Free subscription to the Capitol Journal keeps you current on legislative and regulatory news.
States Target School Cell Phone Use At least four states have banned or severely restricted the use of smart phones in schools in the current legislative biennium. Florida became the first state to do...
Compounded Weight-Loss Drugs Creating Headaches for State Regulators With popular weight-loss drugs like Mounjaro, Ozempic and Wegovy in short supply, many doctors, pharmacies and other providers have...
In their seminal book on the American health care system, legendary investigative reporters Donald L. Barlett and James B. Steele offered a disturbing metaphor for the illogical nature of medical pricing...
PA Lawmakers Pass Bill Regulating PBMs The Pennsylvania legislature passed a bill ( HB 1993 ) aimed at increasing oversight of pharmacy benefit managers. If signed by Gov. Josh Shapiro (D), the measure...
In a sign of the times, states have begun pursuing bills that require disclosure of the use of artificial intelligence. In March, Utah Gov. Spencer Cox (R) signed SB 149 , making the state the first...
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
Please visit our webpage to connect with a State Net representative and learn how the State Net legislative and regulatory tracking solution can help you identify, track, analyze and report on relevant legislative and regulatory developments.