Category: Political News

The political arena is ripe with news from the insurance industry – 2012 being a presidential election year, as well as other changes, have made for one of the hottest news topics we have.

Two more insurers stop selling California home insurance

Nordstrom
Home Insurance - California Sign - Goodbye post it

The state’s coverage crisis appears to be getting worse as two more insurers have stepped away. Two more home insurance companies have announced that they have ceased selling home insurance to new applicants in California. According to the insurers, the reason for its decision is that wildfire risk and construction costs have risen too high. The insurers are small but are part of a growing trend Trans Pacific Insurance Co. and Tokio Marine America Insurance Co. have both announced that they will not accept new applicants for home insurance in…

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California Insurance Commissioner Lara seeks new guidance to overcome state crisis

G. Turner
California insurance - Home insurance crisis guidance

The state is working on establishing new regulations to help the industry there recover California Insurance Commissioner Ricardo Lara has reached out to insurers in the state, telling them that they must develop ideas beyond rate hikes to overcome the current crisis in the state. Lara is simultaneously working on new state regulations According to Lara, his office and the California insurance industry are “in a forced marriage,” in which “we’re staying together for the kids.”  However, the commissioner was also able to find common ground with the Farmers Insurance…

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Will Illinois auto insurance be more affordable with driving habit-based rates?

Marc
Auto Insurance - Illinois Sign on Road

A bill introduced in the state would require insurers to use a driving record to calculate premiums. A bill newly introduced in Illinois would change the way auto insurance companies calculate rates if it is passed in the state.  It would require insurers to use a policyholder’s individual driving records for their premiums calculations instead of looking to socioeconomic factors. House Bill 4611 aims to reduce what it calls discrimination House Bill 4611 was written to ban auto insurance companies from calculating an individual’s rate using criteria that the bill…

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Wisconsin governor signs workers compensation bill into law

H. Cutner
Workers Compensation - Wisconsin Bill

Governor Tony Evers signed Assembly Bill 1073 to make it 2023 Wisconsin Act 213. Wisconsin Governor Tony Evers signed Assembly Bill 1073 regarding improvements to workers compensation in the state, making it 2023 Wisconsin Act 213. The changes were made based on recommendations by the WCAC The Workers Compensation Advisory Council (WCAC) made recommendations for the changes to the state system, and these helped to guide the creation of the bill. Governor Evers signed the bill at the State Capitol in his office, in the presence of voting WCAC members,…

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Colorado Gun Insurance Bill Moves Forward Amid Diverse Opinions

G. Turner
gun insurance

Article Update: On April 20, the Colorado House passed a bill requiring all gun owners to have liability insurance for accidental firearm discharges, starting January 1, 2025. Representatives Steven Woodrow and Iman Jodeh, HB24-1270 aims to promote responsible gun ownership and was narrowly approved with support from key Democrats. The legislation allows for coverage through existing insurance policies and includes provisions for those unable to afford it. Woodrow emphasized the bill’s role in covering the costs of gun violence and ensuring safer communities, while Jodeh likened the insurance requirement to…

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