Michigan Governor seeks billions in auto insurance refunds

Auto insurance refunds - car - dollar sign

Gov. Gretchen Whitmer started the week by calling on the industry to pay back the state’s insured motorists. On Monday, Governor Gretchen Whitmer announced that she was pursuing auto insurance refunds from the industry to insured drivers across the state. The governor said that the payments should be the outcome of a bipartisan package signed into law in 2019. The auto insurance refunds should be issued by the Michigan Catastrophic Claims Association (MCCA), said Whitmer. That association has an insurance industry-controlled board that manages a catastrophic care payment fund. That…

Read More

Hurricane Ida moratorium on homeowners’ insurance cancellations comes to an end

Homeowners insurance

Insurers can now choose cancellation or non-renewal for coverage in southeast Louisiana. This week, homeowners’ insurance companies can choose to cancel or non-renew coverage for policyholders in southeast Louisiana, after Hurricane Ida protections expired on Sunday. The state insurance regulator chose not to extend the emergency protections put into place before Ida. Louisiana Insurance Commissioner Jim Donelon invoked Emergency Rule 47 on August 26. It stopped homeowners’ insurance companies from being able to cease or interrupt coverage, even in the case of premium non-payment. This protection applied to policyholders living…

Read More

Tesla auto insurance rolls out in Texas

Tesla auto insurance - Texas

The electric vehicle company has announced that its customers can now purchase coverage from them. Tesla auto insurance products are now available for the company’s electric vehicle customers in Texas. CEO Elon Musk recently announced that the company will be moving from California to Texas. The new Tesla auto insurance product is being added exclusively to Texas, though the company plans to expand into other states as well. The policy uses “real-time driving behavior” to help better understand a driver’s real risk level and therefore more accurate insurance rates. This…

Read More

Allstate remote working culture places for sale sign on insurance company headquarters

Insurance company - For Sale sign

The insurer announced that it will be selling the building housing its HQ in Northbrook, Illinois. Allstate Corporation has announced that it will be selling its headquarters located in suburban Chicago, Northbrook, Illinois, as the insurance company shifts toward a longer-term work-from home strategy. Allstate found that its office needs have changed since its employees have started working from home. The COVID-19 pandemic forced the insurance company – like much of the businesses across the country – to set up as many of its employees as possible home to work.…

Read More

Allstate Corporation ALNY life insurance and annuity business sales close

Life insurance - Deal - money

The insurer has announced the receipt of all necessary regulatory approval for the sale closures. The Allstate Corporation (NYSE stock symbol ALL) has announced that it has closed the sale of its Allstate Life Insurance Company of New York (ALNY) to Wilton Re. The sale of ALNY was announced as having closed for about $400 million. The insurer announced the closure of the sale of the life insurance and annuity business when it obtained all the regulatory approvals it needed to move forward. “Closing on the sale of ALNY is…

Read More

Transgender health insurance policies often exclude some therapies and operations

Transgender health insurance - hand with transgender flag

The plans in one fifth of US states exclude coverage for many types of gender procedures. Transgender health insurance coverage is proving to be a difficult road for many Americans who need gender affirming/confirming surgeries. The challenge is that many insurers and politicians view these procedures and therapies as cosmetic. That opinion is in contrast with major medical organizations which refer to gender affirming surgeries as medically necessary. As a result, transgender health insurance often fails to cover procedures and therapies for this purpose. Among the common treatments for gender…

Read More

Mercury General Corporation names Victor Joseph Executive Vice President and COO

Mercury General Corporation - Job Promotion

The company has called this a positive step forward “for a strong and vibrant future”. Mercury General Corporation (NYSE stock symbol MCY) recently announced that it has named Victor Joseph as its Executive Vice President and Chief Operating Officer (EVP & COO). The position was newly created, and Joseph will become the first to hold the title. Joseph will take this new position at Mercury General Corporation as of the start of next year. He was chosen to start with this newly created title on January 1, 2022, as an…

Read More