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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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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