Live Insurance News

Wildfire Survivors Get a Lifeline as California Pushes for Full Coverage Payments

February 10, 2025February 9, 2025 G. Turner

California Insurance Commissioner Calls on Insurers to Ease Wildfire Survivors’ Burdens A Compassionate Plea for Full Coverage Without Detailed Inventories California Insurance Commissioner Ricardo Lara is taking a strong stance to support survivors of recent wildfires in Southern California. Recognizing the emotional and logistical toll of losing a home, Lara has issued a Notice urging residential property insurance companies to provide full contents coverage limits without requiring policyholders to compile exhaustive inventories of their destroyed belongings. “It is inhumane to require wildfire survivors who have lost everything to list every…

Maryland Insurance Professionals Face Stricter Standards

August 13, 2024August 12, 2024 H. Cutner

Protecting Maryland Consumers: A Closer Look at Stricter Penalties Starting October 1, consumers in Maryland will witness the implementation of more stringent penalties for unauthorized insurance activities. These legislative changes, introduced by the Maryland Insurance Administration, aims to protect consumers from fraudulent practices while ensuring that insurance professionals uphold the highest standards. Unauthorized Insurer Fines Soar: The fines for unauthorized insurers have substantially increased, with penalties rising from $50,000 to a maximum of $125,000. Higher Penalties for Dishonest Practices: Insurance producers and public adjusters indulging in dishonest or incompetent practices…

California Homeowners Face 34% Rate Hike as Allstate Follows State Farm’s Lead in Insurance Shakeup

July 31, 2024July 30, 2024 Archie Walsh

California Homeowners insurance rates going up

LOS ANGELES: In a move that mirrors State Farm’s recent actions, Allstate is seeking a substantial increase in its California homeowners insurance premiums. First reported by the Los Angeles Times, Allstate aims to raise rates by an average of 34%, marking the largest rate hike in the state this year. If approved by the California Department of Insurance, this increase will impact over 350,000 policyholders. This latest development follows State Farm’s request for significant rate increases, including a 50% hike for renters and a 30% hike for homeowners. The six-largest…

California Insurance Market Seeks Solutions Amid Homeowner Policy Crisis

February 20, 2024February 19, 2024 Loreen

California’s insurance landscape is poised for a substantial rewrite as authorities deal with the implications of devastating wildfires and market instability. With a pivotal public hearing on the horizon, Insurance Commissioner Ricardo Lara spearheads the effort to address the frustrations of both homeowners and insurers. The Plight of California Homeowners and Insurers Amid the ashes of devastating wildfires, Californian homeowners have faced soaring insurance premiums and widespread policy cancellations, driving the need for regulatory reform. A proposed overhaul by Commissioner Lara aims to streamline rate increase approvals and clarify regulations…

Georgia insurance commissioner indicted in alleged $2 million fraud case

May 16, 2019May 15, 2019 Julie Campbell

Georgia Insurance Commissioner - Dangling money

The U.S. attorney’s office described the case and the allegations against Jim Beck. Earlier this week, the United States attorney’s office laid out what it called a $2 million fraud case which involves Georgia Insurance Commissioner Jim Beck. The commissioner’s attorney entered into negotiations regarding when and how Beck would turn himself in. The Georgia insurance commissioner is the target of a 38 count indictment. It accuses Beck of widespread fraud regarding work he did for the Georgia Underwriting Association (G.U.A.). The alleged fraudulent activities all occurred before Beck was…

NC insurance commissioner bans move-ins in unsafe university residence

August 20, 2018August 17, 2018 H. Cutner

NC Insurance Commissioner - Uniersity - Residences

The newly constructed University of North Carolina at Asheville residence halls were found unsafe. The NC insurance commissioner has banned students from being able to move into their residences at the University of North Carolina Asheville. Five newly constructed residence halls are deemed unsafe. The buildings were found to have issues that could pose safety and life concerns to residents. “As insurance commissioner, safety is my top priority,” said NC insurance commissioner Mike Causey. “I will not allow anyone to live in a building that may pose a threat to…

Iowa insurance commissioner cautions against cryptocurrency investments

January 9, 2018January 6, 2018 Marc

Bitcoin and other cryptos have seen hot headlines but many think they’re in a bubble that will burst. Iowa Insurance Commissioner Doug Ommen issued a consumer bulletin warning state residents against investing into cryptocurrencies such as Bitcoin unless they understand the risks. The insurance commissioner pointed out that there is a meaningful difference between IPOs and ICOs. According to the Iowa insurance commissioner, people need to know the risks associated with investments into cryptocurrencies before putting money into them. This is a very new market and concept. They are not…