LA Fire Victims Sue Homeowners Insurers & NC Nears Allowing State Investment in Crypto

LA Homeowners Sue Insurers over Inadequate Fire Coverage

Victims of the Los Angeles wildfires in January have filed a pair of lawsuits claiming USAA, a Texas-based insurer that serves members of the military, and two insurers affiliated with AAA underestimated the replacement cost of their homes for years, leaving them without enough coverage to rebuild their homes. The plaintiffs accuse the insurers of fraud and negligence, among other things, and seek damages as well as reform of the insurers’ practices. (INSURANCE JOURNAL, LOS ANGELES TIMES)

NC Lawmakers Advance Bills Allowing State Investment in Crypto

North Carolina’s legislature passed a bill that would create a five-member board of appointees to manage the state’s $127 billion in pension funds (HB 506), and the state’s House passed a measure that would allow that board to invest up to 5% of those funds in cryptocurrencies like bitcoin (HB 92). The first measure now goes to Gov. Josh Stein (D), while the second awaits action by the Rules and Operations of the Senate Committee. (NC NEWSLINE, LEXISNEXIS STATE NET)

—Compiled by SNCJ Managing Editor KOREY CLARK

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