Insurance News Broadcast

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Welcome to our Live Insurance News Broadcast!

Join us every week as we annouce news Fresh Of The Press!

Catch this week in the industry…

 

Check out a summary of today’s headline articles as well as a link directly to the source!

Health insurance exchange approved in Minnesota

Early this week, Minnesota lawmakers passed a legislation that calls for the creation of a health insurance exchange that is managed by the state.

Opponents of the state-run health insurance exchange argue that it will simply be too expensive for the state to manage, suggesting that the exchange will require a $64 million annual budget.

Funding for the exchange may come in the form of surcharges on health insurance policies.

Homeowners insurance group under fire from Florida legislators

Florida’s Citizens Property Insurance has been the target of scandals over the past several months.

Citizens Property Insurance has been accused of corporate misconduct several times over the past year. The insurer was investigated two times in three months in 2012 in order to uncover the scandalous activity that was occurring within the organization.

Citizens Property Insurance President Barry Gilway appeared before Florida lawmakers this week to defend the actions of Citizens Property Insurance.

Flood insurance in New Orleans expected to rise

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Random Quotes to Remember ~ With integrity, you have nothing to fear, since you have nothing to hide. With integrity, you will do the right thing, so you will have no guilt. - Zig Ziglar

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FEMA has been making revisions to its national flood maps over the past several months.

Changes to the national flood maps could make the cost of flood insurance through the National Flood Insurance Program more expensive.

FEMA representatives provided resources to New Orleans homeowners concerning the revisions being map to its flood maps for the city and its surrounding areas.

Health insurance rate review in Florida may soon be suspended

Florida lawmakers are turning to the federal government for direction concerning how to mitigate the potential effect the Affordable Care Act may have on health insurance premiums in the state.

State’s Senate Banking and Insurance Committee proposes to suspend rate review process of the Florida Office of Insurance Regulation.

Suspension would give lawmakers a chance to touch base with federal officials and formulate a rate review process that may be better suited to tackle the potential issues of the Affordable Care Act.

Crop insurance payouts break records and spark debates

Severe droughts in the US throughout the 2012 growing season have generated an estimated record level of payments, reaching $16 billion.

Droughts struck as federal lawmakers worked to renovate the country’s crop insurance legislation to make it more suitable for the risks associated with lingering drought conditions.

A recent Federal Crop Insurance Corp. report stated that while some 2012 claims are still pending, the payments so far have been tallied at $16 billion.

 

 

 

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