Health insurance birthday rule may be coming to an end

Health insurance birthday rule - parents with newborn

Proposed law would remove large, unexpected expense from new parents in rare unfortunate circumstances. The obscure health insurance birthday rule could be on its way out, sparing new parents the risk of enormous unexpected medical expenses in the case of certain care requirements for the newborn. This regulation dictates the way that insurance companies choose coverage when both parents have a plan. The bill would take away the health insurance birthday rule, letting the parents decide which policy covers their child. As it stands, the regulation requires the coverage of…

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State Farm auto insurance claims data shows catalytic converter theft skyrocketing

Auto insurance claims - catalytic converter - hands

Since the start of the pandemic, this type of crime has been taking off at a staggering rate. State Farm has released auto insurance claims data showing that there is a sharp upward trend in catalytic converter thefts that has been taking place since the second half of 2020. Though car theft and car parts theft are nothing new, the trend in this one specific part is. The average households in many US cities have more than one vehicle. As a result, stolen parts have become a valuable black-market item…

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Blackstone to acquire $7.3B of AIG insurance and housing business

AIG Insurance - Business deal -handshake

American International Group will be selling a 9.9 percent equity stake in its life and retirement assets. Blackstone will be purchasing AIG insurance and housing business assets representing a 9.9 percent stake and will pay $2.2 billion in cash for the acquisition. The private equity giant and insurer agreed to a “long-term strategic asset management relationship.” The agreement is for an initial $50 billion from the AIG insurance and retirement portfolio, according to the insurer in a statement last week. Additionally, Blackstone will also be paying $5.1 billion for American…

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Lloyds insurance communication failures lead to $125 million

Insurance communication - GBP and Gavel

The unit was fined £90.7 million for failing to ensure its policy language for home coverage was clear. Lloyds Banking Group Plc. (LON stock symbol LLOY) has been fined £90 million ($125 million) for insurance communication failures. The fine was issued by the UK Financial Conduct Authority for the insurer’s unclear policy language. The UK Financial Conduct Authority (FCA) fined Lloyds for its insurance communication failures in the language it used in millions of homeowners’ policies. According to the FCA, the Lloyds insurance division issued almost nine million communications between…

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Texas auto insurance may get more expensive than pre-pandemic times

Texas Auto insurance - cars on road in Texas

A new report suggests that prices will return to where they were and may rise even higher. As drivers head back out onto the roads, Texas auto insurance prices are expected to climb, likely not only reaching pre-pandemic rates but possibly also exceeding them, said a New Mexico State University professor. As the country opens back up again, people are starting to drive their cars to live their lives. According to New Mexico State University professor from the Finance Department, Tim Query, at the start of 2020, when lockdowns from…

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Mercury Insurance DIY home inspections program adds 8 more states

DIY home inspections - person using magnifying glass

The program is headed into California, Arizona, Texas, Nevada, Illinois, Virginia, Oklahoma and Georgia. Mercury insurance has announced that it is expanding its program which makes it possible for all its homeowners’ policyholders to use an app for DIY home inspections. The app uses an advanced artificial intelligence (AI) assistant to complete the necessary steps. The insurer initially rolled out its DIY home inspections program for policyholders using the app in New York and New Jersey last summer. Now, it has expanded to eight more states, to include all its…

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AAA expresses concern over yesterday’s Virginia marijuana legalization

Marijuana legalization - store selling cannabis

The insurer is reminding people that it is not safe to drive while high. Yesterday, Virginia made its marijuana legalization official, causing the American Automobile Association (AAA) to express concern about the safe driving behaviors of many people in the state who intend to use the drug. Virginia is far from the first state in the country to legalize pot but driving while high remains dangerous everywhere. As of July 1, anyone over the age of 21 years saw a difference in the marijuana legalization affecting them. Those adults gained…

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