Life Insurance Consumer Advocacy Center

SB 263 Harms Consumers and Undermines Vital Regulations   CONTACT Brian Brosnahan:  [email protected] Robert Herrell: [email protected] (916) 270-3404   SACRAMENTO, CA – A coalition of consumer and senior groups has sent a letter urging Governor Gavin Newsom to veto SB 263. Senator Bill Dodd’s (D – Napa) Senate Bill 263, sponsored by the California Department of…

Coalition SB 263 Veto Letter to Gov. Gavin Newsom 2.22.24 February 22, 2024   The Honorable Governor Gavin Newsom 1021 O Street, Suite 9000 Sacramento,CA 95814   RE: VETO SB 263 (Dodd)   Dear Governor Newsom:   Our coalition of consumer and senior groups urges you to veto SB 263 (Dodd) because it is bad…

SB 263 Harms Consumers and Undermines Biden Administration’s Retirement Security Proposal SACRAMENTO, CA – Senator Bill Dodd’s (D – Napa) Senate Bill 263, sponsored by the California Department of Insurance (CDI), was passed by the Assembly on Monday, February 12, without the implementation of key amendments proposed by consumer protection groups. The coalition of consumer groups…

The CA Dept. of Insurance is sponsoring a bill heavily influenced by life and annuity insurers that undermines what Biden’s Department of Labor has proposed to keep consumers away from unsuitable products Bill being rushed months before deadline harms consumers; no meaningful negotiations despite bill’s previously being held up to allow consumer voices to be…

Consumer Groups Also Warn of Coming “Train Wreck” In California If Senate Bill 263 Is Passed By The California Legislature A coalition of consumer groups, including the Life Insurance Consumer Advocacy Center, have expressed strong approval for the proposed “Retirement Security Rule” announced by the United States Department of Labor on October 31, 2023. The…

In September, the Assembly Appropriations Committee of the California Legislature stopped SB 263 (Dodd) in its tracks by making SB 263 a “two-year bill,” meaning that the bill will not pass this year but may be taken up again next year by the sponsor, the California Department of Insurance (CDI), and the author, Senator Bill…

A proposed new California law would allow life insurance agents to mislead their consumer customers by saying they have no conflicts of interest with the consumer even if the agent stands to gain many thousands of dollars if the consumer accepts the agent’s recommendation.  The same law allows agents to tell their consumer customers that…

The Supreme Court’s decision not to grant review of the Court of Appeal decision awarding a victory for the policyholder is good news for Mr. Williams, who was tricked into buying unsuitable annuities by an unscrupulous agent. (See prior blog posts below.)  But the Supreme Court’s decision to depublish the Court of Appeal opinion is…

On March 4, 2022, the California Court of Appeal issued a published opinion ruling that an insurance company was liable for the misconduct of its agent even though the agent was an independent agent who violated his contract with the insurer as well as many of the insurer’s rules and procedures.  LICAC has covered the…

On September 22, 2021, the California Supreme Court granted review of the anti-consumer decision in Williams v. National Western Life Insurance Company, which held that an agent who sold for multiple life insurers was the agent of the consumer, not the insurer, and that the insurer owed no duty of care to supervise the agent. …