The U.S. Department of the Treasury’s Federal Insurance Office (FIO) today announced the adoption of a methodology for monitoring the affordability of automobile insurance. Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes FIO to monitor the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable insurance products regarding all lines of insurance other than health insurance. For more information, click here.
The sale of automotive refrigerant is regulated in California, and retailers must ensure that all requirements pertaining to the sales of certified products are met. In addition, distributors handling this product have regulatory requirements to meet as well. Penalties may be assessed for a violation of this regulation pursuant to the Health and Safety Code. To view the exact requirements for California retailers, please click here.
In two related settlements, one with the United States and the State of California, and one with the U.S. Federal Trade Commission (FTC), German automaker Volkswagen AG and related entities have agreed to spend up to $14.7 billion to settle allegations of cheating emissions tests and deceiving customers. Volkswagen will offer consumers a buyback and lease termination for nearly 500,000 model year 2009-2015 2.0 liter diesel vehicles sold or leased in the U.S., and spend up to $10.03 billion to compensate consumers under the program. In addition, the companies will spend $4.7 billion to mitigate the pollution from these cars and invest in green vehicle technology.
For more information, click here.