Live Insurance News

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

January 14, 2013January 14, 2013 Julie Campbell

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…

Life insurance bill takes aim at reducing fraud

January 10, 2013April 30, 2013

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…

Insurance news released to Madoff victims with claims

December 13, 2012December 13, 2012 Julie Campbell

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…

Insurance news made when state senator criticizes Oklahoma department decision

December 5, 2012December 4, 2012 Julie Campbell

The “police posture” that has been taken has raised many eyebrows, particularly after seeing the bill. There has been massive controversy over the latest insurance news from Oklahoma, where a state senator has now publicly expressed his concern over the recent purchases that have been made by the state’s Insurance Department. Senator Harry Coates (R-Seminole) intends to introduce a new bill to put a stop to the agency’s efforts. Senator Coates feels that the agency has taken on a “police-like posture” with its recent purchase of police package vehicles, shotguns,…

Homeowners insurance policyholders step away from Citizens

November 23, 2012April 30, 2013

A growing number of customers in Louisiana are seeking coverage elsewhere. According to the homeowners insurance commissioner in Louisiana, there have been 6,877 policies that have now left Citizens and that are now being covered by private insurers. These property owners will benefit from the change because they will likely have lower premiums. Citizens homeowners insurance is currently facing a legal requirement which forces them to have to increase their premiums. By law, that insurer must now charge more. Therefore, the customers that have now moved their policies to private…

Mercury Insurance shows their approval for newly proposed auto discount in California

August 15, 2011August 15, 2011 Live Insurance News

Mercury General Corp. has just announced its support of an auto insurance initiative comparable to last year’s Proposition 17, which was turned down by voters in June 2010. Supporters of this initiative are thrilled with Mercury’s backing, and are hoping that this second effort will make the difference. Insurance trade group, American Agents Alliance’s executive director, Mike D’Arelli, submitted the proposed initiative’s summary to the California attorney general’s office; taking the first step toward a vote on the initiative. Mercury had previously been a supporter of Proposition 17, having spent…

Debate continues over bill allowing consumers to purchase insurance across state lines

June 2, 2011 Nordstrom

Congress is considering a bill that would allow insurance companies to sell policies across state lines. The bill has been before Congress for some time, but legislators have yet been unable to determine the necessity or viability of such a law. Now, Congress is calling upon witnesses to testify whether or not the law will actually help lower the number of uninsured people in the nation and entice insurers to provide more affordable coverage. These witnesses have begun appearing before the Health Subcommittee of the House Committee on Energy and…