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.

Louisiana Governor Landry signs property insurance package

Logan B.
Property Insurance - Signing into law

The package was backed by Louisiana Insurance Commissioner Tim Temple Louisiana Governor Jeff Landry has now signed into law a property insurance package that had the strong backing of the state’s Insurance Commissioner Tim Temple. The goal of the measure is to help the state overcome its current coverage crisis. The package is meant to make the state’s market more industry friendly Four bills were signed by Landry in the hopes of benefitting the property insurance industry by granting new freedoms for raising customer rates, canceling policies, and facing fewer…

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Governor Newsom Calls for Swift Action on Property Insurance Rate Increases

Julie Campbell
Property insurance Crisis - California Flag - Solve Now

Newsom wants lawmakers to hasten the approval processes for insurers to improve the market California Governor Gavin Newsom has issued a call to lawmakers, urging them to expedite the approval processes for property insurance companies that are seeking to increase their rates. The governor feels the market overhaul is too slow Newsom recently addressed the press in Sacramento to announce the push he is making for legislation to require the California Department of Insurance to set a limit of no longer than 60 days for the completion of rate-filing reviews.…

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California lawmakers aim to bring insurance companies back again

Logan B.
Insurance Companies Laws - California

Congressional reps from the Bay Area are seeking to draw insurers with legislation changes Congressional representatives in California’s Bay Area are working on legislation that they hope will appeal to home insurance companies and bring them back into the state. California has been bleeding property insurers The new legislation could help insurance companies to decrease their losses by providing property owners with financial incentives to better their emergency preparedness.  Though this might not stop some of the major threats to the area, such as wildfires, it could be beneficial in…

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Louisiana’s Bold Repeal Sets Stage for Insurance Market Overhaul

Marc
Insurance Market - Louisiana - Home - Repeal

In a decisive move, the Louisiana Legislature repealed a longstanding law on Monday, signaling significant changes for homeowner insurance policies across the state. The decision, part of Insurance Commissioner Tim Temple’s ambitious agenda, aims to introduce more competition in the insurance market, potentially providing Louisiana homeowners with options for lower premiums. House Bill 611, pushed by Rep. Gabe Firment, R-Pollock, garnered final approval and now awaits the signature of Gov. Jeff Landry. This bill notably targets Louisiana’s unique three-year rule prohibiting insurers from altering deductibles or discontinuing homeowner policies that…

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Will New Legislation Lure Property Insurance Providers Back to California?

Loreen
california property insurance

California’s Property Insurance Landscape through the Disaster Resiliency and Coverage Act In a significant move to address the growing challenges facing the property insurance market in California, Bay Area congressional representatives are spearheading an initiative designed to entice property insurance companies back into the state. Spearheaded by US Rep. Mike Thompson (D-St. Helena), the proposed bipartisan legislation seeks to mitigate insurance carriers’ losses by offering property owners financial incentives to enhance their emergency preparedness. Dubbed the Disaster Resiliency and Coverage Act (House Resolution 7849), the legislation was unveiled on Thursday…

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