INSURANCE
Agency Proposed to Combat Insurance Redlining, Fraud : An independent federal agency would be created to help prevent fraud and racial discrimination against insurance customers under a bill introduced by Rep. Joseph Kennedy II (D-Mass.). The agency would monitor reports of insurance “redlining” by collecting information on policies and policyholders. It would also certify foreign-based insurers to deter fraud. State Insurance Commissioner John Garamendi estimated that Californians lost more than $40 million in unpaid claims on property damaged in the Los Angeles riots because their insurers were financially shaky or fraudulent.
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