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.

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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New York Department of Financial Services issues insurance company fines to 4 insurers

Logan B.
Insurance company fines - US dollars

Allstate, State Farm, AIG Property Casualty Company, and Tri-State Consumer Insurance must all pay over $10.6 million. A ruling has been issued for a lawsuit the New York Department of Financial Services filed against four insurers has resulted in fines of more than $10 million in insurance company fines for customer restitution. The lawsuit was filed following the violation of insurance statutes and regulations in the state. The NY State Department of Financial Service Superintendent Linda A Lacewell made the announcement of the lawsuit against the insurers. The affected insurers…

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Health care importance is high in the American Presidential Vote

Nordstrom
Health care importance - I Voted American Sitcker

77 percent of survey respondents said this was a significant factor and 35 percent said it was critical. The results of a recent survey have revealed the health care importance when voting for the next US president. The survey was conducted by Insure.com and discussed the connection between this factor and the country’s politics. Over three quarters of the survey’s respondents felt that it was a significant election issue this year. At the highest level of health care importance was reducing the costs, said the participants in the survey. The…

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Allstate points to Better Arguments project to avoid toxic conversations

Marc
Better Arguments Project - woman, man facing away from one another

The insurer issued a news release stating that toxicity in communications are “threatening our future.” Allstate Insurance recently issued a news release praising the strategies of The Better Arguments Project. This strategy is meant to help Americans to better navigate the current environment which consists of the “deepest political and cultural divides in our nation’s history.” The insurer acknowledged that the divisions are only worsened by the COVID-19 pandemic crisis. According to Allstate, “our collective future depends on Americans’ ability to come together.” However, at the same time, it didn’t…

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