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CT Senate Passes Sweeping Consumer Protection Bill The Connecticut Senate passed an expansive consumer protection bill ( SB 5 ). Among other things, the measure would require service providers such as...
Social Media Warning Label Legislation Catching on in States Although Congress hasn’t responded to former U.S. Surgeon General Vivek Murthy’s call last June to take up legislation requiring...
OR Lawmakers Pass Age Discrimination Bill Oregon’s legislature passed a bill ( HB 3187 ) that would prohibit an employer from requesting an applicant’s age, date of birth or date of graduation...
WI Assembly Passes Multiple Healthcare Bills Wisconsin’s Assembly passed multiple healthcare-related bills with broad bipartisan support. One ( AB 43 ) would allow pharmacists to prescribe birth...
A nightmare may be coming to life for social media companies in Minnesota. There, Democrats in the state Legislature have embraced a pioneering bill, SB 3197 , which seeks to levy the nation’s...
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 brought on by the economic environment, catastrophe weather events, and the impact of inflation continue to impact the entire insurance industry,” the insurer said in a statement. It didn’t specify which lines of business or areas of the country would be impacted by its risk mitigation efforts.
AIG, Allstate, Farmers and State Farm have all recently made moves to limit their risk in states like California, Florida and Louisiana. (INSURANCE JOURNAL)
U.S. cyber insurance premiums shot up 50 percent in 2022, and they’ve tripled in the past three years, according to a study by AM Best. The ratings firm said increasing ransomware attacks and e-commerce have driven demand for coverage. (BLOOMBERG)
Florida Gov. Ron DeSantis (R) signed one of the last property insurance-related bills passed during the state’s 2023 regular legislative session. Among other things, the measure (SB 418) will let insurers offer higher hurricane deductibles for some homeowners and use multiple computer models instead of just one when filing rate increases. (INSURANCE JOURNAL, STATE NET)
Rhode Island’s House passed a bill (HB 5160) capping payday loans at an annual percentage rate of 260 percent. As of last week Senate leadership hadn’t commented on whether it supported the legislation. (PROVIDENCE JOURNAL)
Adoption of usage-based insurance, in which the cost of a policy is determined by the policyholder’s driving habits tracked via telematics, has more than doubled since 2016, with 17 percent of auto insurance customers now participating in such a program, according to J.D. Power’s 2023 U.S. Auto Insurance Study. The study said lower customer satisfaction with standard auto insurance has helped drive that UBI growth. (INSURANCE JOURNAL)
—Compiled by SNCJ Managing Editor KOREY CLARK
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