Tag: virginia insurance

Virginia to provide licenses to public insurance adjusters

S.Vagus
Public Insurance Adjusters Colorado

Public insurance adjusters to begin receiving licensing next year Virginia insurance regulators are looking to license public adjusters to help manage the flow of claims that the state’s insurance companies receive as a result of natural disasters. The State Corporation Commission’s Bureau of Insurance is expected to begin issuing licenses for public insurance adjusters beginning early next year. Recent natural disasters have proven to generate a high number of claims. A limited number of insurance adjusters means that some of these claims could sit unresolved for extensive periods of time.…

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Virginia officials encouraging residents to purchase earthquake insurance

Marc

Virginia officials are urging residents to check their home insurance policies to ensure they have protection against earthquakes. The initiative comes as a new law takes effect, which will force insurance companies to disclose what their various policies do not offer coverage for. State officials are hoping that residents will be proactive in finding out what coverage they may lacking and take steps to rectify the problem before they fall victim to a devastating natural disaster. According to the State Corporation Commission’s Bureau of Insurance, many Virginia residents do not…

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Trustmark Life Insurance clashes with federal regulators over higher insurance rates

Trustmark Life Insurance Co. has run afoul of federal insurance regulators who claim that the company has raised rates for health insurance to unreasonable levels. The insurer has raised rates in five states by at least 13%, according to the Department of Health and Human Services. These states are Arizona, Virginia, Wyoming, Pennsylvania and Alabama. The Affordable Care Act requires insurers to submit their rate proposals for federal review if they pass the 10% mark. The Department of Health and Human Services has ordered the insurer to rescind the rate…

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Virginia’s request for aid in wake of August earthquake is approved by FEMA

S.Vagus

FEMA has approved a second request for aid coming from Virginia to help recover from a powerful earthquake that struck the state in August of this year. The 5.8-magnitude has caused more than $22 million in damage to date. Given the rarity of earthquakes in the Eastern U.S., few Virginia residents have adequate insurance coverage for such happenings. More than 1,404 homes have been damaged by the quake and the 40 aftershocks that shook the state in the following weeks. FEMA had initially denied the request for aid after insurers…

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