Insurance Commissioner Ricardo Lara interceded in another dispute between Applied Underwriters and a California insured and again issued his own amended decision that is viewed as beneficial to the carrier. Sources say the Commissioner’s unilateral order blocks the insured – RDR Builders – from potentially collecting $250,000 from Applied Underwriters and allows the carrier instead to collect an additional $250,000 from the insured. The disputes revolve around the Applied Underwriters’ EquityComp Program.
The new cases are consistent with the timeline and process in our previous story and could mean hundreds of millions of dollars for Applied Underwriters’ out of the pockets of California employers.
“It basically takes a quarter of a million dollars away from RDR and makes them pay an additional quarter of a million dollars,” says attorney Larry Lichtenegger who is representing RDR and numerous other former Applied insureds in cases before the California Department of Insurance. “It’s a half-million turnaround for Applied.”
Continue Reading About the Abuses of Ricardo Lara Here.
For the original article suggesting Ricardo Lara’s Corruption – see here.
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