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CT Senate Passes Sweeping Consumer Protection Bill The Connecticut Senate passed an expansive consumer protection bill ( SB 5 ). Among other things, the measure would require service providers such as hotels to use “all-in” pricing, fully...

FL Condo Bill Raises Insurance Concerns Florida lawmakers passed a bill ( HB 913 ) intended to provide condominium owners some relief from the high cost of bringing properties up to code, as a result of strict new rules imposed on them after the deadly...

‘Unauthorized Alien’ Limits Among Trio of Auto Insurance Proposals Under Consideration in LA House Three auto insurance bills cleared the Louisiana House Committee on Civil Law and Procedure last month. One of them ( HB 436 ) would prohibit...

DOGE-Like Effort in FL Could Impact Insurance Industry The wave of housecleaning that’s swept through the federal government courtesy of Elon Musk's Department of Government Efficiency appears to have reached the state government of Florida...

Insurer Payouts for LA Wildfires Top $12B California Insurance Commissioner Ricardo Lara (D) announced that insurers have now paid out over $12 billion in claims from the largest of the Los Angeles wildfires. That sum is almost twice the $6.9 billion...

State Lawmakers Take Aim at Crypto Kiosks Lawmakers in at least 15 states have introduced bills to regulate cryptocurrency kiosks, which are often found at convenience stores and gas stations. The bills would limit transactions, generally to $1,000...

Flurry of Legislative Action on Wildfires in CA In response to the devastating wildfires in Los Angeles last month, California Insurance Commissioner Ricardo Lara (D) and several state lawmakers have proposed a 10-bill package of legislation aimed at...

CA Urges Insurers to Make Things Easier for LA Wildfire Victims California Insurance Commissioner Ricardo Lara (D) issued a notice to residential property insurance companies in the state urging them to go beyond their legal obligation and pay policyholders...

Cost of LA Wildfires Could Reach $150B J.P. Morgan said last week that insured losses from the wind-driven wildfires in Los Angeles could reach $10 billion, according to reporting by Reuters. AccuWeather initially estimated the total damage and economic...

Trump Administration Likely to End ESG Rules Environmental, social and governance regulations will probably be rolled back next year, when President-elect Donald Trump takes office. Likely targets include Securities and Exchange Commission ESG rules...

IL’s New ‘Swipe’ Fee Law Faces Legal Challenge The Illinois Bankers Association and other organizations filed a federal lawsuit to block a new Illinois law limiting banks from charging interchange, or “swipe,” fees on tax...

Statehouse Shift Ahead for Earned Wage Access? In recent years earned wage access apps, which allow workers to obtain access to their earnings before they receive their paychecks, have exploded in popularity. And providers including DailyPay, Dave,...

CA Insurance Commissioner Orders Moratorium on Cancellations for Fire-Impacted Homeowners California Insurance Commissioner Ricardo Lara issued a one-year moratorium on the cancellation or non-renewal of residential insurance coverage for more than...

Homeowners Insurance Industry Turmoil Spreading to Other States Recent turmoil in the insurance industry related to climate change has largely been concentrated in states like California, Florida and Louisiana. But the problem appears to be spreading...

LA Enacts Bills Aiding Insurers Louisiana Gov. Jeff Landry (R) signed a trio of bills aimed at addressing the state’s insurance crisis, with insurers failing and fleeing the market and rates skyrocketing, as in other states at high risk of extreme...

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...

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...

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,”...

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...

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...

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...

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...

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...

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...