Free subscription to the Capitol Journal keeps you current on legislative and regulatory news.
‘Unauthorized Alien’ Limits Among Trio of Auto Insurance Proposals Under Consideration in LA House Three auto insurance bills cleared the Louisiana House Committee on Civil Law and Procedure...
Social Media Bill Dodges Veto Override in CO Colorado Gov. Jared Polis’ (D) veto of a social media bill ( SB 86 ) survived an override attempt. The state’s Democrat-controlled Senate voted...
WA Enacts Law Keeping Medical Debt Off Credit Reports Washington Gov. Bob Ferguson (D) signed a bill ( SB 5480 ) prohibiting collection agencies from reporting unpaid medical debt to credit agencies...
In 2022, there were about 22 maternal deaths for every 100,000 live births in the United States. That’s the highest rate of maternal deaths among high-income nations worldwide. That sobering statistic...
DOGE-Like Effort in FL Could Impact Insurance Industry The wave of housecleaning that’s swept through the federal government courtesy of Elon Musk's Department of Government Efficiency appears...
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 decided to provide $2.5 billion in credits, including 15 percent off renewals to policyholders, beginning in April 2020, in acknowledgement that they were driving less and getting into fewer accidents. But policyholders balked at the “Geico Giveback” program, contending the amount of the credit was “well short” of the “substantial and full relief” Geico claimed it was, given the substantial reduction in risks.
U.S. District Judge Beth Labson Freeman in San Jose, California said a class action was preferable to numerous individual lawsuits and that the plaintiffs’ damages model could provide “an appropriate percentage refund over a sufficiently long time” to be manageable. (INSURANCE JOURNAL)
A study by North Carolina State University found that federal flood maps are misleading and preventing homeowners who actually need flood insurance from purchasing it.
“In fact, only about 4% of homeowners nationwide have flood insurance — a problem that can be largely attributed to the flood maps created by the Federal Emergency Management Agency,” the report states.
FEMA’s maps show designated flood hazard areas considered to be most at risk from a 100-year flood event. Homeowners in such areas are generally required to purchase flood insurance to obtain a federally backed mortgage. Homeowners outside of those zones, however, are not, leaving many in vulnerable areas unprotected.
“We’re seeing that there’s a lot of flood damage being reported outside of the 100-year floodplain,” said the lead author of the study, Elyssa Collins, a doctoral candidate at NC State’s Center for Geospatial Analytics.
A study in 2020 by Rice University found that nearly twice as many properties were vulnerable to a 100-year flood than the FEMA maps indicated. (INSURANCE JOURNAL, NORTH CAROLINA STATE UNIVERSITY)
The U.S. Treasury Department’s Financial Crimes Enforcement Network reported that it received 1,489 ransomware-related filings totaling almost $1.2 billion from U.S. financial institutions in 2021. That sum is a 188 percent increase from the $416 million total for 2020. The majority of the attacks were carried out by groups tied to Russia. (BLOOMBERG, FINCEN)
-- Compiled by KOREY CLARK