SAN FRANCISCO (KRON) – California Insurance Commissioner Ricardo Lara on Monday ordered insurance companies to refund some insurance premiums to both consumers and businesses who are impacted by the ongoing coronavirus pandemic.
There are at least 6 different insurance areas that are covered:
- Private passenger automobile
- Commercial automobile
- Workers’ compensation
- Commercial multi-peril
- Commercial liability
- Medical liability
Insurance companies will have until August to provide a premium credit, return, reduction, or appropriate adjustment.
Commissioner Lara has also requested at least a 60-day grace period for policyholders to pay their premiums.
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Some insurance companies such as Geico, Mercury, Allstate and others have already announced they are voluntarily refunding premiums to drivers.
Today’s bulletin now makes it mandatory for all insurance companies.
According to Lara, insurance companies won’t have to get prior approval from the state’s Department of Insurance regarding premium refunds so long as they the methods outlined in the bulletin.
To learn more, click here.
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