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CA’s Wildfire-Driven Insurance Crisis Spreads to Lower-Risk Homes Insurers have stopped covering homes in some California neighborhoods at lower risk of wildfire damage, forcing thousands of homeowners...
WA Enacts Ban on Microchipping Workers Washington Gov. Bob Ferguson (D) signed a bill ( HB 2303 ) prohibiting companies from requiring their workers to get microchip implants. The new law allows workers...
NJ Gov Wants Big Employers to Help Cover Cost of Medicaid New Jersey Gov. Mikie Sherrill (D) unveiled a state budget plan that proposes generating $145 million in funding for Medicaid by requiring large...
When Michigan Gov. Gretchen Whitmer (D) spoke about the need for affordable healthcare and housing last month , she joined a chorus of governors of both major parties who have made affordability a focus...
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...
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At a Standard & Poor’s webinar last week entitled “IN/sights: Outlook and Trends for U.S. Insurers—What to Expect in 2024 and Beyond,” Tim Zawacki, principal insurance analyst, S&P Global Market Intelligence, said the biggest challenge P/C insurers will face next year is resistance from regulators to the continued push for rate increases as underwriting results improve.
“I think we will see results get better,” he said. “I think we will also continue to see rate increases. And I think the juxtaposition of those two things at some point is likely to generate conflict.” (INSURANCE JOURNAL)
Kansas insurance companies will start paying a lower surplus lines tax rate next year, due to legislation (HB 2090) enacted in April lowering the rate from 6% to 3%. The new rate will apply to policies that take effect on or after January 1, 2024, as well as to any endorsements. (INSURANCE JOURNAL, LEXISNEXIS STATE NET)
—Compiled by SNCJ Managing Editor KOREY CLARK
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