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In the United States, an SR-22 (sometimes referred to as a certificate of insurance [a] or a financial responsibility filing) [1] [2] is a vehicle liability insurance document required by most state departments of motor vehicles (DMV) offices [b] for "high-risk" insurance policies. [3]
The Department of Financial Protection and Innovation has a long history, dating back to the formation of California's first banking department. It became the DFPI in 2020 with the passage of the California Consumer Financial Protection Law (CCFPL). [2] Formation of State Banking Department (1909) and State Corporations Department (1913)
This led Massachusetts and Connecticut to create the first financial responsibility and compulsory insurance laws. Connecticut's 1925 financial responsibility law required any vehicle owner involved in a collision with damages over $100 to prove "financial responsibility to satisfy any claim for damages, by reason of personal injury, to, or ...
California insurers will be required to sell coverage in wildfire-prone regions that have seen an insurer exodus in recent years, state Insurance Commissioner Ricardo Lara announced Monday. Under ...
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A “filial responsibility law” is not the same thing as the provision in United States federal law which requires a “lookback” of five years in the financial records of anyone applying for Medicaid to ensure that the person did not give away assets in order to qualify for Medicaid.
The California Codes are 29 legal codes enacted by the California State Legislature, which, alongside uncodified acts, form the general statutory law of California. The official codes are maintained by the California Office of Legislative Counsel for the legislature.
Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed by statutory law enacted by the state legislatures. However, federal law, court decisions and administrative adjudications also play an important role. [1]