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Financial Services Industry Insurance Regulations Interest Rates

Orrick, Herrington & Sutcliffe LLP

California enacts law requiring interest on hazard insurance proceeds

On August 29, California enacted AB 493, which mandates that financial institutions holding hazard insurance proceeds in a loss draft account — while property repairs are pending — pay at least 2 percent simple annual...more

Carlton Fields

Clarity on Application of California Usury Law: Insurers Not Subject to Compound Interest Limitations

Carlton Fields on

The California Supreme Court recently handed Northwestern Mutual Life Insurance Co. a decisive victory in a putative class action challenging the insurer’s assessment of compound interest on policy loans, holding that...more

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