Health insurance must be purchased by Californians by today

California health insurance

The residents of that state will need to buy their coverage or they will face a tax penalty for the full year. Californians who haven’t yet purchased their health insurance plan under the Affordable Care Act have until the end of the day, today, to obtain their coverage and stop themselves from facing a tax penalty for the whole year. The second, extended enrollment period for the health care reform is now coming to an official close. Technically speaking, the health insurance enrollment period was supposed to have come to…

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Cybersecurity insurance news buzzes with new NAIC industry guidance

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The National Association of Insurance Commissioners has now taken on twelve new regulatory guidance principles. The National Association of Insurance Commissioners (NAIC), has recently announced its adoption of twelve Principles for Effective Cybersecurity Insurance Regulatory Guidance. This is an important move from this standards setting organization which is made up of regulators from across the country. These twelve cybersecurity insurance principles have come at a time in which the threats to the industry have been receiving a tremendous amount of time in the spotlight, particularly following the Anthem data breach.…

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India’s government approved major insurance industry overhaul

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Economic measure receives approval from the Indian Parliament India’s insurance industry is in for an overhaul, as Prime Minister Narendra Modi has passed his first major economic reform a year after coming to power. The Indian Parliament has voted  to pass a measure that would have a major impact on the domestic insurance industry, allowing foreign investors to participate in the sector. The measure will increase the investments that foreign parties can make into local companies, which may be a boon for smaller companies that offer certain kinds of coverage.…

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Insurance law that fines uninsured Louisiana drivers cause anger

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These high penalties have caused some residents of the state to call this new regulation unfair. A new insurance law has now gone into effect in Louisiana, which is designed to deter drivers from heading out onto the road while uninsured, but some residents of the state are now calling it unfair, as the penalties associated with it are quite high. Previously, the fine for driving without any auto insurance had been a small, one-time fee. However, drivers are now discovering that this insurance law means business. The fee now…

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Federal Reserve requests information from the insurance industry

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Federal agency is asking insurers to provide more data concerning postcrisis capital rules The U.S. Federal Reserve has begun reaching out to the insurance industry in order to obtain more data concerning postcrisis capital rules that could have a major impact on insurance companies. The agency has sent a request for information to 20 insurers. Companies that have received a request for information are considered to be “systematically important” to the country’s overall economy. Companies like American International Group and Prudential Financial Inc. fall within this designation. Data provided by…

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