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.

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

Nordstrom
Gun insurance - Gun Laws
Some Oregon home policy rates to ri...
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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.…

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EU watchdog seeks harmonized insurance policy protection strategy

Logan B.
Insurance policy - Approved

Consumers across the European Union are increasingly purchasing coverage from outside their countries. Harmonized insurance policy protection strategies of last resort are now necessary throughout the EU as the trend in which consumers in members states purchase coverage from outside their country of residence continues to rise, said the bloc’s insurance regulator this week. The cross-border premiums have been rapidly rising over the last half decade compared to domestic rates. European Insurance and Occupational Pensions Authority (EIOPA) Chair Petra Hielkema explained that premiums people are paying for cross-border insurance policy…

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Florida insurance market reaches crisis point with another insurer bankruptcy

Nordstrom
Florida insurance - Bankruptcy Sign

As insurers rapidly depart the market, even recent legislation isn’t having a fast enough impact. The Florida insurance market for property coverage has been rapidly stumbling again following storms in recent years. As a result, the insurers that aren’t withdrawing are going bankrupt. FedNat is the latest of the insurers to cancel the homeowners’ policies it’s been selling in the state. Florida insurance has reached a desperate level. This latest withdrawal of FedNat will cancel another 68,200 policies in the state, following a massive trend of coverage cancellation there. Homeowners…

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EU uses insurance ban as its largest slam to Russian oil exports so far

Marc
Insurance ban - Oil Cargo Ship

The European Union has deepened its impact on curbing Russian revenues from exported energy. The European Union’s insurance ban on Russian oil exports is the largest hit so far that it has sent to the country’s energy revenues. The EU has embargoed 90 percent of all its Russian oil imports by the end of 2022. While the embargo on the vast majority of Russian oil imports is a big strike against the country’s energy revenues, what is likely to be much more damaging is the insurance ban put in place.…

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Florida passes homeowners insurance bill including $10k for home hardening

Marc
Homeowners insurance - money house

State residents could receive $2 for every $1 they pay for upgrades to protect their homes from damage. Florida state lawmakers have passed a bill to update homeowners insurance regulations and bring back a 16-year-old program that would pay an owner as much as $10,000 for home hardening upgrades. The goal of the legislators was to help ease the sharply increasing rates residents are paying for coverage. The new program meant to help reign in the skyrocketing homeowners insurance rates is called My Safe Florida Home. It has been designed…

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Michigan auto insurance reform bill causes walkout in surprise House hearing

G. Turner
Michigan auto insurance - Bill - laws

This was the first hearing of its nature, meant to address medical service fee cut complaints. A recent surprise Michigan auto insurance hearing in the House was intended to respond to complaints received regarding medical service fee cuts for catastrophic crash survivors. The result was that Republicans walked out. The bill failed to advance, and it was removed from committee by the House leaders. The House members who took part in the walkout of the House Insurance Committee meeting said that the Michigan auto insurance bill was not listed in…

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California Assemblymember Levine’s wildfire budget aims to reduce insurance premiums

Logan B.
Insurance premiums - Reduce costs - wildfires

Levine has called for $10 billion to boost defensible space and reduce the cost of coverage. California Assemblymember Marc Levine (D-Marin County) has announced a $10 billion budget request as Governor Newsome readies for the May budget revision. The revision is expected to show surplus funds that could potentially be greater than $68 billion. Levine wants half of the $10 billion wildfire risk budget to be aimed at home hardening strategy implementation in areas of high wildfire risk. He is also seeking to ensure that insurance premiums can be reduced,…

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