Tag: insurance regulators

Governor Christie prohibits hurricane deductibles

Marc
Governor Chris Christie Flood Insurance

New Jersey homeowners protected from hurricane deductibles by executive action New Jersey Governor Chris Christie has signed Executive Order 107, which will prohibit insurance companies in the state from imposing hurricane deductibles to homes that were damaged by Hurricane Sandy. The now notorious “superstorm” wrought havoc through much of the northeastern U.S. in late October. The storm hit New Jersey particularly hard as it made landfall, causing catastrophic damage to homes and state property. In a move to help save homeowners from the costly implications of hurricane deductibles, Governor Christie…

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Missouri Insurance Department recovers funds amidst swarm of complaints

Auto Insurance complaints

Missouri Insurance Department fields 26,000 consumers complaints The Missouri Insurance Department is fielding some 26,000 consumer complaints concerning the coverage they receive through the state’s insurance companies. This week alone, the agency has received more than 10,000 complaints and inquiries regarding the practices of insurance companies. On average, the agency typically receives 16,000 complaints throughout the course of an entire year. Spurred by these complaints, the Missouri Insurance Department has reclaimed some $7.7 million that will be returned to the state’s insurance consumers. Common complaints involve health insurance The most…

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Life insurance dispute to be settled as AIG agrees to pay over $300 million

AIG Insurance Industry Marketing

This money will go to the U.S. states involved in the massive disputes. According to the finance office in California, American International Group (AIG) will be making payouts totaling over $300 million in order to settle a dispute with several different states regarding unclaimed life insurance payments. The payment will be split among 39 different U.S. states as well as Washington D.C. This single agreement regarding property that remained unclaimed from AIG will require the life insurance company to pay more than $300 million that is owed on a tremendous…

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Texas insurance regulatory system may be seized by federal regulators if the state’s Department of Insurance is not granted more authority

The Texas Department of Insurance has been reviewing health insurance rate proposals since the Affordable Care Act was passed in 2010. Regulators have been scrutinizing any insurer that aims to raise rates by 10% or higher, but their efforts may be in vain. According to the Department of Insurance, regulators do not have the authority to block any rate proposal that they deem excessive. They also do not have the means to distribute information regarding rate hikes amongst consumers. This is because the state does not have the laws to…

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Imperial Holdings targeted by federal insurance regulators after allegations of fraud

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Imperial Holdings has become the target of a federal criminal investigation after insurance regulators caught wind of allegations concerning the life insurance branch of the company – Imperial Finance and Trading. The investigation applies only to the company’s life insurance premium finance business and no other aspect of the company. A multitude of class action lawsuits have been filed against Imperial Holdings since September of last year. Many of these lawsuits are coming from shareholders who claim that the company is committing fraud. Federal regulators seized control of the company’s…

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