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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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Federal regulators formally proposed significant changes to the rules governing how much capital larger banks must hold to cushion them from financial losses. The changes, which could increase the high-quality capital requirements for banks with $100 billion or more in total assets by 16 percent, are likely to draw significant industry pushback. (LAW360)
At a July 13 public workshop hosted by California’s insurance department to discuss the possibility of using catastrophe modeling in ratemaking, Parr Schoolman, chief risk officer for Allstate Property and Liability advocated for other changes, including speeding up the approval process for rate filings and letting insurers factor reinsurance costs into their rate indications.
“Without pricing enhancements, Allstate will remain closed to new business and will evaluate additional nonrenewals or the full withdrawal of property lines from the California market,” Schoolman said. (INSURANCE JOURNAL)
The 2022 Annual Report posted by the Florida Department of Financial Services’ Division of Rehabilitation and Liquidation in April identified 7 factors that contributed to the insolvency of 10 insurers in the state since early 2021. They include inadequate capitalization, improper management, natural disasters and reinsurance issues.
What wasn’t on the list was claims litigation, a glaring omission to south Florida plaintiff’s attorney Gina Clausen Lozier.
“That’s ridiculous,” she said. “You’d think with all the concerns about litigation in the last few years that would be number one on the list.” (INSURANCE JOURNAL)
—Compiled by SNCJ Managing Editor KOREY CLARK
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