Live Insurance News

9 Louisiana insurance companies apply for new incentive program

March 20, 2023March 17, 2023 Marc

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…

Silicon Valley Bank lacked deposit insurance in 85 percent of cases

March 15, 2023March 14, 2023 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…

Is a homeowners insurance crisis heading to California?

March 6, 2023March 2, 2023 Marc

Louisiana and Florida area already scrambling to keep their industries alive, but is California next? As premiums have been rapidly climbing in various parts of the industry in California, experts are starting to wonder if it will be the next state facing a homeowners insurance crisis. State legislators are pushing Commissioner Ricardo Lara to take action to support residents. Condominium policy premiums have been climbing particularly fast in the state. A number of state legislators have written to Insurance Commissioner Ricardo Lara in a push to take action to support…

Ukraine parliament approves $500 million ship insurance fund

March 1, 2023March 1, 2023 Marc

The country has made the move to help ensure that it can export more grain from its ports. As a component of a broader strategy to ensure it can export more of its grain, the Ukrainian parliament has approved a $500 million ship insurance fund to provide coverage for vessels experiencing any damage while at the country’s ports. The country is seeking to renegotiate the Black Sea Grain Initiative terms while Russia’s invasion continues. Ukraine is preparing for the renegotiation of the Black Sea Grain Initiative and have approved a…

Workers compensation bill would cover mental injuries

February 20, 2023February 17, 2023 Marc

Workers compensation - Claim Form - document

A new bill in Nebraska is aiming to recognize that not all injuries suffered on the job are physical. Under current Nebraska law, workers compensation does not cover mental injuries suffered by employees who are on the job when something traumatic happens. Employees of a business where a shooting takes place, for instance, are covered only for physical wounds. The emotional scars left behind from witnessing something terrifying or horrific are not covered by workers compensation in the state. However, a new bill introduced by Senator Carol Blood (Bellevue) is…

Florida motorists now pay the most for their auto insurance

February 15, 2023February 14, 2023 Marc

Though Michigan had been the most expensive state for coverage, Florida drivers now shell out more. Drivers in Florida have a new reason to groan over the cost of vehicle ownership in the state, as the cost of auto insurance there is now more expensive than anywhere else in the country. Everything from the price of gas to the cost of vehicle repairs is on the rise, and so is coverage. The cost of auto insurance is increasing across the United States. Florida certainly isn’t alone in that. What has…

US government intends to take $4.7 billion from health insurance companies

February 6, 2023February 3, 2023 Marc

Insurance companies - paying back - American Flag

A new Medicare regulation will aggressively audit Advantage plans for indications of overbilling. The Biden administration has announced a new rule designed to crack down in Medicare private plans that have allowed insurance companies to overcharge the US government. The regulation is seeking a more aggressive approach to auditing the Medicare Advantage program’s plans. The Medicare Advantage program enrolls almost 50 percent of all the beneficiaries of Medicare. According to the Biden administration, it is expecting to recoup as much as $4.7 billion from insurance companies that have overcharged the…