Insurance Commissioner Voids More Unfiled Side Agreements

California Insurance Commissioner Dave Jones signed a pair of precedential decisions before Thanksgiving ordering a carrier to pay back any money it collected based on unfiled side agreements to large deductible policies. Jones put the industry on notice that unfiled side agreements were void as a matter of law with a June 2016 precedential decision in a dispute between Shasta Linen Supply and the administrators of the EquityComp program. Despite the victory, Shasta Linen was nonetheless obligated to pay more money to California Insurance Co., one of the Berkshire Hathaway affiliates involved...