Live Insurance News

Wells Fargo is leaving the California renters insurance market due to violations

January 22, 2019January 20, 2019 G. Turner

California Renters Insurance - Wells Fargo Building

The financial services giant gave up its license in the state as a part of a wider settlement. Wells Fargo is no longer licensed to sell or broker California renters insurance for at least three years. The firm has given up its license for personal insurance in the state as a part of a settlement with California. The bank agreed to the settlement over allegations of signing unknowing customers up for policies. Aside from no longer being able to sell California renters insurance and life insurance coverage, the bank also…

California auto insurance rates will no longer factor gender for premiums calculations

January 10, 2019January 10, 2019 G. Turner

California auto insurance rates - man holding car key

At the start of the new year, outgoing Commissioner Dave Jones banned insurers from using gender. Outgoing California Insurance Commission Dave Jones banned the use of gender to calculate California auto insurance rates. This ban went into effect on January 1, 2019. The ban applies to rate setting for passenger cars throughout the state with the highest population. The ban on using gender to calculate California auto insurance rates does not represent the first time a rule of this nature was put into place. That said, this remains an impactful…

2018 Insurance industry trends laying the foundation for 2019

December 31, 2018December 28, 2018 G. Turner

This year took insurers and their policyholders in a new direction that will define future movements. Every year reveals different insurance industry trends and as we look back on 2018, it has become clear that it was also defined by a specific direction. Last year was seen as a time in which regulations were changing broadly but 2018 was different. In 2018, the insurance industry trends in the United States showed an inclination toward forming new alliances and remaining flexible in an evolving marketplace, according to a recent Modern Healthcare…

Federal judge’s ruling calls Affordable Care Act unconstitutional

December 17, 2018December 17, 2018 G. Turner

Affordable Care Act Ruling - Judge - Court - gavel

Though former president Obama is unconcerned about Obamacare’s future, it may harm the GOP. A federal judge in Texas has ruled that the Affordable Care Act, also known as Obamacare, is unconstitutional. The impact of this decision about the health care reform has been a substantial one for Republicans. The Republican-appointed judge hasn’t had much of an immediate practical impact on the Affordable Care Act. Obamacare continues to be in effect as the legal battle will progress forward. It may eventually end up heading to the Supreme Court. That said,…

Steadfast Insurance files lawsuit against oil and gas companies for causing earthquakes

December 7, 2018December 11, 2018 G. Turner

Steadfast Insurance - Oil and Gas Drilling Rig

The insurer is suing seven oil and gas companies in order to achieve subrogation for quake damage. Steadfast Insurance Company is suing seven oil and gas companies, seeking subrogation in an effort to recover the almost $400,000 it has paid out in policyholder claims. The lawsuit is over the wastewater injections that occurred near Pawnee. The complaint is not entirely unique, as four other pending lawsuits of a similar nature have been filed. On September 3, 2016, the Pawnee Nation’s government buildings were damaged by a magnitude 5.8 earthquake. Since…