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CT Senate Passes Sweeping Consumer Protection Bill The Connecticut Senate passed an expansive consumer protection bill ( SB 5 ). Among other things, the measure would require service providers such as...
Social Media Warning Label Legislation Catching on in States Although Congress hasn’t responded to former U.S. Surgeon General Vivek Murthy’s call last June to take up legislation requiring...
OR Lawmakers Pass Age Discrimination Bill Oregon’s legislature passed a bill ( HB 3187 ) that would prohibit an employer from requesting an applicant’s age, date of birth or date of graduation...
WI Assembly Passes Multiple Healthcare Bills Wisconsin’s Assembly passed multiple healthcare-related bills with broad bipartisan support. One ( AB 43 ) would allow pharmacists to prescribe birth...
A nightmare may be coming to life for social media companies in Minnesota. There, Democrats in the state Legislature have embraced a pioneering bill, SB 3197 , which seeks to levy the nation’s...
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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