FERMA petitions Brazil to rethink new insurance regulations

The Federation of European Risk Management Associations (FERMA) is calling upon the Brazilian government to make changes to new insurance regulations, claiming that they will threaten the ability of insurers to provide coverage for large commercial industries as well as drive up the cost of coverage. The regulations are scheduled to take effect by the end of the month, which has incited FERMA to take such an unusual step in appealing the government on behalf of its members. The regulations to be enforced in Brazil include provisions that would prohibit…

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New California earthquake bill promises lower rates and more coverage

After seeing earthquakes rip through Japan and New Zealand, California is now being eyeballed as many realize how under-insured residents truly are. A new bill backed by California senators, Barbara Boxer and Dianne Feinstein, is promising high insurance premiums to be cut by 30% and a reduction of large deductibles for homeowners – without having to come out of the tax-payers pocket. The bill proposes that the California Earthquake Authority, a state run non-profit insurance program, will be allowed to apply for what’s called a, “guaranteed federal loan” in the event…

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Chubb Insurance Group expands coverages for auto policies

The Chubb Group Insurance will be adding to, and expanding, aspects of their automotive policies. Customers in four states can now take advantage of pet coverage that was added to their auto policies. The additional coverage will help to pay for medical treatment the pet may require if it is in the vehicle when the owner is involved in an accident. The Chubb Group is also raising the limit on loss-of-use coverage, and broadening the lease (GAP) coverage. Additionally, they are adding replacement cost coverage on new vehicles; if an…

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Progressive offers a huge discount with new “Pay As You Drive” program

Earlier this year, the Progressive insurance company began offering Florida residents a pay-as-you-drive insurance program. Dubbed Snapshot, the program gives consumers lower rates of approximately 30% on average, based on their driving behavior. The insurer analyses driving habits with the help of a small device that is installed in vehicles. According to the insurer, the device has tracked over two billion miles, and is now ready to be used throughout the nation. Drivers that signed up are reporting a savings on average of $150 annually. Progressive notes that the possible…

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Oklahoma in not “OK” with driving while texting

The Oklahoma Senate recently approved the Senate Bill 146 with a vote of 32 to 9, with the bill now making it illegal for drivers to text while they are driving. The bill was authored by Senator Jerry Ellis, D-Valliant who says that this addresses not a new problem but rather, a growing one. He further claims that the public is the one seeing that texting while driving indeed leads to greater chances of encountering accidents. While an inexperienced teen driver has more of a chance of meeting up with…

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New online verification system for auto insurance in Mississippi

The Mississippi Senate recently passed the auto-insurance verification bill wherein it forces the state’s residents to comply with the Mississippi insurance laws. The bill is set to face a legislative deadline soon. The bill introduces a new program that allows the use of computer technology in verifying the coverage of liability insurance for the Department of Revenue and Insurance Department and the Department of Public Safety. For motorists who do not have insurance policies, they will be facing penalties such fines that can go as high as $500 or suspension…

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Kentucky passes bill in hopes to lower fraud activity

The legislative department of Kentucky passed a bill that regulates the requirements of the federal government tax requirements on insurance for surplus lines as well claims for auto personal insurance that involve fraud. The bill was passed as the end of the legislative session is getting near. A measure was submitted by the lawmakers regarding lawyers who immediately get in contact with victims of car accidents offering their services. Called HB 382, this measure does not allow any unauthorized individual to contact a victim of a motor vehicle accident within…

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