Transamerica to Rebate $17 Million on Policies
Transamerica Insurance Co. will rebate a total of $17 million to 250,000 of its policyholders during the year 1989 under an agreement between the Woodland Hills company and the state Department of Insurance.
The rebates will settle Transamerica’s liability under Proposition 103, which required insurers to roll back rates.
About 30% of the policies affected are for personal insurance, such as auto and home. Transamerica’s auto insurance policyholders who have both liability and physical damage coverage will receive an average rebate of $121. Homeowners will receive $24 on average.
The remaining 70% of the affected policies include medical malpractice and commercial lines.