Live Insurance News

Florida boosts home insurance oversight following investigation

June 6, 2023June 5, 2023 H. Cutner

New legislation has been introduced after an investigation showed disaster estimate slashing. Florida Governor Ron DeSantis (R) recently signed a new law that boosts home insurance company accountability for their claims handling processes. The insurers will be required to comply with additional transparency and oversight regulations. The new law requires home insurance companies to boost their process transparency and will be subject to higher fines for legal violations. The law also provides the regulators in the state additional authority to conduct investigations into allegations of bad behavior in a market…

Allstate 2022 auto insurance rate filings brings about changes to Georgia law

May 15, 2023May 13, 2023 Marc

The filing rules in the state will be changing under a new law driven forward by the insurer last year. Georgia Governor Brian Kemp recently signed a bill into law, providing the insurance commissioner in the state with the authority to review all auto insurance rate filings before they can become effective. The new law will become effective July 1, 2023, and preserves existing authority while making additions. Georgia House Bill 221 goes into effect July 1, 2023. It will maintain the approval powers the commissioner already held over mandatory…

Auto insurance rates calculations may be changing in Massachusetts

May 12, 2023May 11, 2023 Logan B.

Auto Insurance Rates - Calculations - Money

A new bill has been proposed in the state that will alter the way premiums are calculated for drivers. A newly proposed bill in Massachusetts has the potential to greatly change the way auto insurance rates are calculated, and the amount people will be paying for their coverage in the state. The Senate bill is aimed at changing highly influential components used to calculate premiums. Among the factors that are most defining to auto insurance rates in Massachusetts is a driver’s ZIP code. However, the bill in the Senate is…

FEMA flood insurance rate update released by ZIP code and county

May 11, 2023May 10, 2023 Nordstrom

The Federal Emergency Management Agency has unveiled its price increase updates. The Federal Emergency Management Agency’s (FEMA) Risk Rating 2.0 flood insurance calculation method caused an uproar among advocates and critics who said that homeowners were destined to send prices skyrocketing for thousands of property owners. Homeowners in low-elevation coastal locations would be particularly affected, said critics. FEMA has now released data that reveals where prices will be increasing and decreasing, based on county and ZIP codes. The Miami Herald conducted an analysis of the new data and determined that…

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…

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…