Live Insurance News

Wisconsin governor signs workers compensation bill into law

April 9, 2024April 8, 2024 H. Cutner

Governor Tony Evers signed Assembly Bill 1073 to make it 2023 Wisconsin Act 213. Wisconsin Governor Tony Evers signed Assembly Bill 1073 regarding improvements to workers compensation in the state, making it 2023 Wisconsin Act 213. The changes were made based on recommendations by the WCAC The Workers Compensation Advisory Council (WCAC) made recommendations for the changes to the state system, and these helped to guide the creation of the bill. Governor Evers signed the bill at the State Capitol in his office, in the presence of voting WCAC members,…

Colorado Gun Insurance Bill Moves Forward Amid Diverse Opinions

April 8, 2024April 7, 2024 G. Turner

In a move sparking extensive debate, Colorado’s state legislature is advancing House Bill 24-1270, which mandates liability insurance for firearm owners. Cleared by the Business Affairs and Labor Committee with a vote of 6-5 — as Denver7 reported — the bill propels Colorado into a heated national conversation on gun rights and responsibilities. Key Elements of the Proposed Gun Insurance Legislation The bill stipulates that gun owners must secure insurance coverage for losses or damages incurred due to accidental firearm discharge on their property. Specifically, the policy must cover injuries…

Unraveling Florida’s Insurance Exodus: Weather or More?

March 27, 2024March 26, 2024 G. Turner

Florida, a state synonymous with sun-kissed beaches and, unfortunately, hurricanes, is caught in a whirlwind of an insurance crisis. Insurance companies seem to be abandoning ship despite a 2023 mild hurricane season. The exodus begs the question: What’s really prompting these insurers to run for the hills? Weather Warnings vs. Reality The threat of hurricanes has long cast a shadow over the sunshine state, prompting persistent fears that insurers are dwindling due to natural disasters. And indeed, the increased risk of such events has influenced insurers’ decisions. But to attribute…

California’s Insurer of Last Resort on the Brink Amid Wildfire Crisis

March 26, 2024March 25, 2024 Angela Linders

Catastrophic Wildfires Upend Insurance Landscapes The California Fair Access to Insurance Requirements (FAIR) Plan, established as a safety net for homeowners in high-risk fire zones, faces an unprecedented threat of insolvency amid a flurry of catastrophic wildfires and increasing claims. This predicament has sparked intense scrutiny and discussions on sustainable insurance strategies while leaving many to wonder about the future of fire insurance availability in the state. The Increasing Burden on California FAIR Plan With an exodus of insurers from California’s market, the FAIR Plan has swelled to double its…

New National Association of Insurance Commissioners CEO is Gary Anderson

March 25, 2024March 23, 2024 Nordstrom

National Association of Insurance Commissioners - New CEO

NAIC has announced that its new chief executive officer has now been named The National Association of Insurance Commissioners recently announced that they have appointed a new CEO. The appointment went to Gary Anderson, the current Massachusetts Insurance Commissioner and veteran of the industry. Anderson will start at his new position on May 1, 2024 The start date for Anderson as CEO of the National Association of Insurance Commissioners will be May 1, giving him enough time to finish his service as the Massachusetts Insurance Commissioner. This will have him…