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‘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...
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.
The idea wasn’t very well received from industry trade groups.
“You don’t need a massive data collection to know that climate related losses have been increasing in recent years,” said Jimi Grande, senior vice president of federal and political affairs for the National Association of Mutual Insurance Companies (NAMIC). “What we need is effective public policy to better protect and prepare Americans for the next disaster.” (INSURANCE JOURNAL)
Early assessments indicate that newer structures held up remarkably well in Hurricane Ian, suggesting Florida’s updated building codes may be helping reduce losses. The state has some of the nation’s toughest building codes for wind resilience, largely due to the devastation caused by Hurricane Andrew in 1992. (INSURANCE JOURNAL)
Louisiana’s legislative auditor issued a report last week urging the state’s Department of Insurance to take a closer look at why nearly a dozen insurers failed after four major hurricanes hit the state. Specifically the auditor called on the agency to examine why so many of the companies lacked adequate reinsurance. (ADVOCATE [BATON ROUGE])
An idea that was discussed in the Florida Legislature a couple of decades ago but never gained much traction may get another go-round in the wake of Hurricane Ian: requiring all policyholders with Citizens Property Insurance Corp. - the state’s insurer of last resort and largest property carrier - to purchase flood insurance no matter where they live in the state. Fewer than 20 percent of residents in vulnerable areas are insured against flooding, and uninsured flood losses from Ian could be as much as $16 billion, nearly half the amount of insured wind losses, according to data analytics firm CoreLogic. (INSURANCE JOURNAL)
In the aftermath of Hurricane Ian, Florida Chief Financial Officer Jimmy Patronis (R) is urging state lawmakers to establish a statewide insurance fraud prosecutor and disincentivize public adjusters, including by banning assignments-of-benefits agreements transferring consumer rights to vendors and reducing the percentage public adjusters are entitled to immediately after a storm.
“We have bad public adjusters swarming impacted areas, soliciting, and trying to make a quick buck,” he said. (INSURANCE JOURNAL)
-- Compiled by KOREY CLARK