Regulators in California have taken over an insurance company that was unable to pay claims resulting from massive wildfires that destroyed more than 13,000 homes throughout the state. As a result, homeowner claims will now be paid by the California Insurance Guarantee Association. The largest fire in the state, which started on Nov. 8, almost completely destroyed the city of Paradise and many of the surrounding areas. There were also many losses in Ventura and Los Angeles County.
Business owners in California and throughout the country may hire accountants to keep track of their finances. Individuals who have large estates or many assets to manage may do the same. Ideally, an accountant will make sure that an individual pays taxes on time and generally follows accepted rules and accounting methods. However, there is a chance that an accountant will make a mistake or willfully disregard existing laws or other best practices.