Maryland Insurance Professionals Face Stricter Standards

Maryland Insurance Professionals Face Stricter Standards

Protecting Maryland Consumers: A Closer Look at Stricter Penalties Starting October 1, consumers in Maryland will witness the implementation of more stringent penalties for unauthorized insurance activities. These legislative changes, introduced by the Maryland Insurance Administration, aims to protect consumers from fraudulent practices while ensuring that insurance professionals uphold the highest standards. Unauthorized Insurer Fines Soar: The fines for unauthorized insurers have substantially increased, with penalties rising from $50,000 to a maximum of $125,000. Higher Penalties for Dishonest Practices: Insurance producers and public adjusters indulging in dishonest or incompetent practices…

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Drivers in Maryland are facing growing auto insurance premiums from State Farm

auto insurance car future

State Farm is generating controversy with rate hikes affected thousands of drivers Drivers in Maryland will be facing higher auto insurance rates coming from State Farm. The insurer has had many complaints issued against it over the past year due to rising insurance premiums, with some drivers claiming that their premiums were raised for accidents that were not their fault. Maryland insurance regulators have found fault with some of the premium increases that have been issued by State Farm, with some of these rate hikes hitting drivers that have only…

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Open enrollment is up and running on the health insurance exchange

health insurance exchange

The third ever open enrollment has started across the country for people buying coverage for 2016. It’s that time of year again, when the health insurance exchange open enrollment begins so that consumers across the United States can shop for, compare, and purchase the coverage they need for 2016 in order to comply with the individual mandate of the Affordable Care Act. The open enrollment period for buying the health plans officially started on Sunday, November 1. Initial reports showed that consumers were already using the online marketplaces across the…

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Maryland’s health insurance exchange has some major problems, according to state audit

Maryland Health insurance

Audit reveals many problematic issues with state’s insurance exchange The Maryland Office of Legislative Audits has reviewed the state’s health insurance exchange, called the Maryland Health Benefit Exchange, and have found that the exchange’s operators did not appropriately protect sensitive personal information from those enrolling in the marketplace. The state’s exchange began official operations in June of 2011 and the Office of Legislative Audits reviewed data from the exchange from that point through July 2014. The findings of the audit highlight many instances in which the exchange can be improved.…

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Traffic violations lead to higher auto insurance premiums

georgia auto insurance news

In some states, premiums grow by a significant margin when drivers are hit with traffic violations Moving violations often lead to increase auto insurance premiums, but in some states, the increase is astronomical. A new report from InsuranceQuotes.com highlights the dramatic increase of auto insurance premiums in some states for those that receive driving under the influence (DUI) charges. On average, consumers can expect to pay 92% more for their coverage when they receive a DUI charge, which is the national basis. In some states, however, costs can shoot up…

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