Paramount Disaster Recovery to pay $275,000 penalty; cease operating as public insurance adjusters in California

California Insurance Commissioner Steve Poizner has enforced a $275,000 penalty on Paramount Disaster Recovery (Paramount), a California corporation based in Palos Verdes, for operating as an unlicensed claims adjuster in California.

The collective group will pay a $200,000 penalty, reimburse the State of California $75,000 for litigation costs and refrain from operating.

"I am pleased that we could take these unscrupulous characters out of the post-disaster marketplace," stated Commissioner Poizner. "Working as an unlicensed public insurance adjuster victimizes fire survivors twice and is, frankly, unfair to reputable public insurance adjusters."