Live Insurance News

California signs heat wave ranking and early warning system law

September 15, 2022September 14, 2022 Nordstrom

Signing AB 2238 is labeling the state as a world leader in efforts for protection against climate change effects. California Governor Gavin Newsom has signed Assembly Bill 2238 into law, creating the first statewide heat wave ranking and early warning system to help state residents to prepare. AB 2238 was sponsored by Insurance Commissioner Ricardo Lara to help protect Californians. The bill was co-authored by Assemblymembers Luz Rivas, Eduardo Garcia, and Cristina Garcia. It will create the first statewide ranking and early warning system in the country for heat waves…

Regulators consider removing Florida Citizens Insurance $700K policy cap

September 5, 2022September 2, 2022 Marc

The issue of the cap has pulled a notable amount of attention from counties with high-value home. As Florida homeowners continue to struggle to obtain coverage, industry regulators are now considering the removal of a $700,000 cap on Citizens Insurance policies. The insurer of last result is not legally permitted to cover more than $700K of a “replacement cost”. The only exception to that Citizens Insurance replacement cost limit is in Miami-Dade and Monroe counties, where there is a $1 million cap instead. The issue is that the home coverage…

California Insurance Commissioner Lara announces consumer protection appointments

August 15, 2022August 11, 2022 Marc

California Insurance commissioner Ricardo Lara

Five reappointments were announced at COIN, and one was announced at the CAARP Advisory Committee. California Insurance Commissioner Ricardo Lara recently announced a string of appointments made statewide in his office’s pursuit of consumer protection improvements. There were five reappointments to the California Organized Investment Network (COIN) Advisory Board and one was made to the California Automobile Assigned Risk Plan (CAARP) Advisory Committee. Lara has been placing a substantial spotlight on consumer protection activities by his Department. “Protecting consumers and addressing inequality are top priorities for our Department,” said Insurance…

California Wildfire insurance expansion act passes House

August 4, 2022August 3, 2022 Nordstrom

HR 8483 has now passed the House and will require studies by FEMA and the GAO. House Committee on Financial Services Chair Rep Maxine Waters (D) has announced that “The Wildfire Response and Drought Resiliency Act” has passed the House, including her bill HR 8483, “The Wildfire Insurance Coverage Study Act of 2022”. The next step will involve studies to provide assessments regarding the rising danger of the blazes. HR 8483 will require that the Federal Emergency Management Agency (FEMA) and the Government Accountability Office (GAO) conduct assessment studies to…

HHS to invest over $49 million into health care for kids and parents

August 2, 2022August 1, 2022 H. Cutner

The funds will be in the form of 36 awarded grants to strengthen Medicaid and the Affordable Care Act. The US Department of Health and Human Services (HHS) has announced through its Centers for Medicare & Medical Services (CMS) that it is awarding grants worth a total of $49 million to organizations working to reduce the rate of uninsured Americans and to bring health care access to more kids and parents alike. This represents the largest outreach and enrollment effort from the HHS through Connecting Kids to Coverage. The investment…

Will stopgap measure dig Florida home insurance market out of crisis?

August 1, 2022July 30, 2022 Marc

Florida home insurance - Home in Florida

Regulators have announced a plan using Citizens to avoid consequences of financial ratings agency downgrades. Regulators have announced that they will be using Citizens as a part of a Florida home insurance stopgap plan in the hopes of avoiding the ramifications of financial ratings agency downgrades across several property insurers. The plan is meant to provide a temporary fix, making sure residents will maintain their coverage. The Florida home insurance stopgap plan will use the state’s insurer of last resort, Citizens, as a financial backstop. The insurer will take on…

Federal judge likely won’t stop San Jose gun insurance law

July 21, 2022July 20, 2022 Nordstrom

This first of its kind measure in California will require firearm owners to purchase liability coverage. Despite expressing certain misgivings about a San Jose, California city ordinance requiring gun insurance for firearm owners, she indicated that she is unlikely to stand in its way. The judge expressed reservations about the component requiring firearm owners to pay a certain fee. US District Judge Bet Labson Freeman in San Jose stated at a video-conference hearing that it was not her belief that the gun insurance law implicated the US Constitution’s Second Amendment.…