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Article: No Prop. 103 appeals planned.
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- May 29, 1989
- Author:
CopyrightCOPYRIGHT 1989 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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No Prop. 103 Appeals Planned
Calif. Insurer Assn. Satisfied With Court Ruling
The Association of California Insurance Companies said it will not appeal the California Supreme Court's decision on Proposition 103 and knows of no other appeals being planned.
Edward Levy, general manager of ACIC, headquartered in Sacramento, said the decision came after a careful review of the state Supreme Court's May 4 ruling.
The state court upheld most of the voter initiative, but rewrote the section which would have required insurers to show they were substantially threatened with insolvency to get relief from the measure's rate rollbacks.