The Missouri Department of Insurance has released its annual report for the year of 2011. The report notes that the state experienced many “firsts” in the U.S. insurance industry last year, many of which were brought about by calamitous natural disasters. These firsts included record breaking numbers of claims, the highest claims payouts in U.S history, and the largest amounts of claims funds recovered by Missouri insurance regulators. The Department of Insurance notes that, despite massive challenges, it was able to complete its mission of protecting Missouri residents throughout 2011.…
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Alaska lawmakers pass autism health insurance bill for children
Health insurance news update for Alaska The Alaska Legislature has passed a new bill that aims to expand the health insurance coverage for children to include treatment for autism. The bill, SB 74, was passed in the House on Sunday with a vote of 36-6. The legislation is designed to provide children who suffer from autism insurance coverage for treatments regarding their specific case. These treatments can include a wide range of speech and physical therapies. Alaska is not the first state to begin adopting such a law – 34…
Read MoreUninsured vehicles now considered a criminal act in U.K.
Changes to the United Kingdom’s car insurance laws are coming and Swinton Insurance, one of the largest car insurers in the country, is warning motorist to take heed. Next month, it will be illegal to own an uninsured vehicle. Swinton has taken it upon themselves to caution both policyholders and the general public of the new law in the hopes that they will take necessary measures to protect themselves accordingly. The current laws in the UK forbid motorists from driving uninsured vehicles, but the new law asserts that the simple…
Read MoreNationwide answers probing questions in Florida
Representatives from Nationwide Mutual Insurance where called upon by Florida officials to testify on how insurers handle life insurance payouts in the state. Several of the state’s insurance companies have been the target of controversy lately after being accused by regulators of holding back payouts. Allegedly, these companies withhold funds despite having full knowledge that a policyholder has passed away. According to regulators, these funds may be being held in safekeeping until they are designated as unclaimed, at which point the insurer is no longer liable for payouts. Nationwide assured…
Read MoreWhy are Michigan car insurance rates highest on average?
According to a new national survey conducted by Insure.com, Michigan is home to the highest average car insurance premiums in the U.S., followed closely by Louisiana and Oklahoma. Insure.com compiled data from six of the largest auto insurance providers in the nation and more than 2,400 vehicles from across 10 zip codes in each state. The company conducts this survey annually and lists the results for all to see on their website. The average yearly premium for car insurance in Michigan rose by $443 according to the survey, up from…
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