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Bad Faith Insurance Claims Bill in VA, Record Growth of CA’s Insurer of Last Resort & More

March 19, 2024 (1 min read)

VA Lawmakers Pass Bad Faith Insurance Claims Bill

The Virginia legislature passed a bill (SB 256) that, if signed by Gov. Glenn Youngkin (R), would require auto insurance companies that refuse to pay a loss of income, medical expense or property damage claim submitted by a policyholder and are found by a court to have acted in bad faith to pay the policyholder double the amount of the judgment plus interest and attorney fees. The measure would also impose that same requirement for third-party claims of up to $3,500 and on uninsured motorist claims of up to $500,000 for personal injury or wrongful death. (INSURANCE JOURNAL, LEXISNEXIS STATE NET)

CA Property Insurer of Last Resort Growing at Record Rate

The California FAIR Plan, the state’s insurer of last resort, wrote over 15,000 new policies last month—its highest monthly total ever—after adding 12,000 new policies in January. The nonprofit now provides coverage for about 373,000 homes and businesses, more than double the number of properties it covered in September 2019. (SACRAMENTO BEE)

MI Senate Passes Cap on Payday Loan Interest Rates

Michigan’s Senate passed a bill (SB 632) that would cap interest rates on payday loans—which currently can climb as high as 391% per year—at an annual rate of 36%. Twenty other states already have such a cap in place. (BRIDGE MI, LEXISNEXIS STATE NET)

—Compiled by SNCJ Managing Editor KOREY CLARK

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