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Travelers' premium reductions follow similar actions from other insurers in the state earlier this year.

The regulation would have classified many small captive insurance arrangements as tax-avoidance arrangements.

This would be the first time a product in the market for insurance-linked securities specifically targets data-center risk.

"No scheme is too outrageous for us to investigate," said California Insurance Commissioner Ricardo Lara.

The policy defined a building as vacant unless at least 31% of its total square footage was being used to conduct customary operations.

Coordinated litigation tactics are squeezing the company's bottom line.