In case you missed the dispatch from Davey Jones, no not the one with the nautical locker or the guy that used to be in the 1960’s band, The Monkeys, but the one from Sacramento that is now the State Insurance Commissioner. Yeah, that Davey Jones just nuked Berkshire Hathaway using the full faith and credit of California (and believe me the credit of California is vast). Anyway, take a look at this.
SACRAMENTO, Calif. — After a year of legal wrangling, Insurance Commissioner Dave Jones announced today that the California Department of Insurance has reached a settlement agreement with Berkshire Hathaway subsidiaries to stop the bait and switch marketing tactics used to sell a workers’ compensation insurance product, which led to numerous complaints from employers caught up in the costly and complicated policies.
In May 2016, in response to a complaint by a small business owner and after a hearing by an administrative law judge, the commissioner determined California Insurance Company and Applied Underwriters, both subsidiaries of Berkshire Hathaway, were selling a workers’ compensation product with illegal side agreements that modified the obligations of the parties under the policy.
I will let X tell you more if he is so inclined but once again we are proven Really Right.