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.

Connecticut moves undocumented immigrant health insurance plan forward

Logan B.
Undocumented immigrant health insurance - young girl in hospital

The state’s lawmakers have taken another step closer to offering government-sponsored coverage. Lawmakers in Connecticut heard what they described as emotional testimony last week as they move forward by another step in a plan for state-sponsored undocumented immigrant health insurance. The legislation is being formed to provide coverage to individuals up to the age of 18 years. “I’m looking at doing youth up to age 18. I looked at California and what they’ve done in California,” said Senator Marilyn Moore (D-Bridgeport). She added that she feels that it is not…

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Aon insurance broker ends relationship with Trump Organization

G. Turner
Aon Insurance Broker - Goodbye street sign

This breaks the coverage relationship with the company’s hotel, luxury residence, and golf course business. The Aon insurance broker has ceased its business relationship with the Trump Organization. This includes the hotel, luxury residence, and golf course business run by Donald Trump Jr and Eric Trump. The broker has acted at a time when companies and New York City are severing ties with Trump-owned businesses. At the time this article was written, the details of the Aon insurance broker’s withdrawal from the Trump Organization have not yet been revealed. However,…

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Homeowners insurance non-renewal protection issued to several Californian communities

Nordstrom
Homeowners Insurance Non-Renewal - neighborhood in California

Residents of almost 2.4M homes will benefit from a one-year moratorium against wildfire risk cancellation. Almost 2.4 million policyholders will be protected against homeowners insurance non-renewal for the next year. Millions of property owners faced having their policies cancelled due to increased wildfire risk. The historic wildfires that blaze their way through the state every year have caused homeowners insurance non-renewal trends to skyrocket in California. This has threatened the ability of many residents to find affordable coverage, or any coverage at all. That said, on December 31, California Insurance…

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Chinese regulator makes moves to alter rules for foreign insurance companies

Nordstrom
Foreign insurance companies - Beijing China

A draft decision has already been issued to help clarify the changes that may take place. China’s insurance regulator has released an exposure draft regarding the rules applied to foreign insurance companies doing business in the country. The draft is meant to provide clarification of the access standards for insurers from other countries. The standards apply to foreign insurance companies in addition to overseas financial institutions. The details of the draft were released in a document with the title “Decision on Amending Regulations on the Administration of Foreign-funded Insurance Companies…

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US Senate passes bill to ease access to disability benefits for ALS patients

Logan B.
Disability benefits for ALS - man in wheel chair

This could make it easier for people with amyotrophic lateral sclerosis to use the coverage. The United States Senate recently passed a bill with the potential to make it easier for disability benefits for ALS patients to become accessible. The proposed legislation is called the ALS Disability Insurance Access Act of 2019. The U.S. House of Representatives must still approve the ALS Disability Insurance Access Act of 2019 in order for it to move forward. That said, if the bill is enacted, it would take away the current mandatory five-month…

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Pollution cleanup insurance not needed, says Trump administration

G. Turner
Pollution cleanup insurance - Toxic waste

The federal government said power plants, chemical manufacturers, and others don’t need coverage. The outgoing Trump administration has drawn fresh criticism from environmentalists after having announced that pollution cleanup insurance was not required for chemical manufacturers, power plants, or oil and gas producers. These facilities will not require coverage to pay for the cost of cleaning toxic waste and chemical spills. The Environmental Protection Agency (EPA) announced that it was finalizing a rule having to do with financial assurance or pollution cleanup insurance requirements. This decided what – if any…

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The Allstate Corporation boosts support to business ownership diversity

H. Cutner
Allstate Corporation - Diversity and Equality in Business

The insurance company has focused on a corporate bond offering comprised exclusively of MWVBEs. The Allstate Corporation recently priced $1.2 billion of 5-year and 10-year senior notes via a syndicate comprised of exclusively minority-, women-, and veteran-owned business enterprises (MWVBEs). The insurance company’s move represents a first of its kind bond offering of this size. The Allstate Corporation’s bond offering is the first of this size with exclusive management by MWVBEs. It represents a substantial step in underscoring the insurance company’s focus on diversity and equality. “It is time to…

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