Live Insurance News

Environmental liability insurance system rejected in Europe

July 4, 2014July 3, 2014 Julie Campbell

The European insurance and reinsurance federation has decided that compulsory coverage would not be beneficial to consumers. Insurance Europe, the European federation for insurance and reinsurance coverage, customers would not be able to benefit from a compulsory form of environmental liability insurance system, and for that reason, it does not recommend the introduction of that type of program. This federation is made up of thirty four different members across Europe’s national associations. According to a statement from the federation, “An EU-wide compulsory environmental liability insurance system would not benefit customers…

Ohio insurance reforms could be beneficial to consumers

June 2, 2014May 31, 2014 G. Turner

Changes to the laws in the state could help to boost competition and strength while boosting protection for consumers. According to Mary Taylor, the director of the Ohio Insurance Department, as well as its Lieutenant Governor, the latest reforms to the insurance laws in the state could be exceptionally helpful for the maintenance of that industry’s strength and competition, and it may also bring additional protections to consumers. Senate Bill 140 is now also ready for the Governor, John Kasich’s signature. Once the Governor signs that bill into a law,…

Terrorism insurance program renewal future is unknown

May 9, 2014May 9, 2014 Julie Campbell

terrorism insurance industry news 9/11 Memorial in 2004

The debate will be whether or not there is any need to extend this coverage for a second time. When the attacks on the World Trade Center and on the Pentagon occurred on 9/11, there was a dramatic change in the demand for terrorism insurance and in the way that risk was being calculated by insurers. Suddenly, there was a very real threat that massive losses could occur as a results of terrorist attacks. A law was put into place to make sure that terrorism insurance would remain available and…

Legislation targeting the insurance industry passes in Florida

May 6, 2014May 6, 2014 S.Vagus

New legislation stands to benefit consumers throughout the state of Florida New legislation has been passed in Florida that aims that is meant to modernize insurer solvency throughout the state. The legislation is expected to benefit Florida consumers as it will provide them with new protections and make changes to state regulations that have become considered archaic. Senate Bill 1308, as it is called, is heavily based on the national standards that have recently been introduced by the National Association of Insurance Commissioners. Legislation is based on national standards from…

Flood insurance rates still rising, regardless of law reforms

March 26, 2014March 24, 2014 G. Turner

Even with the overhaul of the federal program, the prices homeowners will pay will still be higher. Millions of homeowners across the country were breathing a sigh of relief when the flood insurance law was reformed in order to bring down some of the skyrocketing rates for that coverage, but many continue to face much higher premiums than they have seen in previous years. The rising cost of this coverage may not be as high for some homeowners as expected, but it’s still going up. The subsidies through the National…

Same sex couple insurance rights get a shot in the arm from Obama

March 18, 2014March 15, 2014 Julie Campbell

same sex couple insurance plans health care reform

The administration has now moved to broaden access to health plans by closing a controversial loophole. On Friday, the Obama administration made a move to improve same sex couple insurance access when it comes to health plans by beginning an effort to close an existing loophole that would risk leaving certain patients with HIV/AIDS without any coverage. The Health and Human Services Department made two different announcements on the subject. The first stated that insurers that are offering spousal coverage for those who are heterosexual must also provide same sex…

Health care reform mandate delayed yet again

February 13, 2014February 11, 2014 Julie Campbell

The White House has now put off employer fines until 2016 after continued rollout struggles. According to the latest large delay issued by the Obama administration for the health care reform, the majority of employers will still not face a fine next year if they do not offer insurance benefits to their employees, yet. The timing of the implementation of this element of the health insurance law has now been pushed back. According to the Affordable Care Act’s regulations, the Treasury Department has stated that businesses that have between 50…