VA Lawmakers Pass Bad Faith Insurance Claims Bill The Virginia legislature passed a bill ( SB 256 ) that, if signed by Gov. Glenn Youngkin (R), would require auto insurance companies that refuse to pay a loss of income, medical expense or property damage claim...
SEC Strengthens Oversight of SPACs The U.S. Securities and Exchange Commission voted to increase oversight of special-purpose acquisition companies, which have taken hundreds of companies public in recent years. The SEC’s new rules will require more disclosure...
S&P Analyst Says P/C Insurers to Face Regulatory Resistance to Rate Increases Next Year 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...
Artificial intelligence has the potential to revolutionize any industry that relies heavily on data. So it’s no wonder that the insurance industry is delving deeper and deeper into AI, to the concern and consternation of regulators everywhere. “Insurers...
Survey Suggests Majority of Small Businesses Underinsured A report from global specialist insurance provider Hiscox indicates that U.S. small businesses are largely underinsured and lacking in insurance literacy, leaving them open to losses from property damage...
Remember that potentially looming homeowners insurance crisis we told you about back in July ? There have been some developments. As you might recall, there are growing fears that the United States may be on the brink of a home insurance crisis, at least in coastal...
In the early days of the COVID-19 pandemic, Congress enacted the Families First Coronavirus Response Act , which among other things required state Medicaid programs to keep people continuously enrolled through the end of the public health emergency. That single...
Biden Administration Seeks to Exclude Medical Debt from Credit Scores The Biden administration announced plans to develop new rules that would prevent unpaid medical bills from counting towards consumers’ credit scores. The new rules, which administration...
Court Ruling Against Robinhood Could Let States Impose Tougher Rules on Broker-Dealers Massachusetts’ top appellate court upheld a first-in-the-nation rule holding broker-dealers to the same standard as investment advisers, which had been challenged by...
Lahaina Fire Insured Property Losses Estimated at $3.2B Catastrophe modeler Karen Clark & Company estimated insured property losses from the Lahaina wildfire at about $3.2 billion. With the death toll from the Maui fires having exceeded 100, they are the...
Feds Propose Higher Capital Requirements for Big Banks 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...
Stricter Rules Could be Coming for Banks with Over $100B in Assets The heads of the Federal Deposit Insurance Corporation and the Federal Reserve said last week that bank regulators are considering applying a set of tougher capital rules to banks that have over...
Nationwide Follows Other Insurers in Looking to Reduce Risk Nationwide announced last week that it would begin taking actions “to mitigate risk and manage the personal and commercial lines portfolios in the current environment.” “Strong headwinds...
FL Enacts Broad Anti-ESG Law Florida Gov. Ron DeSantis (R) signed a bill ( HB 3 ) opposing the consideration of environmental, social and governance (ESG) factors with respect to the management of state and local funds. The measure codifies rules DeSantis formalized...