Calif. Insurance Commissioner Orders Insurers to Return Premiums
April 14, 2020—California’s Insurance Commissioner on Monday ordered insurers to return premiums to consumers and businesses, according to Reuters.
Insurance Commissioner Ricardo Lara said premiums paid for the months of March, April and potentially May, should be returned for six insurance lines including auto insurance.
Companies are required to provide a premium credit cut, return of premium, or other adjustments as soon as possible. Insurance companies are ordered to do so no later than August, according to the report.