INSURANCE

Transamerica Settles Prop. 103 Liability: In the latest Proposition 103 settlement, Transamerica Insurance Co. of Woodland Hills agreed to rebate $17 million in 1989 premiums and interest to policyholders, or about one-third the amount that Insurance Commissioner John Garamendi originally ordered the firm to pay under the 1988 insurance rate rollback initiative. A Transamerica spokesman said the settlement came “in connection with the approval process” for its upcoming initial public stock offering. Of the 246,545 policies covered by the deal, 70% are commercial and the rest are automobile and homeowner clients. Average rebates will range from $24 for homeowners to $121 for auto policyholders who had both liability and physical damage coverage.