Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
SACRAMENTO, Calif., June 12 -- The California Department of Insurance issued the following news release:
Insurance Commissioner Dave Jones issued the following statement regarding the June 10 proposed decision of California Public Utility Commission (CPUC) President Michael Peevey that strengthens insurance requirements for companies like Uber, Lyft and Sidecar.
"I applaud President Peevey's proposed decision to make sure that Transportation Network Companies (TNC) like Uber, Lyft and Sidecar maintain $1 million in primary liability insurance that begins the moment drivers switch on the application. Personal auto insurance is not available to cover TNC drivers, their passengers, pedestrians or other drivers they might run into. Unless the TNCs are required to provide insurance, drivers, passengers and pedestrians will be left without adequate protection. This proposed decision ensures that they are protected with liability insurance from the moment a driver switches on the application which connects drivers and riders.
Following an April 24 public hearing I held on insurance coverage gaps, I recommended that the CPUC require the TNCs to provide $1 million in primary liability insurance from the moment the application is switched on and also to make sure that optional coverages the driver had purchased on his or her personal automobile policy (such as medical payments, comprehensive and collision, or uninsured or underinsured motorist) are matched by the TNCs insurance when the driver uses his or her personal vehicle to transport passengers for money. I continue to urge the CPUC to include all of our recommendations in their regulations.
The CPUC's proposed decision would dramatically improve the situation for drivers, passengers and pedestrians. I encourage the CPUC to adopt the proposed decision at their July meeting.
My department will continue to work with the CPUC, the insurance industry, and other stakeholders to make sure there is insurance protection for California consumers."
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