Tag: Hawaii insurance

Health insurance exchange in Hawaii receives millions in federal money

Nordstrom
Health insurance plan

The Hawaii Health Connector has received the grant from the Department of Health and Human Services. The Hawaii Health Connector, which is the name of that state’s health insurance exchange, has just received a grant of $61.8 million from the Department of Health and Human Services, in order to create, develop, and implement that marketplace. Hawaii was the first among all fifty states to announce that it would be creating its own exchange. The state’s Congressional delegation, with Senator Daniel Inouye at the helm, has been heading the national effort…

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California insurance industry follows Nevada regarding driverless cars from Google

Julie Campbell

Senator Alex Padilla (D-Pacoima), of California, has announced his new legislation regarding a Toyota Prius that has been modified by Google Inc., which is designed to occur alongside new regulations that are designed to permit the first autonomous vehicles in the world to receive their road testing and registration in Nevada. This bill was announced at a Sacramento press conference and was written with the input of Google and is a reflection of that company’s most recent attempt to demonstrate to policymakers that although these futuristic cars aren’t quite yet…

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UPCIC writes its first Georgia homeowners insurance policies

Nordstrom

Universal Insurance Holdings, Inc., has announced that its Universal Property and Casualty Insurance Company (UPCIC) subsidiary has now written its first Georgia homeowners’ insurance policies for an official start within that state. Chief operating officer of the vertically integrated insurance holding company, Sean Downes, said that the entrance of UPCIC into the homeowners’ marketplace in Georgia “marks the fifth state where UPCIC conducts business and continues our expansion beyond Florida.” He added that the insurer is anticipates a strong expansion of its network of agents within that state, as well…

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Hawaiian Insurance Commissioner calls for home insurers to submit new, reduced rates

S.Vagus

A recent inquiry into the rates of homeowner’s insurance in Hawaii has led the state’s Insurance Commissioner, Gordon I. Ito, to call for drastic actions. The state’s Insurance Department ruled that the current rates for homeowner’s insurance are far too excessive. The department used data supplied by the National Association of Insurance Commissioners to form a benchmark against which Hawaii’s rates were tested. Now, Ito is calling for insurers to submit new rate filings for review. Ito first issued a memorandum for insurers to send their justifications for their rate…

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Hawaii’s hurricane fund in jeopardy of being drained

Nordstrom

Hawaii may lose their state hurricane fund in an attempt to balance a 232 million dollar deficit. The fiscal year ends in three months and state officials are scrambling to find a way to balance the budget.  One approach that is being considered is to use part of, or all, of the 117 million dollars sitting in the hurricane relief fund. The state fund was started after the 1992 disaster from hurricane Iniki, which caused most insurers to stop writing policy coverage for hurricanes and related damage.  It took 10…

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