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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Insurance news from India shows the bill has a chance of passing

Finance Minister of India, P. Chidambaram - Insurance News Headlines

Chidambaram has expressed his confidence about the success of the measure. Finance Minister of India, P. Chidambaram, has made insurance news by promising further reforms for the country and has expressed his confidence that the FDI bills for the insurance and pension industries will be passed by Parliament, in which he will soon hold an open dialogue with the country’s opposition parties. He did point out that there is still some debate and controversy over the topic. But at the same time, the Finance Minister feels that it will be…

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California lawmakers renovate workplace injury coverage

Insurance industry risks - Banana Peel Survey

A new bill has been approved to give the system in the state a complete overhaul. Lawmakers in California have announced their latest insurance news by sharing that they have approved a bill that has the support of both labor groups and businesses, in order to give an overhaul to the coverage system in the state for employees injured on the job. This bill received tremendous bipartisan support in the state’s Democrat dominated legislature. The bill received its approval just in time for the completion of this year’s session, boosting…

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California insurance bill addresses health premium rate hikes

Lawmakers in California are pushing a new bill that would grant the state’s insurance regulators the authority to either reject or approve rate increases imposed on health insurance policies. The issue of rate hikes is not a new one in California. Several months ago, some of the state’s biggest insurers proposed rate increases by as much as 40%. The debate raged until the insurers withdrew their proposals, but the turbulence left many legislators wondering where the decision making power for these issues should lie. The bill caused division within the…

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