Live Insurance News

Illinois auto insurance rate calculation overhaul in the works

May 10, 2023May 9, 2023 G. Turner

State Rep. Will Guzzardi is seeking to ban “excessive” increases and price calculation factors. Illinois state Rep. Will Guzzardi is seeking to require that auto insurance companies obtain state approval before they can implement rate hikes. He is also aiming to implement a ban for “excessive” rate increases and stop insurers from being able to use occupation, gender or credit score to calculate premiums. The largest car insurers in the state have increased rates by $527 million since the start of the year. According to analyses conducted by two consumer…

Congress considers 17 changes to flood insurance program

May 8, 2023May 5, 2023 Marc

Flood insurance - Home Floating in Water - Changes

The proposed changes are expected to reduce the cost of coverage to low-income homeowners. Low-income homeowners stand to pay less for coverage under the National Flood Insurance Program (NFIP) if the Federal Emergency Management Administration’s (FEMA) proposed 17 changes are implemented. NFIP has been struggling with its finances amid more frequent and severe storms due to climate change. FEMA is seeking to create a more thinly spread risk by drawing more property owners to purchase flood insurance policies. The agency’s goal is to implement a number of changes in federal…

Registering an Insurance Company in Ireland

May 5, 2023 Guest Author

insurance company in Ireland how to open one

The insurance sector is a highly controlled government-enforced syndicate. First off, you will require a license issued by the Irish Financial Services Regulator. Also, you’ll require a massive amount of capital because there is a needed risk ratio which is really high. Some companies can alleviate the risk for you (reinsurers) to aid with this prerequisite but they impose a levy (can reach up to 30% for high-risk companies). Ireland provides a great investment opportunity since the local economy is growing rapidly. Several industries in Ireland testified to experiencing considerable…

Georgia to operate its own health insurance market under newly signed law

May 5, 2023May 5, 2023 Logan B.

The state government will be operating the exchange on its own for the first time. Governor Brian Kemp (R) has signed a bill into law that will have the Georgia state government taking over its own health insurance marketplace for individual coverage for the first time. Among the reasons the governor signed the bill is to boost competition and give consumers options. According to Governor Kemp, who spoke at a ceremony at the state Capitol, this new law will provide state residents with a better way of “knowing and comparing…

Florida insurance adjustors alleging fraud in Hurricane Ian payments

May 4, 2023May 3, 2023 Nordstrom

Independent licensed professionals are providing evidence of fraud among certain insurers. Independent licensed insurance adjustors in Florida have been providing state regulators with evidence of alleged fraud relating to payouts made following Hurricane Ian. Hurricane Ian was the third most costly storm in the United States and the most expensive ever for Florida. The storm caused about $109 billion in damage in Florida. Field insurance adjustors are providing evidence to state regulators of allegedly fraudulent conduct by insurers which would affect thousands of homeowners in central and south Florida. Some…

FDIC Calls for Review of US Bank Deposit Insurance System

May 3, 2023May 3, 2023 G. Turner

Deposit insurance - US Flag - US dollars

The process is launching fresh debate over whether an expansion of government protections is appropriate. The Federal Deposit Insurance Corp. (FDIC) has published a comprehensive overview of the federal system this week, sparking debate once again regarding the need – or lack thereof – for additional government protections on bank deposits. The overview is also taking another look at how much additional coverage might be required. This review represents the third report the FDIC has published since the collapse of Silicon Valley Bank (SVB) and Signature Bank earlier this year.…

Second state to sign new pet insurance law is Mississippi

May 2, 2023May 1, 2023 H. Cutner

Governor Tate Reeves has signed the animal health coverage bill into law. Mississippi Governor Tate Reeves recently signed a pet insurance bill, making the state the second in the country to do so. It will go into effect on July 1. The purpose of the law is to make it possible for agents to sell the policies to their customers. Pet insurance agents will be able to sell the policies to customers who want coverage against expenses associated with unexpected injuries and illnesses in their animals. According to a recent…