California Department of Insurance orders demanding that insurers refund policyholders affected by COVID-19 shutdowns may not be as draconian as they first seem. Intelligent Insurer investigates.
When the California Department of Insurance (CDI) sent out a blanket order telling insurers to refund policyholders, it may have appeared a little draconian.
In fact, the thinking behind the apparent demand is not quite as simple as that, as one US expert tells Intelligent Insurer.
What is clear is that the outbreak of COVID-19 has created a situation that makes setting future premium rates much more complicated in the Golden State.
California Department of Insurance, Coronavirus, Insurance, Reinsurance, Refunds, Policyholders, North America