9 Louisiana insurance companies apply for new incentive program

Marc
Louisiana insurance - Apply Now

Commissioner Donelon released an update about the strategy to take the pressure off Citizens. Louisiana Insurance Commissioner Jim Donelon recently held a news conference during which he released an update about the new incentive program in the state. The announcement revealed that 9 insurers selling in the state have applied for the program. The Louisiana insurance program announcement was a follow up to the $45 million funding bill state legislators passed to allow the Department of Insurance in the state to form an incentive program to draw more insurers to…

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Louisiana Insurance Commissioner Jim Donelon won’t seek a 5th term

G. Turner
Insurance Commissioner - No Vote

In the midst of a property coverage crisis, he has stated that he won’t be running again. While Louisiana continues to scramble to keep on top of a property coverage crisis, Insurance Commissioner Jim Donelon has announced that he does not intend to seek re-election to a fifth term in the fall. This announcement is likely to generate greater interest in what will already be a heated race. The unexpected announcement arrived in the midst of Donelon’s efforts to keep Louisiana out of a potential property insurance market collapse. Since…

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Physicians, Is Your Tail Covered? Why Must You Consider Tail Coverage When Switching Practices

Guest Author
medical malpractice what is tail coverage

Many new physicians may feel relieved when offered a contract that includes malpractice coverage by the hospital. However, unfortunately, things are not the same when switching to another practice opportunity after a few years!  It is where tail malpractice coverage comes in. When switching your practice, it offers a backup plan in case any patient brings up a claim from your previous practice.  Even if you still think you do not need one, here are some scenarios where you may be required to, or it will be a good idea…

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Fannie Mae considers forgoing title insurance

Nordstrom
Title Insurance - Business

The government-run company is considering eliminating this requirement for some mortgage lenders. Fannie Mae is considering a program that would bypass the need for title insurance and attorney opinion letters, according to a number of recent media reports. The program would allow certain mortgage lenders to be able to waive the requirements for the coverage. The program Fannie Mae is considering would waive required title insurance coverage for some lenders on loans sold to the government-run company, according to a recent The Real Deal report. Fannie Mae backs trillions of…

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Silicon Valley Bank lacked deposit insurance in 85 percent of cases

Marc
Deposit insurance - Person making a deposit - Business

Customers are seeking to find out what this means for the funds they had in their accounts. Last week, Silicon Valley Bank became the second largest bank failure in American history and new reports have revealed that over 85 percent of its deposits were without deposit insurance. The FDIC has been tasked with returning money to the bank’s customers where applicable. The Federal Deposit Insurance Corporation has taken over about $175 billion in customer accounts and will be returning money to customers where it can. That said, over 85 percent…

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Citizens provides home insurance to three times the Floridians it used to

Logan B.
Home insurance - Form with a pen

As the state sinks further into a coverage crisis, the insurer of last resort’s use is ballooning. The recent inflation and regular severe hurricanes have caused massive home insurance challenges in Florida, forcing many homeowners to turn to the insurer of last resort, Citizens Property Insurance, for coverage. Lawmakers have been working to change regulations to dig out of the crisis, but the crisis is continuing. Both availability and price of home insurance coverage is becoming increasingly problematic in Florida, to the point that many property owners don’t have any…

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Consumers are shopping for better auto insurance rates more than ever before

H. Cutner
Auto insurance - Shopping for car insurance

A new JD Power study showed that comparison shopping has reached an all-time high among consumers. More than ever before, consumers have been comparison shopping for better auto insurance rates, according to a new JD Power report. The report showed that over 40 percent of drivers had experienced an increase in cost after using telematics. The report also indicated that some drivers are finding that there are fewer new rates available to them than they expected. Consumers hit by rising auto insurance rates have been searching for cheaper alternatives more…

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