Dave Jones News
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State Farm Mutual Automobile Insurance Co. and units of Cigna Corp. are among insurers investing in firms that do business with Iran, California Insurance Commissioner Dave Jones said.
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Insurers doing business in California reduced investments in Iran-linked companies by about 97 percent since 2009 under pressure from the state’s industry regulator.
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WellPoint Inc.’s plan to raise the rates small employers in California pay for medical insurance was criticized as unreasonable by the state insurance commissioner, who said customers are being charged this year to cover U.S. health-law fees that won’t begin until 2014.
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Switzerland’s implementation of new solvency rules ahead of the European Union may reduce the appeal of Zurich as a base for reinsurers and insurers, the canton’s economy and labor office said.
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Nonprofit insurer Blue Shield of California submitted a proposal to raise rates on individual policyholders by as much as 59 percent beginning March 1.
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Latham & Watkins LLP advised Schiff Nutrition International Inc. on its sale to Bayer AG for $1.1 billion. Sullivan & Cromwell LLP advised Bayer.
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A California regulator has directed insurers to lower their rates for clients who lapsed on their previous residential policies amid reports of “questionable financial integration” between the companies and lenders.
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Bristol-Myers Squibb Co. bribed doctors to prescribe the pharmaceutical company’s drugs, according to a whistle-blower lawsuit being pursued by the California insurance commissioner.
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Assurant Inc., under pressure from California’s insurance regulator, will cut rates 30.5 percent at its American Security unit on home coverage that borrowers must buy when they miss payments on their initial policies.
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Travelers Cos., the lone insurer in the Dow Jones Industrial Average, agreed to pay $10.5 million to settle a California regulator’s probe of excessive charges.
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