Commissioner Voids EquityComp Contract in Precedential Decision

California Insurance Commissioner Dave Jones on Monday ruled that the EquityComp program administered by a Berkshire Hathaway affiliate is “illegal” and ordered his department to investigate whether other Berkshire affiliates are policies and rates that have not been filed with the Insurance Department. Jones said California Insurance Co. targeted smaller employers with the promise of lower rates through EquityComp, a guaranteed-cost insurance policy. But after signing up, businesses were switched to “a retroactive non-linear” policy using rates that were never fil...