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...
Usage-based auto insurance has been around for over 25 years. But recently it has been drawing more interest from insurers and consumers, as well as state lawmakers. UBI works by using vehicle “ telematics ” to track an individual’s driving...
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...
It’s not hyperbole to say that the United States may very well be on the brink of a homeowners insurance crisis, at least in its coastal areas. Consider what’s happened just this year: State Farm and Allstate , two of the nation's largest...
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...
25 GOP AGs Seek to Block Federal ESG Investment Rule The Republican attorneys general of 25 states have asked a federal court in Texas to block implementation of a regulation from the U.S. Department of Labor governing the consideration of issues like climate...
FL Approves Major Property Insurance Reforms Florida lawmakers passed sweeping legislation aimed at ending the state’s years-long property insurance crisis. If signed by Gov. Ron DeSantis (R), the bill ( SB 2 c ), which sailed through both chambers during...
Many LA Homeowners Insured by Small, Untested Carriers Before Hurricane Katrina struck Louisiana in 2005, most homeowners insured their properties with industry giants, like Allstate, Farmers, State Farm or USAA. But now many homeowners in the state are covered...
Most U.S. Counties Suffered Natural Disaster in Past Decade Between 2011 and 2021, 90 percent of counties in the United States suffered a hurricane, flood, wildfire, drought or other natural event severe enough to have been declared a federal disaster, according...
Judge Green-Lights Geico Class Action Suit A federal judge gave the go-ahead for a lawsuit accusing Geico Corp. of overcharging over 2 million California policyholders for car insurance early in the coronavirus pandemic may proceed as a class action. Geico...
Feds Proposing Climate Risk Reporting Requirement for P/C Insurers The U.S. Treasury’s Federal Insurance Office (FIO) is proposing a new rule requiring property and casualty insurers to submit homeowners insurance underwriting data to assess climate risk...