Florida may be the latest state to join the Interstate Insurance Product Compact, a program established in 2006 in order to improve consumer protection and hasten the accreditation process for new insurance products. Currently, 41 states have joined the program, all of which have adopted universal standards regarding application procedures concerning life insurance and long-term disability coverage products. The program does not account for health insurance, but Florida legislators may seek to include these products into the program if the state joins. The Insurance Product Regulation Commission, a multi-state agency…
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Talks of North Carolina new insurance regulation stirs the pot
North Carolinian legislators are toiling over a new bill that could make insurers a lot of money. The bill, which has the support of some of the state’s largest insurance companies, would enable auto insurers to raise their rates by 15% every year. There are also provisions within the legislation that would put strict limitations on the regulatory authority of North Carolina, giving companies more freedom to operate as they see fit. Insurance Commissioner Wayne Goodwin is convinced that the legislation is derived from companies wanting more money and nothing…
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