Live Insurance News

Terrorism insurance act may receive an extension in the US

June 10, 2014June 10, 2014 Marc

Senate panel unanimously approves extension of Terrorism Risk Insurance Act A U.S. Senate panel has approved the extension of the federal terrorism insurance initiative. The Terrorism Risk Insurance Act, which was signed into law in 2002, created a backstop for insurance claims relating to acts of terrorism. This initiative is designed to mitigate the risks associated with terrorism occurring within the United States and provides coverage for businesses and any entity that is deemed eligible. A select few insurance companies are allowed to participate in the initiative by providing products…

Health insurance exchange for small businesses may be delayed in New Hampshire

June 5, 2014June 3, 2014 Marc

Insurance Commissioner calls for a delay small business insurance marketplace New Hampshire Insurance Commissioner Roger Sevingy has recommended that the state wait to implement a health insurance exchange for small businesses. Provisions of the Affordable Care Act called for the creation of insurance exchanges for consumers and exchanges for small businesses in order to expand the availability of insurance coverage. The federal government has, however, opted to delay the enactment of provisions that focus on insurance coverage and small business in order to allow these businesses time to prepare for…

New regulations target auto insurance laws in North Carolina

June 3, 2014June 4, 2014 Marc

Regulations could benefit drivers in North Carolina New regulations may have a major impact on drivers throughout North Carolina, if they are approved by the state’s lawmakers. These regulations would change the state’s auto insurance laws, which were created in 1957 and have seen little reform over the years. The regulations have managed to win strong support from the state’s insurance companies, many of whom are eager to see changes to insurance laws in order to better manage modern trends and risks in the state’s market. Insurers show support for…

Software is making the insurance industry more efficient

May 27, 2014May 26, 2014 Marc

Technology is becoming a powerful tool for insurance companies IBISWorld, a global business intelligent organization, has released a new report concerning the effect that new technology is having on claims processing in the U.S. Claims are nothing new for the industry, but how insurers deal with the claims they receive has been evolving rapidly over the years. As new technology becomes available, insurance companies are finding better ways to manage claims and process these claims at a more rapid pace. Insurers are also become more adept at weeding out fraudulent…

Flood insurance costs continue to rise in Connecticut

May 20, 2014May 19, 2014 Marc

Homeowners are facing the real possibility of having to pay more for their flood protection Some homeowners in Connecticut are facing the possibility of having to pay significantly more for their flood protection as the Federal Emergency Management Agency continues to revise its flood maps. These flood maps are used to determine the flood risks of particular parts of the country. The maps are also used to price flood insurance protection, which is typically acquired through the National Flood Insurance Program. FEMA has been revising its flood maps recently in…