Tag: Department of Insurance

What the Proposed Rate Hikes Mean for North Carolina Homeowners Insurance Policies

Nordstrom
North Carolina Homeowners Insurance

North Carolina Faces Rising Homeowners’ Insurance Rates Background on the Rate Increase Proposal North Carolina homeowners are bracing for a significant decision regarding a substantial proposed increase in homeowners’ insurance premiums. The North Carolina Rate Bureau (NCRB), representing private insurance companies, has requested an average statewide rate hike of 42.2%. Insurers argue that escalating costs due to natural disasters, repair expenses, and reinsurance premiums necessitate the increase. While the proposed hike averages 42.2%, coastal areas like Emerald Isle and Swansboro could see skyrocketing increases ranging from 71.4% to 99%. Meanwhile,…

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California Insurance Commissioner Lara announces consumer protection appointments

Marc
California Insurance commissioner Ricardo Lara and State Farm Hearing

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…

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Three South Carolina state agencies form insurance fraud task force

H. Cutner
Insurance fraud - task force

The Attorney General’s Office, the Department of Insurance, and SLED are working together. Insurance fraud in South Carolina has reached the point that three state agencies – the Attorney General’s Office, the Department of Insurance, and SLED – have come together to create a task force for the purpose of cracking down on cases. South Carolina has the 17th highest rate of complaints regarding fraudulent claims in the US. National Insurance Crime Bureau (NICB) data shows that South Carolina is in 17th place in the country for the amount of…

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Missouri earthquake insurance market is getting very shaky

H. Cutner
Missouri earthquake insurance - US Flag, Missouri Flag, Jefferson National

The state D.O.I. published a new report showing the lack of high-magnitude tremor readiness. A new Missouri earthquake insurance report was recently published by the state’s Department of Insurance (D.O.I.), highlighting some troubling details about the market there. The “Earthquake Insurance Market Report” showed a lack of preparedness in the event of a large quake. The Missouri earthquake insurance report revealed some troubling facts about the readiness of the state’s market to recover if a high magnitude quake should occur. This is particularly worrying as the southeast of the state…

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Allstate aims to raise insurance premiums in Georgia

S.Vagus
Commercial Insurance rates

Allstate bypasses rate proposal process to increase premiums Allstate customers in Georgia may see their  insurance premiums spike, according to the Georgia Department of Insurance. The insurance company is planning to implement rate increases on some policies, with premiums rising by as much as 58.3%. According to Insurance Commissioner Ralph Hudgens, this is the first time he has seen such a rate hike. Moreover, the proposed rate hike has not been approved by the Department of Insurance. Insurance Commissioner claims Allstate bypassing the proposal process is unfair Hudgens notes that…

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Health insurance for same sex couples in Indiana causing confusion

G. Turner
same sex gay marriage health insurance

Since a judge struck down the unconstitutional ban on gay marriage on Wednesday, hundreds have been married. While those hundreds of new same sex couples have been legally married in Indiana, they still face some confusion regarding health insurance benefits, as the state continues to await the decision regarding Attorney General Greg Zoeller’s filing for a stay. Until that decision is made these newlyweds don’t know whether their health benefits cover each other. At the moment, there does not appear to be any clear answer to whether or not the…

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Insurance jobs to become widely available in Ohio

H. Cutner
Insurance Jobs

By the year 2020, it is estimated that the industry in the state will require another 26,000 workers. A recent news prediction has revealed that a large number of insurance jobs will be opening up in Ohio as the industry expands considerably between now and the year 2020. This according to a career awareness programs that involves the participation of thirteen insurers. This group, called Insuring Ohio Futures, expects that in just over a half decade, the industry within the state will require an additional 26,000 insurance jobs to be…

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