Hartford to test a new form of car policy in 2012

Hartford Financial Services Group has announced its intentions to begin a pilot program in 2012 for an auto insurance policy based on telematics. Hartford’s president of consumer markets, Andy Napoli made the announcement during the company’s investors meeting. The new policy will be using telematics. According to Napoli, using the “devices in insured vehicles to transmit information about driving behavior, such as miles driven, speed, acceleration, deceleration, and using that information to price the risk.” This pilot program will be known as TrueLane and will begin in the first half…

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Illinois state insurance may be getting a new carrier

Controversy abounds in Illinois. State legislators have received a significant amount of criticism from the public for their decision to change health insurance providers. The switch has an effect on more than 100,000 state employees and their dependants. Furthermore, lawmakers have been embroiled in a struggle to better define the authority of the Commission on Government Forecasting and Accountability (COFGA) has over the insurance industry. The Senate recently voted to allow COFGA the authority to approve applicable health insurance contracts for state workers. Senator Dale Righter, a supporter of the…

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California Car Insurance: Sequoia offering new “Pay As You Go” insurance plan

Following the latest insurance trend sweeping the nation, Sequoia Insurance Co., one of the largest insurers in California, will begin offering a pay-as-you-drive auto insurance policy. Sequoia joins State Farm and Progressive in offering this particular policy, increasing the options available to California drivers. Progressive was the first to incorporate this concept into their coverage options after finding that fewer people were taking to the road in light of rising gas prices and other costs. Drivers interested in the coverage must first have a small device installed in their vehicles.…

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Captive Insurance Companies: New Money Saving Trends for Businesses

Officials from Helena, Montana, are reporting that an increasing number of businesses and organizations are forming their own insurance companies in an effort to manage costs. These impromptu coalitions are being called “captive” insurance companies. The specific objective of these companies is to finance or insure the risk of their parent groups. Steve Matthews of the State Auditor’s Office says that the trend is to keep insurance premium taxes from leaving the state. In 2010, Montana licensed 26 captive insurance companies, bringing the total number of such companies in the…

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