Tag: insurance regulations

State Farm Insurance and other insurers slapped with Washington fines

H. Cutner
state farm insurance and insurer fines

The state’s insurance commissioner has issued the penalties to brokers and agents as well. Washington Insurance Commissioner Mike Kreidler has slapped State Farm Insurance, other insurers, agents and brokers with a number of fines throughout January. These fines totaled $15,000 and were issued for having violated the state’s insurance industry regulations. The largest fines the commissioner doled out were to State Farm Fire & Casualty Co. from Bloomington, Indiana. State Farm Insurance saw two thirds of the total fines from the Washington insurance commissioner. They were ordered to pay $10,000…

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California Insurance Commissioner granted greater homeowners coverage authority

G. Turner
homeowners insurance companies

The state’s Supreme Court ruled that the legislature gave California power to make certain specifications. The California Insurance Commissioner has the authority to decide which factors must be covered by homeowners insurance replacement cost estimate tools, says a state Supreme Court ruling. This will allow the commissioner to say what estimate tools home insurance companies are permitted to use. The decision updated a law from 2011 which was meant to help to reduce the ongoing underinsurance problem in the state. The original issue became truly problematic in 1991 when the…

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China launches new life insurance products regulations

Nordstrom
china newspaper mobile life insurance products

The country’s official regulator has established new rules to slow the growth of short- and mid-term products. Short- and mid-term life insurance products are now subject to new rules in China. These were shared on an official website notice from the Chinese industry regulator, the China Insurance Regulatory Commission (CIRC). CIRC has been working to be able to reduce the risk associated with the investment into these products. The CIRC’s concern is that if investments are made into stocks and long term assets using funds based on short-term life insurance,…

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Auto insurance rates are strikingly higher in some states than others

Logan B.
michigan auto insurance rates

A new study has revealed a major difference in premiums and Alabama drivers continue to pay more. Quadrant Information Services and insuranceQuotes.com have jointly released an auto insurance rates study. Within it, they named Alabama as the fourth most expensive state for drivers to be insured. The research examined some of the factors that play a role in making this coverage more expensive. What was found was that Alabama drivers pay more in auto insurance rates because of state regulations. Insurance companies in the state are permitted to use driving…

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Zenefits under investigation by California insurance regulators

G. Turner
insurance companies investigation

The software company has now had its business practices called into question and officials will be examining them. Zenefits, a software company, is now facing an investigation by California insurance department officials, as the firm’s business practices have been called into question. The California Department of Insurance released a statement with regards to the investigation that launched last year. While the California insurance officials have only just recently announced that they are looking into Zenefits and the way it conducts its business, it also stated that its efforts started back…

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