The legislation is being prepared in order to change the situation in the state which is riddled with fraud. A new bill is being drafted by David Simmons (R-Altamonte Springs), the Senate Banking and Insurance Chairman in Florida, in order to help to repeal the no-fault auto insurance system in the state, which is swimming in fraud and that is costing residents a fortune to cover their vehicles. A landmark effort for this purpose from 2012 remains tied up in the courts, allowing fraud to continue. Simmons explained that he…
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Auto insurance bill amendment in North Carolina builds angry debate
The industry in the state has been brought to the level of feuding as an old battle is brought back in the light. The internal battle among the auto insurance companies in North Carolina over the ways in which the rates are regulated by the state is back, once again, for a few more rounds in the back rooms and hallways of the legislature. Though the effort to recreate the state regulatory system was lost this spring, its supporters haven’t given up. A coalition of auto insurance companies, FAIR NC,…
Read MoreAuto insurance minimum may raise in Illinois
Drivers who carry the smallest amount of coverage may find that they will soon be paying more. The Illinois House has just passed legislation that would increase the minimum liability coverage required in auto insurance that must be carried by drivers within the state, meaning that these motorists could be paying higher premiums beginning in 2015. The minimum will be increasing for the amount that is covered to pay for the injuries of other people. The auto insurance minimums will rise to $25,000 for injury or death of one person,…
Read MoreAuto insurance fraud legislative package gets New York Senate approval
Three bills that are geared toward reducing the rate of scams on the system are now moving forward. The New York State Senate has just given its approval to three bills that have been designed to help to tackle the problem of auto insurance fraud by raising the penalties against those who take part in these behaviors, and by providing insurers with greater flexibility for preventing criminals from being able to obtain policies so that they can continue to run their scams. The package for three bills has now been…
Read MoreAuto insurance overhaul moving to the Michigan House
The lawmakers will be considering a change to the system to cap payouts for catastrophic injuries. After passing out of committee along party lines, last week, legislation for placing a cap on auto insurance catastrophic injury payments at $1 million is now headed to the House in Michigan. Should the bill pass, it would eliminate the unlimited lifetime medical benefits for accident victims next year. It would mean that anyone injured in an accident as of January 1, 2014, will have a limit to the payments that will be available…
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