On March 11th, 2021 the California Department of Insurance issued Bulletin 2021-03 detailing the over-charging of private passenger automobile premiums. Through a review of available premium data, the CA DOI has stated that the 2020 relief provided by insurers was insufficient.
The CA DOI directs insurers to provide additional premium relief to Policyholder’s for premiums issued in 2020 and report those returns to the CA DOI. The CA DOI expects the continued quarterly reporting of premium relief information and directs insurers to submit a quarterly report detailing premium relief paid for private passenger automobile policies, where the first report is due April 30, 2021.
The CA DOI requests that insures use the Excel workbook found HERE to submit premium reports the following e-mail address: RSBCovid19PR@insurance.ca.gov.
Additionally, the CA DOI directs insurers to provide notice to policyholders as to how they will return premiums, as well as detail options available to consumers to reduce their ongoing premium.
For additional details, please refer to the Bulletin linked HERE.
For more information on this Notice, or any other regulatory compliance matter, please contact Westmont Associates, Inc.