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MI to Weigh Ban on Stock Buybacks for Companies Receiving Tax Breaks Michigan Sen. Mallory McMorrow (D) introduced a bill ( SB 783 ) that would prohibit publicly traded companies receiving economic incentives...
VA House Passes Paid Sick Leave Bill Virginia’s House of Delegates approved a bill ( HB 5 ) that would expand the state’s current paid sick leave law, which applies only to a small segment...
VA Lawmakers Okay Prescription Drug Affordability Board Virginia lawmakers have passed legislation ( SB 271 / HB 483 ) that would create a prescription drug affordability board to review drug prices...
Geolocation data has become a new frontier in privacy protection. This year, Virginia could join Maryland and Oregon as the first states to prohibit the sale of information that provides the precise...
Insurance Bill Raises Concerns in FL A fast-moving bill ( SB 1028 ) in Florida, sponsored by Sen. Joe Gruters (R), chairman of the Senate’s Banking and Insurance Committee, would require Citizens...
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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 the state’s second special session on insurance, will return state-created Citizens Property Insurance Corp. to the status of insurer of last resort by requiring Citizens’ policyholders to switch to another carrier if that carrier’s premiums aren’t over 20 percent higher than Citizens’.
It will also require Citizens policyholders to purchase flood insurance; do away with one-way attorney fees and assignment of benefits agreements, which insurers say have been major cost drivers; reduce the amount of time insurers have to pay or deny claims; give the Office of Insurance Regulation more authority to examine insurer practices; and create a taxpayer-funded $1 billion reinsurance program. (INSURANCE JOURNAL, TAMPA BAY TIMES, STATE NET)
New York Gov. Kathy Hochul (D) signed legislation (SB 7658/AB 8869) protecting victims of hate crimes from unfair insurance practices. The law bars insurers from canceling a policy, raising a premium, or refusing to issue or renew a policy solely because an individual or organization filed one or more claims for a loss resulting from a hate crime. (INSURANCE JOURNAL, STATE NET)
-- Compiled by KOREY CLARK