Live Insurance News

California Insurance Commissioner Lara seeks new guidance to overcome state crisis

April 17, 2024April 16, 2024 G. Turner

California insurance - Home insurance crisis guidance

The state is working on establishing new regulations to help the industry there recover California Insurance Commissioner Ricardo Lara has reached out to insurers in the state, telling them that they must develop ideas beyond rate hikes to overcome the current crisis in the state. Lara is simultaneously working on new state regulations According to Lara, his office and the California insurance industry are “in a forced marriage,” in which “we’re staying together for the kids.” However, the commissioner was also able to find common ground with the Farmers Insurance…

Medicaid health insurance coverage is gone for 400k Ohio residents

April 16, 2024April 15, 2024 H. Cutner

Since the “unwinding” of the pandemic rules, hundreds of thousands lost coverage. Since the pandemic enrollment rules have been unwound, around 395,000 Ohio residents have lost their health insurance through Medicaid, and that figure is expected to rise. It has now been a year since the state ceased the “continuous enrollment” Within the year since the continuous enrollment in Medicaid health insurance – that had previously been a requirement under coronavirus relief legislation from the federal government – hundreds of thousands of people in Ohio lost that coverage. According to…

California Insurance Commissioner and Farmers CEO: A Groundbreaking Dialogue on the Insurance Crisis

April 15, 2024April 14, 2024 Angela Linders

California continues to struggle with a growing insurance crisis, as homeowners face towering premiums and the daunting task of securing coverage. Amidst this turmoil, insurers have retreated, leaving many Californians in a lurch. But in a recent twist, the path to resolution may hinge on a compromise that allows insurers to adjust rates based on future risk assessments. State Insurance Commissioner Ricardo Lara, spearheading new regulations to mitigate the crisis, likens his relationship with the insurance industry to a “forced marriage” — staying together for the larger family’s sake. This…

Will Illinois auto insurance be more affordable with driving habit-based rates?

April 15, 2024April 12, 2024 Marc

A bill introduced in the state would require insurers to use a driving record to calculate premiums. A bill newly introduced in Illinois would change the way auto insurance companies calculate rates if it is passed in the state. It would require insurers to use a policyholder’s individual driving records for their premiums calculations instead of looking to socioeconomic factors. House Bill 4611 aims to reduce what it calls discrimination House Bill 4611 was written to ban auto insurance companies from calculating an individual’s rate using criteria that the bill…

Consumer watchdog considers banning US title insurance

April 12, 2024April 11, 2024 G. Turner

The Consumer Financial Protection Bureau is thinking about stopping this mortgage lender practice A leading consumer watchdog in the United States is thinking about whether mortgage lenders should be banned from charging borrowers for title insurance. The coverage is meant to add a layer of protection for lenders Charging homebuyers for title insurance has long been a practice among mortgage lenders, who use it to provide themselves with additional protection. According to people familiar with the Consumer Financial Protection Bureau consumer watchdog matter, as cited in a recent Bloomberg report,…