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CA Regulators Complete Review of Wildfire Risk Model California’s Department of Insurance has completed a review of the state’s first wildfire catastrophe model, which property/casualty insurers...
Trump Administration’s ‘AI Action Plan’ Targets State AI Regulation The Trump administration released an “AI Action Plan,” aimed at speeding the development of artificial...
In the span of just 36 days this spring and summer, the number of states offering unemployment benefits to striking workers doubled—to four. New Jersey was the first to offer such benefits, beginning...
Developing Anti-‘Debanking’ Trend in Red States? A new front appears to have opened in the ongoing battle over environmental, social and governance (ESG) investing. In March Idaho Gov. Brad...
FL Requests Medicaid Waiver to Bolster Health Workforce Florida is seeking a federal waiver to use Medicaid funding to expand its health care workforce, a plan that could be adopted by other states....
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FL Insurers Dropping Over 50,000 Polices to Remain Afloat: The Florida Office of Insurance Regulation has issued consent orders allowing three insurers to drop thousands of personal residential policies to try to remain solvent. Universal Insurance Co. of North America (UICNA) was authorized to cancel 13,294 policies; Gulfstream Property & Casualty was authorized to drop 20,311 policies, and Southern Fidelity Insurance Co. was authorized to non-renew about 19,600 policies.
The policy terminations and non-renewals are “an extraordinary statutory remedy reserved to address insurers which are or may be in hazardous financial condition,” the consent orders stated. They are also the most recent sign of how much Florida’s insurance industry is struggling, due, among other things, to increased litigation. Collectively, the state’s insurers lost $1.7 billion last year. (INSURANCE JOURNAL)
Restrictions on Auto Insurers Advance in TX Legislature: The Texas House has passed legislation (HB 359) targeting delaying tactics used by auto insurers with claims that involve uninsured or underinsured motorists. The state’s House also passed a measure (HB 1793) prohibiting auto insurers from using oral releases to settle claims with injured motorists. (INSURANCE JOURNAL, STATE NET)
CT Regulators Propose Big Fines for Utilities’ Storm Failures: The Connecticut Public Utilities Regulatory Authority has proposed fining United Illuminating and Eversource $2.1 million and $30 million, respectively, for what it said were the utilities’ failures of preparation and response to Tropical Storm Isaias last August. Hundreds of thousands of residents and businesses were left without power last August by that storm. (INSURANCE JOURNAL)
-- Compiled by KOREY CLARK