Two laws currently before Congress have found opposition from the Coalition for Competitive Insurance Rates, a group of businesses and consumers that rely on low rates stemming from competition in the national insurance market. The legislations in question are H.R. 3157 and S.B. 1693. Both laws impose greater taxes on foreign insurance and reinsurance companies that wish to do business within U.S. borders. The Coalition fears that this will dissuade foreign companies from entering the market, thereby reducing competition and raising insurance prices. Currently, the majority of the reinsurance needed…
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New investigation may enable American insurance companies to seek money from BP in the wake of last year’s oil spill
Last year, an investigative team from the U.S. government was tasked with tackling the issue of the disastrous oil spill that inundated the Gulf of Mexico with crude oil. The company responsible for the oil spill, British Petroleum (BP), has yet to face any legal action from the government for what has become the worst oil spill in the nation’s history. Many businesses in states along the Gulf of Mexico were left crippled by the loss of business spurred by the oil spill, which, in turn, translated into insured losses.…
Read MorePost 9/11 insurance industry is vastly different, says report
This weekend marks the tenth anniversary of the September 11 attacks which brought down New York City’s World Trade Center. Since the attack, the political landscape has changed dramatically, a shift that has been mimicked throughout society as terrorism more people became aware of terrorism. Many things changed in the wake of 9/11, and while many of these changes resided within the boundaries of the nation, the entirety of the world’s insurance industry underwent a drastic shift. The Insurance Information Institute (I.I.I) has been studying the changes in the worldwide…
Read MoreBasic highlights on top four insurance companies to help consumers
Throughout the financial crisis over the last few years, a number of insurance companies faced a significant struggle, leaving people to wonder about the top insurers after having seen the global giant American International Group (AIG) fall apart. In order to help consumers to better understand the current the insurance marketplace, experts have compiled some notes about the top four leading companies. Progressive is among the biggest American auto insurance companies. It provides standard vehicle insurance as well as products for specialty vehicles such as ATVs, mobile homes, motorcycles, boats…
Read MoreOregon faces lawsuit after state’s insurance plan denies coverage for transgendered public employee
Gender identity can be a sensitive issue, and one rarely touched upon by the insurance industry. Indeed, there are few occasion on which the insurance industry would get involved in such issues. Oregon, however, is among the first states in the U.S. to be subject to a lawsuit filed by a transgendered public employee. The lawsuit stems from the state’s health care insurance plan denying to pay for a medical procedure. Oregon’s public employee benefits board is being accused of discrimination in regard to gender identity. Alec Esquivel, a 41…
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