California: Billionaire Insurance Baron Buys Way onto November Ballot to Raise Auto Premiums 40%

Fri, Jan 20 2012 — Source: Wall Street Journal Market Watch

The billionaire insurance baron-backed ballot measure to surcharge millions of California drivers by 40% has qualified for the November 2012 ballot, according to the California Secretary of State. Mercury Insurance Chairman George Joseph, who has already contributed over $8 million to the ballot measure, will reprise the company’s previous effort to enact auto insurance surcharges with Proposition 17, which Californians rejected in June 2010 despite $16 million in deceptive advertising by Mercury.

Read more at Wall Street Journal’s Market Watch.