Stricter Rules Could be Coming for Banks with Over $100B in Assets The heads of the Federal Deposit Insurance Corporation and the Federal Reserve said last week that bank regulators are considering applying a set of tougher capital rules to banks that have over...
Nationwide Follows Other Insurers in Looking to Reduce Risk Nationwide announced last week that it would begin taking actions “to mitigate risk and manage the personal and commercial lines portfolios in the current environment.” “Strong headwinds...
FL Enacts Broad Anti-ESG Law Florida Gov. Ron DeSantis (R) signed a bill ( HB 3 ) opposing the consideration of environmental, social and governance (ESG) factors with respect to the management of state and local funds. The measure codifies rules DeSantis formalized...
25 GOP AGs Seek to Block Federal ESG Investment Rule The Republican attorneys general of 25 states have asked a federal court in Texas to block implementation of a regulation from the U.S. Department of Labor governing the consideration of issues like climate...
FL Approves Major Property Insurance Reforms Florida lawmakers passed sweeping legislation aimed at ending the state’s years-long property insurance crisis. If signed by Gov. Ron DeSantis (R), the bill ( SB 2 c ), which sailed through both chambers during...
Many LA Homeowners Insured by Small, Untested Carriers Before Hurricane Katrina struck Louisiana in 2005, most homeowners insured their properties with industry giants, like Allstate, Farmers, State Farm or USAA. But now many homeowners in the state are covered...
Most U.S. Counties Suffered Natural Disaster in Past Decade Between 2011 and 2021, 90 percent of counties in the United States suffered a hurricane, flood, wildfire, drought or other natural event severe enough to have been declared a federal disaster, according...
Judge Green-Lights Geico Class Action Suit A federal judge gave the go-ahead for a lawsuit accusing Geico Corp. of overcharging over 2 million California policyholders for car insurance early in the coronavirus pandemic may proceed as a class action. Geico...
Feds Proposing Climate Risk Reporting Requirement for P/C Insurers The U.S. Treasury’s Federal Insurance Office (FIO) is proposing a new rule requiring property and casualty insurers to submit homeowners insurance underwriting data to assess climate risk...
SEC, CFTC Fines for Wall Street Firms’ Record-Keeping Failures Reach $2B Last week, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) fined 16 financial firms, including Bank of America, Citigroup, Goldman Sachs...
Major Home Insurer Pulls Out of FL United Property and Casualty Insurance Co. - one of the top 10 homeowners insurers in Florida, with over 180,000 policyholders - has stopped writing new policies in the state this year, joining the other home and property insurers...
FHLB Pushing for Parity with Banks on Insurer Collateral: Officials from the Federal Home Loan Bank have been urging state lawmakers to approve measures putting Home Loan Banks on equal footing with banks when it comes to collateral pledged by insurance companies...
FL High Court Decision Could Discourage Punitive Damage Claims: The Florida Supreme Court has approved an appellate procedure rule change that, beginning April 1, will allow interlocutory appeals on whether lawsuits can include punitive damage claims. Currently...
FL Legislature Approves Big Auto, Property Insurance Changes: On the final day of their regular 2021 session last month, Florida lawmakers passed two bills that would bring significant changes to the state’s auto and property insurance industries. SB...
FL Insurers Dropping Over 50,000 Polices to Remain Afloat: The Florida Office of Insurance Regulation has issued consent orders allowing three insurers to drop thousands of personal residential policies to try to remain solvent. Universal Insurance Co. of North...