Bernie Sanders is returning donations in violation of private insurance pledge

Private insurance - Hand holding US dollars

After calling on 2020 Democratic opponents to do so, he will also return donations against his pledge. Bernie Sanders’ campaign has announced his intention to return donations violating his pledges regarding private insurance and pharma money. The move was made after Sanders called on his Democratic 2020 opponents to do the same thing. In Bernie Sanders’ pledge regarding private insurance and pharma, he called for 2020 Democratic campaigns to decline or return donations involving: “contributions over $200 from the PACs, lobbyists, or executives of health insurance or pharmaceutical companies.” He…

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NFIP improvement bipartisan flood insurance bill in the works in Louisiana

Bipartisan flood insurance bill - Hurricane Katrina New Orleans

In the wake of Hurricane Barry, state senators are working on a strategy to improve the flawed program. Hurricane Barry may not have been a worst case scenario in Louisiana, but the damage it left behind has driven senators to push harder for a bipartisan flood insurance bill overhaul. NFIP has been problematic for quite some time, but the senators are hoping to make it better. Despite some flooding and damage left behind by Barry, Senator Bill Cassidy pointed out that Louisiana could have fared much worse. The storm corrected…

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Oil insurance rates “increased 10-fold” since Strait of Hormuz tanker attacks

Oil insurance rates - Oil Tanker

The attacks on oil tankers and U.S. spy drones since may have been driving the risk – and cost- skyward. Oil insurance rates to cover tankers transporting crude around the world have been rising sharply over the last couple of months. A US listed shipping company’s CEO pointed out that the recent attacks have spiked premiums. Since May, a U.S. spy drone and six oil tankers have been attacked near or within the Strait of Hormuz. That waterway is a strategic transport route that connects Iran, Oman and the United…

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Michigan motorcycle insurance reform leaves riders concerned over new vulnerabilities

Michigan motorcycle insurance - Man on motorcycle

A new state law designed to get auto insurance rates under control could risk biker coverage. Motorcyclists are feeling nervous about potential upcoming changes to Michigan motorcycle insurance coverage. The state has been making some serious moves to reduce its auto insurance rates after having been the most expensive in the country for many years. The new law will allow motorists to purchase limited personal injury protection benefits. The new state auto insurance law was signed by Democratic Governor Gretchen Whitmer after having been pushed by the Republican-led state legislature.…

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Trump to issue health care price transparency executive order today

Health Care Price Transparency - Donald Trump

The president is expected to require insurers and doctors to disclose care costs. Later today, President Donald Trump plans to issue an executive order for health care price transparency. The purpose is to require doctors and insurance companies to disclose their health care prices. Industry groups have been vocally opposed to the president’s intention to sign the executive order. The Wall Street Journal reported that Trump intends to issue the order for health care price transparency regardless of industry resistance. The order will specifically direct federal agencies to launch guidance…

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Citizens Insurance is still battling thousands of Hurricane Irma lawsuits

Citizens Insurance - Hurricane Irma - Home Destruction

The Florida insurer of last resort is still grappling with legal challenges from two years ago. Florida Governor Ron DeSantis and state lawmakers recently approved a Citizens Insurance overhaul plan. The overhaul redesigned the controversial “assignment of benefits” practice. It also added new restrictions regarding lawsuits that can be filed against insurance companies. The state-backed insurance company will still need to deal with its thousands of existing lawsuits. Citizens Insurance is still attempting to work its way through thousands of existing lawsuits. These were filed well before the overhaul was…

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Michigan auto insurance law does not guarantee drivers savings, says official

Michigan Auto Insurance Law - Driver - Steering Wheel

Motorists have been hopeful that the much-needed changes would make a difference, but it’s not assured. Drivers have been waiting for a new Michigan auto insurance law to help control high and rising premiums in the state. However, according to one official, motorists should not consider the savings to be guaranteed. The personal injury protection (PIP) system has made Michigan rates the highest in the country. The new Michigan auto insurance law does not provide any new assurances that the extra costs from additional required liability coverage would be offset…

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