Author: Angela Linders

State Farm Releases Non-Renewal Numbers Amid California’s Deepening Home Insurance Crisis

Angela Linders
Depositphotos - auto insurance - State Farm Sign

State Farm “Restructures” California Portfolio The company made it official, in a move to ensure the financial health of its operations within California, State Farm General Insurance Company is set to scale back its insurance offerings in the state. With an estimated 72,000 policies facing non-renewal, customers across California are poised to feel the pinch as they seek alternative coverage solutions. Starting July 3, 2024, State Farm General will cease renewing approximately 30,000 homeowners, rental dwelling, residential community association, and business owners policies, citing the necessity to sustain adequate claims-paying…

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Bills could force Michigan Catastrophic Claims Association to have auto insurance transparency

Angela Linders
auto insurance - Freedom of Information Act - law

SB 793 and SB 794 will open the MCCA up to public scrutiny if they both pass. New bills in Michigan, SB 793 and SB 794 have the potential to boost transparency for auto insurance claims in the Michigan Catastrophic Claims Association (MCCA). The industry-managed organization manages lifetime medical treatment claims The MCCA is the organization in the state responsible for managing lifetime auto insurance claims payments for medical treatments of over $635,000 resulting from injuries from a catastrophic vehicle collision. Policyholders seeking lifetime coverage for severe injuries obtained as…

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Senate Report Reveals Tax Loopholes in Special Life Insurance Plans

Angela Linders
life insurance

In an era when tax strategies of the rich and powerful are under increasing scrutiny, a recent Senate report featured in The Washington Post, has shone a stark light on the life insurance market — not for its widely acknowledged benefits, but for its exploitation as a tax shelter by America’s wealthiest. The traditional purposes of life insurance, including estate planning and providing non-taxable benefits to heirs, are well-understood. Yet, as the Senate Finance Committee revealed, a niche offering known as Private Placement Life Insurance (PPLI) propels these advantages into…

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New Louisiana Law Requires Insurers to Cover Smoking Cessation Treatments

Angela Linders
Lousiana Health Insurance News

Louisiana has taken a bold step in promoting public health with a groundbreaking new law. According to this report, the aforementioned law mandates health insurance coverage for six months of smoking cessation treatment. Historically, the state has been lagging behind in terms of providing tobacco cessation treatments and removing barriers to accessing treatments. In its 2023 State of Tobacco Control report, the American Lung Association scored Louisiana an “F” in funding for tobacco prevention and cessation and a “D” in access to cessation services. What this law means for Louisianan…

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Veridion raises $6 million to finance their proprietary APIs’ to benefit insurance industry

Angela Linders
insuretech news

Veridion aims to “deepen” AI comprehension within the business landscape. The new-age data vendor is making the most of the AI (artificial intelligence) revolution and has announced the $6 million round financing and launch of their proprietary, self-service “Match & Enrich APIs”. Specializing in Firmographic Data, Veridion has specifically trained their APIs (Application Programming Interfaces) to understand the global business landscape, providing their clients – a number of which are high-profile insurtechs and insurance carrier – with the ability to access reliable data on 80 million businesses around the world.…

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