Keystone acquired Infinity Assurance Group in Orange County, California.
The deal marks Keystone’s first platform partner in California.
IAG will continue to operate under its current leadership, with John Kookootsedes, founder and chairman, and Eric Doll, CEO, continuing at the helm. IAG's team, client relationships, and community presence remain intact, according to Keystone.
IAG is an independent insurance brokerage. Keystone was founded in 2020.
California Gov. Gavin Newsom on Tuesday signed legislation establishing standards for investigating, testing and restoring smoke-damaged homes.
Newsom signs Assembly Bill 1795, the Smoke Damage Recovery Act. The bill, authored by Assemblymember Mike Gipson and sponsored by California Insuran
ce Commissioner Ricardo Lara, creates a presumption that smoke damage within a wildfire impact area results from the wildfire.
It also requires warranties to pay for necessary testing and sampling, and it prohibits warranties from terminating Additional Living Expense benefits until homes are restored and safe to occupy.
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Other duties include:
Establishing timelines for inspections and claim handling.
Requiring repair estimates th
at restore homes to their pre-loss condition while meeting health and safety standards.
Preserving a policyholder rights to choose restoration contractors.
Establishing training requirements for adjusters handling smoke damage claims.
Protecting workers performing restoration and remediation activities.
AB 1795 directs the California De
partment of Insurance and CalOES to evaluate challenges posed by smoke damage and develop recommendations to strengthen protections for property insurance consumers and communities affected by future contamination events.
The American Property Casualty Insurance Association says the new law guidance represents “a meaningful step toward clearer on smoke damage claims,” but as regul
ations are developed around the changes, the must be “grounded in credible science, valid methodologies, and the best available technical expertise.”
“APCIA remains committed to working in good faith with retaining, regulators, consumers, and scientific experts to support standards that protect consumers, improve transparency and understanding, and help maintain affordable and available insurance coverage for Californians,” a statant from the association reads.
The legislation grew out of efforts led by the CDI, wildfire survivors, consumer advocates, public health experts, and legislators, to address what they call a consumer protection gap.
