Tag: insurance law

Insurance news from Washington state includes Commissioner testifying in support of HB1212

Insurance news Mike Kreidler, Washington Commissioner

Mike Kreidler has announced that he has testified against of the use of credit scores by insurers. The latest insurance news out of Washington is that Mike Kreidler, the state’s commissioner, testified on January 30 as a reflection of his support of a new bill that is a bipartisan initiative to stop insurers from being able to use credit information to calculate homeowners policy premiums. House Bill 1212 separates homeowners coverage from the current Washington law restricting credit history use. The current regulations within the state limit the extent to…

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Homeowners insurance rate hike leads Commissioner to call hearing

homeowners insurance

This was a response to NC insurers that have requested considerable premiums increases. Wayne Goodwin, the commissioner for North Carolina, has ordered a hearing in response to the request that homeowners insurance companies in the state have made requests to their policyholders for an increase in their premiums. The commissioner feels that the proposed rates are unfairly discriminatory and excessive. This story was first reported by Insurance News Report on January 23, 2013, but it has since then developed to the point that the commissioner has felt the need to…

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Homeowners insurance rate cap dodges from Citizens targeted by South Florida legislators

Julie Campbell
Homeowners Insurance

New legislation is taking aim at efforts the insurer has made to get around the limit. Lawmakers in South Florida have just filed new legislation with the goal of stopping Citizens Property Insurance from being able to get around the homeowners insurance rate increase cap of 10 percent, by charging the higher rates only to new customers. This largest property insurer in Florida was tinkering with the idea throughout the last half of 2012. The state backed homeowners insurance company of last resort has a rate increase cap applied against…

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Life insurance bill takes aim at reducing fraud

Massachusetts homeowners Insurance

Massachusetts Governor Deval Patrick is now deciding on his approval for regulations in the industry. Deval Patrick, the Governor of Massachusetts, is currently considering a bill that has been created in order to help to combat life insurance fraud by adding regulations to brokers and financial service companies that purchase policies from cash starved policyholders and then receive the benefits upon the death of those individuals. The sale of an individual’s policy for a fraction of its settlement total is both legal and common in Massachusetts. This is the case…

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Insurance news released to Madoff victims with claims

Julie Campbell
New Jersey homeowners insurance law

An appeals court has ruled that filings can be made for actual losses that were suffered. A New York state appeals court has made insurance news by ruling on the case regarding the types of claims that can be made by the victims of Bernard Madoff’s Ponzi scheme that bilked millions of dollars from those involved. The ruling allows the victims to make claims based on the actual losses that they suffered. This means that while the insurance news is good, in that they can make some claims, they will…

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