After California Department of Insurance investigation Libre must face $5.5M settlement

California Department of Insurance - judge gavel

The company will also bring to an end its transaction of immigration bonds within the state. Following an investigation by the California Department of Insurance, Libre will be facing a $5.5 million settlement, will stop transacting immigration bonds within the state, phase out its GPS ankle monitor use, and will issue credits to the clients who remain in arrears. The firm must also provide $420 in individual cash credits to clients who are not in an owing position. Beyond that, the settlement resulting from the California Department of Insurance (CDI)…

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State Farm auto insurance rate cut gets the nod in Louisiana

Auto insurance rate cut - Jar of pennies

State Insurance Commissioner Jim Donelon gave his approval to the decrease of 9.6 percent. Last week, Live Insurance News reported that State Farm had requested permission for an auto insurance rate cut. Now, state Insurance Commissioner Jim Donelon has given the necessary approval for the rate to be reduced by an average of 9.6 percent. This means that Louisiana drivers who are covered by State Farm have more savings ahead. State Farm’s auto insurance rate cut follows several others that have occurred over the last while. In 2018, the insurer…

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Blue Cross Blue Shield of NC joins insurance commissioner to build rural fire houses

Blue Cross Blue Shield of NC - Fire truck in fire station

Insurance Commissioner Mike Causey worked with the insurer to pay for the building construction. Blue Cross Blue Shield of NC and the state’s insurance commissioner, Mike Causey, joined together to help fund the construction of rural fire house in the state. The commissioner is seeking to improve the rural fire department quality as a whole. Causey has taken on the project to help the state’s rural fire departments to return to better health. Blue Cross Blue Shield of NC joined him in helping to finance the effort, and he has…

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Special National Association of Insurance Commissioners session to underscore race and diversity

National Association of Insurance Commissioners - Virtual Meeting

The NAIC Summer 2020 National Meeting to seek actions to stop discriminatory practices. The National Association of Insurance Commissioners has announced its intentions to hold a special session focused on race and diversity in the industry. Its NAIC Summer 2020 National Meeting is meant to place the spotlight on these issues in the insurance sector, said its president, Ray Farmer. NAIC is seeking to open a meaningful and needed dialogue on vital issues regarding discrimination. “As leaders, we need to have meaningful conversations about how to stop discriminatory practices against…

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New Michigan auto insurance law to become effective next month

Michigan auto insurance law - Michigan license plate

The new regulations meant to lower prices for drivers in the state will become effective July 1. On Tuesday, June 23, 2020, the state Department of Insurance and Financial Services held a meeting to answer questions about the new Michigan auto insurance law. The meeting was meant to answer questions and provide more information about the regulations. The new Michigan auto insurance law was developed in the hopes of reducing the cost of the coverage. At the same time, it is meant to help keep up the highest options available…

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Commissioner Lara doesn’t want easier rate changes for home insurance companies

Home insurance companies - home, money, calculator

The California Insurance Commissioner is siding with consumer activists to halt legislation. California Insurance Commissioner Ricardo Lara is taking the side of consumer activists in an effort to stop a bill that would make it faster and easier for home insurance companies to change their rates. AB 2167 passed the state Assembly on Monday by a vote of 56-3. That said, the bill’s opponents say that this would set the stage for home insurance companies to impose substantial premiums spikes for homeowners in parts of the state hardest hit by…

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New Jersey Senate passes bill for COVID-19 dependent benefits

COVID-19 dependent benefits -nurse wearing mask

The bill will provide a weekly supplement to family members of essential workers who die from the virus. The New Jersey Senate has just passed a bill for providing COVID-19 dependent benefits supplements when essential workers in the state die from having the coronavirus. SB 2476 passed on Monday by a vote of 38-1 and will use the NJ Second Injury Fund. Essential workers whose dependents would qualify should the worst happen from coronavirus infection include fire, police and other first responders. They also include medical and other health care…

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