Insurance law to cause RBC to incur a $160 million hit

RBC insurance law canada

In Canada, the federal government’s efforts to close tax “loopholes” is bringing on a massive hit for one insurer. According to the Royal Bank of Canada (RBC), the latest insurance law change from Finance Minister Jim Flaherty that is designed to close the tax “loopholes” in this industry will bring with it a charge of an estimated $160 million for the insurer when it makes its fourth quarter earnings report. The insurer said that after tax, the charge will fall to $118 million, but is a direct result of the…

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Disability insurance benefits bill moves forward in Rhode Island

health insurance rhode island

The legislation is designed to help to provide the temporary expansion of the coverage. A new Rhode Island disability insurance bill which is meant to expand the temporary benefits provided to residents who are required to leave work in order to care for a sick relative or a newborn, is now heading to the state Senate for their approval. This is following the bill’s passage by the Senate Finance Committee which occurred at the end of last week. The legislation was introduced by Senator Gayle Goldin (D-Providence). It would require…

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Homeowners insurance at Citizens shedding some weight

Florida homeowners insurance, Citizens Property

Lawmakers have given the state backed insurer the ability to take action to reduce its policyholders. The state backed homeowners insurance company, Citizens, in Florida, will now be reducing its number of policyholders following the approvals that it has recently received from lawmakers. Hundreds of thousands of policies will no longer belong to Citizens but will be shifted to the private market. Certain areas are being affected more heavily than others. Many lawmakers are using this as a kind of pilot program to be able to decide how reforms for…

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Insurance industry in California receives new approval

News on Insurance Industry

Lawmakers have given their approval to a couple of consumer protection bills for discrimination prevention. The lawmakers in California have just sent a couple of consumer protection bills to Governor Jerry Brown, which – if signed – will change the health insurance industry in the state by preventing insurers from discrimination against individuals who have pre-existing conditions, and placing a limit on the amount that they will be able to charge older people. These bills are meant to change the laws in California in order to have them match federal…

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Holocaust Insurance Act in the United States opposed by many Dutch insurers

Jewish Families: Holocaust insurance act

Several companies are currently lobbying against the passing of the law in American Congress. A number of Dutch insurers have been fervently and determinedly lobbying U.S. Congress in order to discourage them from passing the Holocaust Insurance Accountability Act. According to recent reports, some of the largest insurers have joined together in this effort. The Dutch companies that are working together include ING, Aegon, and the Dutch Association of Insurers, among others. According to De Telegraaf, a daily newspaper in Amsterdam, they have “lobbied jointly dozens of times” against a…

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