In the state of Rhode Island
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This act would make it an unfair settlement claims practice for an insurer to fail to have
an independent appraisal of vehicles which sustain damage in excess of $2000. It would also
make it an unfair claims settlement practice for an insurer to fail to perform a supplemental
appraisal inspection of a vehicle within 48 hours after requested by the auto body repair shop.
This act would take effect upon passage.
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According to a California DOI Press Release…….
Insurance Commissioner Steve Poizner announced that he has approved the purchase of 21st Century Insurance Group. “After a thorough review by the Department of Insurance, I have approved the purchase of 21st Century Insurance Group by Zurich Financial Services’ Farmers Insurance Group,” said Commissioner Poizner. “Before authorizing this purchase, I ordered CDI legal and financial experts to conduct a comprehensive review of the terms of the purchase agreement, which has now been completed. As a result of this purchase, 21st Century policyholders should not expect to see any impact to their existing policies.” On April 16, 2009, Zurich Financial Services and Farmers Insurance Group announced the planned acquisition of AIG’s Personal Auto Group, which includes 21st Century Insurance Group. Following an extensive review process by the Department of Insurance, Commissioner Poizner approved the purchase of 21st Century Insurance Group. The Department anticipates this transaction to become effective July 1,2009. As part of the approval process, Farmers Insurance Group will be required to submit a written report to the Department of Insurance providing an update on the integration process on or before October 30, 2009. Under California insurance law, the Department of Insurance must approve the purchase of any California-domiciled insurance company. The approval process includes a thorough review of all aspects of a proposed purchase, including the financial strength of the purchasing company and future plans for the company to be purchased. |
