California insurance market getting a shake down A 2010 ballot initiative could cause the Seismic Safety Commission in California to lose its funding before the end of 2012. The ballot initiative was designed to help to make it more difficult for government fees to be imposed on individuals and businesses. It also caused the California Legislative Analyst’s Office to decide that the proposed funding method by the governor to the Safety Commission is now unconstitutional. The analyst made the recommendation that there be a rejection by the Legislature of the…
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Major Chinese ship insurance company to cease Iranian oil tanker coverage
Commercial insurance market for oil tankers tightens A major insurer of Chinese ships has announced that, starting in July, it will be stopping its indemnity coverage for tankers that are transporting Iranian oil. This has dealt another blow to the tanker companies that carry oil – the main export of Tehran – from the Iranian capital, and has further narrowed the coverage options available in a market that has already been pinched by payment barriers put in place by sanctions in the West. As the number of Western sanctions increase…
Read MoreCourt rules denial of benefits to same-sex couples to be discrimination
Same sex insurance coverage ruling The chief judge in a San Francisco court has deemed the denial of insurance benefits for a same-sex spouse to be a discriminatory act, and has ordered that the couple in the case be compensated for the costs they incurred for private insurance. The case involved the same-sex spouse of a federal court employee who had been denied insurance coverage. However, those payments may not be fast to arrive, as the courts will now consider the Defense of Marriage Act’s constitutionality, as this law from…
Read MoreCalifornia pushes for insurance exchange despite fate of Affordable Care Act
California health insurance news update California seems to be moving ahead with its plans to build a health insurance exchange despite the current controversy surrounding the Affordable Care Act. The federal health care law is currently awaiting ruling from the Supreme Court after lengthy and uncomfortable litigation last month. Speculation suggests that the Court may rule the law as unconstitutional, or at least a part of which, which means that states would no longer be required to build insurance exchanges. California lawmakers are well aware of the possibility that the…
Read MoreEarnix unveils new Product Manager Workbench for the American insurance marketplace
Insurance technology news Leading insurance and banking industry integrated customer and pricing analytics solutions provider, Earnix, has unveiled their latest offering in the form of the Earnix Product Manager Workbench module. This new product allows product and state managers from American insurers to bring together price elasticity models and decision processes for pricing. The predictive analytics functionality is easy to use, and any level user will be able to forecast the result of upcoming rate changes on key performance indicators (KPIs). This includes the written premium, retention, the conversion rate…
Read MoreConsumer Watchdog proposes new ballot initiative to curb health insurance rate hikes
California health insurance industry being eyeballed Consumer Watchdog, a non-profit advocacy group focused on the insurance industry, has proposed a new ballot initiative to the California Legislature that would put a stop on rising health insurance premiums. The organization claims that the state’s largest insurance companies have increased premiums by 20% since April 1, 2012. Consumer Watchdog suggests that these companies will raise rates a second time in May, and increase that will likely be 20% again. These higher rates have affected more than 1 million Californians, many of whom…
Read MoreConnecticut lawmakers mull over plan to make license plates transmit insurance information
Proof of auto insurance in Connecticut Connecticut lawmakers are considering a new plan that could make checking for auto insurance coverage easier. The plan would have small transmitters embedded in the license plates of vehicles. These transmitters would be able to send out insurance verification via RFID signals. Legislators believe that this system would be a more efficient way to track uninsured drivers and issue tickets. If the plan is enacted, the state could collect as much as $29 million each year. According to the Insurance Research Council, a non-profit…
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