CDI Orders Berkshire Affiliates to Stop Selling EquityComp Policies

The California Department of Insurance has ordered two affiliates of Berkshire Hathaway to stop issuing or renewing EquityComp policies, or any other policies that are based on unfiled or unapproved side agreements, and said failure to do so could result in the companies being shut down. A cease-and-desist order and hearing notice signed by Insurance Department attorney Harry J. LeVine on Tuesday says the department has reasonable cause to believe that as a result of issuing or renewing policies based on side agreements that have not been filed or approved, California Insurance ...