Agents and brokers should be aware that the California Department of Insurance adopted regulations earlier this year specifying how insurance companies and insurance producers are to approach the estimation of replacement cost for homeowners insurance. These regulations took effect on January 27, 2011.
Today the Alliance is releasing a legal memorandum to its members, written by Bill Gausewitz, a partner with the law firm of Michelman & Robinson and former Counsel to the Commissioner and Deputy Commissioner for Policy and Regulation of California’s Department of Insurance. The Alliance is providing this memorandum to provide general guidance to its members.
This memo is a must-read as it provides an Overview of the New Regulations, details about Training, Record Keeping, Standards for Estimates of Replacement Cost, and a Conclusion. If you would like to read the entire memorandum, it can be found in our Legal Forms under the Member Benefits Tab.
