climate built by the previous Department of Insurance, said Consumer Watchdog.
Sacramento, CA — The members of the Assembly Insurance Committee voted unanimously today to pass AB 981 and exempt the entire insurance and financial services industries from California’s new Privacy Act.
A troupe of mimes dressed as insurance company mascots tracked lawmakers and lobbyists outside the hearing room to dramatize how the bill, sponsored by Committee Chair Tom Daly, would allow insurers to violate their policyholders' privacy.
Los Angeles, CA — Today Consumer Watchdog called on Assembly Insurance Committee Chair Tom Daly to withdraw legislation (AB 981) that would exempt insurance companies and banks from complying with the California Consumer Privacy Act.
The Privacy Act will take effect in January and empowers consumers to prevent their personal information from being sold to other companies, as well as allowing consumers to sue reckless companies for data breaches.
Los Angeles, CA — As a UN panel finds the world is losing the war with global warming and urgent action is needed, US insurance companies have reported holding more than $50.9 billion in fossil fuel investments that exacerbate climate change, according to reporting to national insurance regulators.
Consumer Watchdog’s review of public filings reveals nine of the 10 largest American insurance companies have considered the impact of climate change on their investments, but only two, AIG and Farmers, say that they have altered their investment strategy in response.