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Seizes mortgage insurance division of PMI Group. Claim payments are being made at 50%. The remaining amount is being deferred as a policyholder claim. PMI ranks second nationwide for policies in force, carrying $123 billion in coverage.



Government-run State Compensation Insurance Fund plans to drop almost a fourth of its 6,800 employees by second-quarter 2012. Cutbacks are in areas where work has been substantially reduced because of changes in “business processes,” CEO says. Should save about $350 million per year. >> Gov. Jerry Brown signed bill to control workers comp costs of compound drugs. He also vetoed A.B. 947, which would have lengthened temporary disability benefits to a maximum 240 weeks in certain cases.



Insurance regulators are planning to revise hurricane deductible rules. Prospective new rules focus only on wind speeds measured in the state and dispense with storms’ previous designation as a hurricane or whether a hurricane warning was issued for the storm. Proposed rules would allow insurers to impose hurricane deductible only if winds of 74 mph are clocked within the state. The old rules impose the deductible beginning when a hurricane warning is declared by the National Hurricane Center for anywhere in the state until 24 hours after the warning is terminated or the storm is downgraded from a hurricane.



Commissioner Kevin McCarty will approve 8.9% workers comp rate hike if National Council on Compensation Insurance re-files request with some technical changes. McCarty still wants legislature to rein in doctor repackaging and cost mark-ups on prescription drugs.

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