California regulators threaten to revoke Tesla's insurance license for mishandling claims
The California Department of Insurance (CDI) has issued enforcement actions against Tesla Insurance and its insurance provider, State National Insurance Company, for repeatedly failing to comply with the state's insurance regulations. The CDI has received over 1,000 complaints about State National and over 800 complaints about Tesla Insurance, with a significant number of these complaints deemed justified. The regulators have accused the companies of "egregious delays" in responding to customer claims and not conducting thorough, fair, and objective investigations. The CDI has threatened to revoke Tesla's insurance license if the issues are not resolved within 15 days. Additionally, the companies face monetary penalties of up to $5,000 for each unlawful, unfair, or deceptive act, or up to $10,000 for each such act determined to be willful.
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