California's insurance industry is using the coronavirus crisis to bring about a sneaky change in insurance rules that could lead to massive increases in homeowner premiums. Columnist hiltzikm explains:
A gang of Wall Street hedge funds is jousting to own PG&E, leaving Californians with nothing but bad choices.
By dictating that IMAPs follow county lines rather than high-risk zones alone, he adds, the bill opens the door to cherry-picking. The sneakiest provision of the bill may be its treatment of reinsurance expenses. Reinsurance is a hedge by which primary insurers cap their risk exposure by laying some of it off on other firms for a fee.Proposition 103 doesn’t regulate reinsurance, and as a result insurance commissioners haven’t allowed insurers to pass their reinsurance expenses through to consumers via premiums for residential coverage.
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