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Table of contents
Title: Dept. of Insurance Records
Inventory: F3720
Creator:
Dept. of Insurance
Extent:
See Arrangement and Description
Repository:
California State Archives
Sacramento, California
Language:
English.
For permission to reproduce or publish, please contact the California State Archives. Permission for reproduction or publication
is given on behalf of the California State Archives as the owner of the physical items. The researcher assumes all responsibility
for possible infringement which may arise from reproduction or publication of materials from the California State Archives
collections.
[Identification of item], Dept. of Insurance Records, F3720, California State Archives.
The Division of Insurance was created in 1929 within the Department of Investment (ch. 277) as a federation of five independent
departments in order that these agencies might be represented on the Governor's Council. The word division was substituted
for department in the title of these agencies to make the form of organization correspond with that of other state departments.
Each division remained an autonomous unit, with no change of organization resulting from the creation of the Department of
Investment.
The divisions within the Department of Investment included: Banking, Corporations, Insurance, Real Estate, and Building and
Loan Supervision. The Superintendent of Banks, and the Commisssioners of Corporations, Insurance, Real Estate, and Building
and Loans constituted a Board of Investment whereupon the board chairman, a rotating position, became known as the Director
of Investment.
The Insurance Commissioner was designated as administrative head of the Division of Insurance and served as a member on the
Board of Investment. The Division of Insurance became a department in 1941 (ch. 1180) and remained under the control of the
Insurance Commissioner.
The responsibilities of the Department of Insurance include; regulating insurance companies for solvency through periodic
audits and surveillance of their annual reports, granting or denying security permits to applying insurance and title companies,
reviewing and approving or disapproving insurance policies, establishing rates and rules for Workmen's Compensation Insurance,
regulating compliance with general rating law, acting as receiver of insurance companies beset with financial or other difficulties,
and maintaining offices in San Francisco, Sacramento, Los Angeles, and San Diego to receive complaints from the public concerning
insurance claims or misconduct of agents or brokers. Investigations are conducted by the department as a result of these complaints.
From 1941 until 1949, the Department of Insurance reorganized internally several times. The divisions within the department
were Administration (actuarial and insurance rate regulation), Compliance and Legal (compliance, policy complaints, investigation,
and disciplinary preceedings), Examination and Financial analysis, Licenses (issuance and examination qualification) and Conservations
and Liquidations.
This finding aid consists of two parts: Part I includes papers of Department of Investment, Division of Insurance, 1923-24,32-40
and Part II includes papers of the Department of Insurance, 1938-66,69. Records dated 1938-39 which originated prior to the
creation of Department of Insurance were contained in the Subject Files, Department of Finance relating to auditing of the
departments books and records and in the Hearing Transcripts regarding licensing of insurance agents and group disability
insurance.