Florida no fault car insurance repeal moves ahead in state Senate

florida no fault car insurance

Senator Tom Lee (R-Brandon) introduced the bill in the hopes of controlling skyrocketing premiums. The no fault car insurance bill meant to repeal the current system in Florida has cleared an important Senate committee. Should it become law, it would mean that drivers will need to purchase bodily injury coverage. The primary hurdle so far has been the argument that lawsuits and premiums would rise further. Many of the objections have come directly from insurance representatives. Should the no fault car insurance be repealed, it would mean that drivers in…

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Ohio insurance reforms could be beneficial to consumers

Ohio homeowners Insurance

Changes to the laws in the state could help to boost competition and strength while boosting protection for consumers. According to Mary Taylor, the director of the Ohio Insurance Department, as well as its Lieutenant Governor, the latest reforms to the insurance laws in the state could be exceptionally helpful for the maintenance of that industry’s strength and competition, and it may also bring additional protections to consumers. Senate Bill 140 is now also ready for the Governor, John Kasich’s signature. Once the Governor signs that bill into a law,…

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Unemployment insurance bill to extend the coverage in the works

Unemployment Insurance

This is developing into an effort that has bipartisan support as a Republican senator has jumped on the bandwagon. According to the Rhode Island Democrat Senator Jack Reed, he will be introducing a bill that would extend the long term federal unemployment insurance program by three months, and this proposal has a Republican co-sponsor. The hope is that there will be a procedural vote on this topic as early as January 6. Senator Reed discussed the importance of the unemployment insurance bill, stating that “This is not a program that…

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Auto Insurance Discounts You May Not Know About

Many of us spend a large portion of our incomes on car maintenance, repairs, and auto insurance. To help decrease the high costs associated with car ownership, it is extremely beneficial to be cognizant of ways to save on auto insurance. Auto insurance can get expensive, but many people are unaware of the auto insurance discounts available to them. Below is an overview of several types of auto insurance discounts you may not know about. Have Multiple Cars Under the Same Insurance Policy If you own more than one car,…

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Insurance law to cause RBC to incur a $160 million hit

RBC insurance law canada

In Canada, the federal government’s efforts to close tax “loopholes” is bringing on a massive hit for one insurer. According to the Royal Bank of Canada (RBC), the latest insurance law change from Finance Minister Jim Flaherty that is designed to close the tax “loopholes” in this industry will bring with it a charge of an estimated $160 million for the insurer when it makes its fourth quarter earnings report. The insurer said that after tax, the charge will fall to $118 million, but is a direct result of the…

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Disability insurance benefits bill moves forward in Rhode Island

health insurance rhode island

The legislation is designed to help to provide the temporary expansion of the coverage. A new Rhode Island disability insurance bill which is meant to expand the temporary benefits provided to residents who are required to leave work in order to care for a sick relative or a newborn, is now heading to the state Senate for their approval. This is following the bill’s passage by the Senate Finance Committee which occurred at the end of last week. The legislation was introduced by Senator Gayle Goldin (D-Providence). It would require…

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Homeowners insurance at Citizens shedding some weight

Florida homeowners insurance, Citizens Property

Lawmakers have given the state backed insurer the ability to take action to reduce its policyholders. The state backed homeowners insurance company, Citizens, in Florida, will now be reducing its number of policyholders following the approvals that it has recently received from lawmakers. Hundreds of thousands of policies will no longer belong to Citizens but will be shifted to the private market. Certain areas are being affected more heavily than others. Many lawmakers are using this as a kind of pilot program to be able to decide how reforms for…

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Insurance industry in California receives new approval

News on Insurance Industry

Lawmakers have given their approval to a couple of consumer protection bills for discrimination prevention. The lawmakers in California have just sent a couple of consumer protection bills to Governor Jerry Brown, which – if signed – will change the health insurance industry in the state by preventing insurers from discrimination against individuals who have pre-existing conditions, and placing a limit on the amount that they will be able to charge older people. These bills are meant to change the laws in California in order to have them match federal…

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Holocaust Insurance Act in the United States opposed by many Dutch insurers

Jewish Families: Holocaust insurance act

Several companies are currently lobbying against the passing of the law in American Congress. A number of Dutch insurers have been fervently and determinedly lobbying U.S. Congress in order to discourage them from passing the Holocaust Insurance Accountability Act. According to recent reports, some of the largest insurers have joined together in this effort. The Dutch companies that are working together include ING, Aegon, and the Dutch Association of Insurers, among others. According to De Telegraaf, a daily newspaper in Amsterdam, they have “lobbied jointly dozens of times” against a…

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Life insurance bill takes aim at reducing fraud

Massachusetts homeowners Insurance

Massachusetts Governor Deval Patrick is now deciding on his approval for regulations in the industry. Deval Patrick, the Governor of Massachusetts, is currently considering a bill that has been created in order to help to combat life insurance fraud by adding regulations to brokers and financial service companies that purchase policies from cash starved policyholders and then receive the benefits upon the death of those individuals. The sale of an individual’s policy for a fraction of its settlement total is both legal and common in Massachusetts. This is the case…

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