National Association of Insurance Commissioners ( Archives

Beginner Basics: 7 Things New Homeowners Need to Know About Home Insurance

November 9, 2023 Guest Author

Most new homeowners know that purchasing a house insurance policy is a sensible decision. Those small monthly payments you barely notice coming out of your bank account can save you from financial ruin in the event of catastrophic property damage. However, some people purchase home insurance policies without doing their homework. Alongside reading the fine print provided by your insurance company, it can be worth familiarizing yourself with the following details: No Doesn’t Always Mean No Insurance providers are there to help homeowners protect their investments. Unfortunately, that doesn’t mean…

New Florida force-placed insurance regulations now in effect

July 5, 2023July 4, 2023 G. Turner

As of last weekend insurers and mortgage lenders have new rules to which they must comply. Starting on July 1, Florida force-placed insurance regulations have been updated, requiring insurers and mortgage lenders to face certain tighter restrictions on the implementation of those policies. The change is the result of a new bill approved by Florida lawmakers earlier in 2023. House Bill 793 took effect at the start of this month, with the intention of banning what some have referred to as lender “double dipping.” That occurred when lenders put force-placed…

Florida insurance agents know they offer more than AI

June 22, 2023June 21, 2023 Nordstrom

Many of these professionals aren’t feeling threatened by artificial intelligence technology. In California, insurance agents have been voicing their concerns over the potential threat artificial intelligence (AI) could have to their jobs. However, in Florida, these professionals seem to feel far more confident that they can offer a great deal that AI cannot. Florida’s property insurance industry has been struggling for several years due to rising risks and costs. “Things are getting better. They are,” said Great Florida Insurance owner Gordon Gillespie, who was among the hundreds of agents at…

NAIC to develop new pet insurance regulatory standards

January 8, 2021January 7, 2021 Logan B.

Pet Insurance regulatory standards - dog receiving veterinary care

The National Association of Insurance Commissioners is creating a model law for animal health policies. The National Association of Insurance Commissioners (NAIC) is currently working on a new model pet insurance regulatory standards law. NAIC’s Pet Insurance Working Group has been tasked with developing the shape of this law. The new pet insurance regulatory standards are expected to impact that part of the insurance industry, depending on whether states adopt them and how they do so. It may also alter the way veterinarians discuss coverage with their clients. The NAIC…

NAIC to address US insurance industry racism and discrimination

August 4, 2020July 31, 2020 H. Cutner

Insurance industry racism - racial equality - typewriter

A special committee has been formed in order to specifically focus on Race and Insurance. The National Association of Insurance Commissioners (NAIC) has announced that it has created a special committee to address insurance industry racism and discrimination. NAIC is seeking to improve the way its systems and coverage reflect and protect society. “Our regulatory system and insurance in general is a reflection of the society it aims to protect, and while state insurance regulators have worked to eliminate overt discrimination and racism, we all have been increasingly aware that…