trending Market Intelligence /marketintelligence/en/news-insights/trending/gKIYF0l0ug9rOK1BdCBGGw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Berkshire units settle with California over 'bait-and-switch' marketing tactics

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February

Lemonade Growing Premiums Faster Than Esurance's Homeowners Business Did


Berkshire units settle with California over 'bait-and-switch' marketing tactics

Berkshire Hathaway Inc. units California Insurance Co., Applied Underwriters Captive Risk Assurance Co. Inc. and Applied Underwriters Inc. have agreed to halt a practice of using "bait-and-switch" marketing tactics to sell a workers' compensation insurance product.

The settlement with the California Department of Insurance includes new disclosures that will provide policyholders with critical details regarding the product.

The commissioner determined in May 2016 that California Insurance and Applied Underwriters were selling the workers' compensation product with illegal side agreements that modified the obligations of the parties under the policy. The agreements did not disclose basic premium information; failed to disclose required binding arbitration outside the U.S.; and used a complicated method for calculating premiums, deposits or other payments due. Although the side agreements, known as reinsurance participation agreements, require approval from the department, the Berkshire companies used the agreements without receiving the department's authorization, according to a news release.

In September 2016, the department ordered California Insurance and Applied Underwriters Captive Risk Assurance to discontinue the sale of certain workers compensation policies, known as EquityComp policies, without filing key addendum to the policies with the department for the commissioner's approval.

At the time, the units agreed to work with the department in determining a formula for calculating future claims that applied to existing EquityComp policies.