California Insurance Commissioner Lara announces consumer protection appointments

California Insurance commissioner Ricardo Lara

Five reappointments were announced at COIN, and one was announced at the CAARP Advisory Committee. California Insurance Commissioner Ricardo Lara recently announced a string of appointments made statewide in his office’s pursuit of consumer protection improvements. There were five reappointments to the California Organized Investment Network (COIN) Advisory Board and one was made to the California Automobile Assigned Risk Plan (CAARP) Advisory Committee. Lara has been placing a substantial spotlight on consumer protection activities by his Department. “Protecting consumers and addressing inequality are top priorities for our Department,” said Insurance…

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Some Oregon home policy rates to rise due to wildfire insurance risk

Wildfire insurance - Oregon Sign - Home Insurance - Fire

The state recently published a map to show which properties are at the highest and extreme level risks. After the catastrophic season in 2020, Oregon has moved ahead with strategies to advise people as to whether they are living in vulnerable areas, in a move that might send home wildfire insurance rates upward. While people did want to now if their properties were at an extreme risk of blazes during the summertime. While the new maps have been seen as informative and helpful, certain homeowners, particularly those in rural parts…

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Will stopgap measure dig Florida home insurance market out of crisis?

Florida home insurance - Home in Florida

Regulators have announced a plan using Citizens to avoid consequences of financial ratings agency downgrades. Regulators have announced that they will be using Citizens as a part of a Florida home insurance stopgap plan in the hopes of avoiding the ramifications of financial ratings agency downgrades across several property insurers. The plan is meant to provide a temporary fix, making sure residents will maintain their coverage. The Florida home insurance stopgap plan will use the state’s insurer of last resort, Citizens, as a financial backstop. The insurer will take on…

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Covered California rates announced and they’re on their way up

Covered California - Health Insurance rate increase

Coverage purchased through the state health insurance marketplace will rise by an average of 6 percent. The Covered California rates have been announced for next year, and the cost of coverage will be increasing by an average of 6 percent for 2023. Officials cautioned that coverage could be far more expensive for some if federal aid isn’t renewed by Congress. They cautioned that some consumers could see their premiums as much as doubling if Congress chooses not to renew federal aid. The rate hike announcement represents the largest increase Covered…

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Q’Orianka Kilcher of “Yellowstone” charged with insurance fraud

Insurance Fraud - Paper with words written

The actress was charged with collecting over $90,000 in fraudulent workers’ compensation benefits. Q’Orianka Kilcher, an actress best known from “Yellowstone” has been charged with two felony counts of workers’ compensation insurance fraud. The 32-year-old of North Hollywood collected disability benefits worth more than $90,000. Kilcher was charged with insurance fraud following an investigation by the California Department of Insurance. The investigators determined that Kilcher had allegedly broken the law by collecting over $90,000 in disability benefits from a workers’ compensation coverage. Kilcher’s attorney has already appeared in court on…

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Americans’ third biggest living expense is health insurance

Health Insurance - money - piggy bank

Premiums have risen to the point that they require 10.69 percent of an average annual salary. Health insurance premiums comprise a large amount of the average annual income of Americans and consumers are being forced to weigh their priority with other essential expenses, say the results of a new NiceRx study. The premiums paid represent about one dollar out of every ten the average American earns. To arrive at its results, the researchers from NiceRx used data from the Bureau of Economic Analysis, Value Penguin, World Population Review, and Patriot…

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New York health insurance rates could rise by double digits

Health insurance Coverage Rates - New York

Both consumers and small businesses alike are expected to see the rise in monthly premiums. New York health insurance companies are currently filing for rate hikes to be applied in 2023 on their small group plans and for individual consumers. Insurers are seeking to hike rates as much as 46 percent on plans covering companies with under 100 employees. New York health insurance companies have also asked for increases as high as 35 percent for customers who aren’t a part of groups with plans, but who will be buying their…

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