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Insurance Companies Would Set Their Own Rates Under Bill Approved by Louisiana House

Insurance Companies Would Set Their Own Rates Under Bill Approved by Louisiana House

The Louisiana House approved a bill Thursday that would let insurance firms set their own rates without approval from the state's insurance commissioner -- one of several controversial insurance proposals on deck as lawmakers try to mend the state's fractured marketplace.
May 15, 2023 Legislation & Regulation Property Louisiana

Rhode Island Takes Insurance Company To Court Over $121M Loss

Rhode Island Takes Insurance Company To Court Over $121M Loss

Unemployment insurance programs managed by Rhode Island have been plagued by an astonishing $121 million in fraudulent activity since the onset of the COVID-19 pandemic, according to recent court documents.
May 12, 2023 Legislation & Regulation Rhode Island

Congress Deliberates Proposed Adjustments To NFIP

Congress Deliberates Proposed Adjustments To NFIP

The National Flood Insurance Program may undergo significant transformations as Congress deliberates 17 proposed changes, aiming to enhance the program's effectiveness and affordability, particularly for low-income homeowners.
May 12, 2023 Catastrophe Legislation & Regulation Property

Tackling Auto Theft Crisis: Colorado Lawmakers Clear Bill For Felony Classification

Tackling Auto Theft Crisis: Colorado Lawmakers Clear Bill For Felony Classification

Colorado, currently ranked as the nation's top state for auto thefts, took a significant step towards addressing the issue on Saturday as state lawmakers passed a bill aimed at curbing this alarming trend.
May 12, 2023 Auto Legislation & Regulation

Illinois Lawmaker Pushes For Stricter Auto Insurance Regulations Amid Rate Hike Concerns

Illinois Lawmaker Pushes For Stricter Auto Insurance Regulations Amid Rate Hike Concerns

Illinois State Representative Will Guzzardi is leading efforts to introduce new regulations that would require auto insurance companies to obtain state approval before implementing rate hikes. Additionally, he aims to implement a ban on excessive rate increases and prevent insurers from using occupation, gender, homeowner status or credit score as factors in calculating premiums.
May 11, 2023 Auto Insurance Industry Legislation & Regulation Illinois

Texas Republicans Push Bills To Limit ESG Influence On Insurers In Defense Of Fossil Fuel Industry

Texas Republicans Push Bills To Limit ESG Influence On Insurers In Defense Of Fossil Fuel Industry

In a bid to protect the thriving oil and gas industry in Texas, Republican lawmakers are expanding their fight against Environmental, Social, and Governance (ESG) policies beyond financial firms, targeting insurance companies as well.
May 11, 2023 Insurance Industry Legislation & Regulation Texas

Jobs Outperform, Setting Stage For More Monetary Tightening

Jobs Outperform, Setting Stage For More Monetary Tightening

U.S. employment remains more resilient than expected given monetary tightening, adding 253,000 jobs in April, and pushing the unemployment down to 3.4 percent in April compared to 3.5 percent in March. Jobs growth has been positive for the last 26 months, with the U.S. economy now having replaced most of the jobs lost at the beginning of the pandemic.
May 10, 2023 Legislation & Regulation

New York Bill Waiving Auto Insurance Photo Inspections Heads To Governor

New York Bill Waiving Auto Insurance Photo Inspections Heads To Governor

New York State lawmakers have passed the Auto Insurance Consumer Relief Act. The legislation would allow insurance companies to waive the photo inspection currently required to obtain comprehensive and collision coverage, a measure that dates back to the 1970s.
May 5, 2023 Auto Legislation & Regulation New York

A Desperate Need: Reforming Flood Insurance

A Desperate Need: Reforming Flood Insurance

The Federal Emergency Management Administration (FEMA) has proposed 17 changes to the National Flood Insurance Program (NFIP), aimed at boosting the program's finances and effectiveness.
May 5, 2023 Legislation & Regulation Property

Insurer Accountability Bill Passes Senate, Moves To Florida Governor’s Desk

Insurer Accountability Bill Passes Senate, Moves To Florida Governor’s Desk

Succeeding a series of new laws aimed at reducing insurance litigation, Florida lawmakers have unanimously approved a bill that will increase fines and oversight for property insurance companies.
May 5, 2023 Legislation & Regulation Property Florida

Insurance Fraud Scheme Costs Law Firm, Partners $2M

Insurance Fraud Scheme Costs Law Firm, Partners $2M

Louisiana's Insurance Commissioner has imposed a fine of $2 million on Texas law firm McLenny Moseley & Associates (MMA) and its associated partners for hurricane-related insurance fraud.
May 4, 2023 Fraud Legislation & Regulation Litigation Property Louisiana Texas

New York Passes Landmark Law To Eliminate Gas Stoves In New Homes

New York Passes Landmark Law To Eliminate Gas Stoves In New Homes

New York becomes the first state to ban natural gas and other fossil fuels in most new residential buildings, a move that has been hailed as a significant victory for climate activists.
May 3, 2023 Legislation & Regulation New York

Governor DeSantis Takes Aim At ESG With New Florida Law

Governor DeSantis Takes Aim At ESG With New Florida Law

Florida Governor Ron DeSantis has signed a bill prohibiting the use of environmental, social, and governance (ESG) factors by state and local governments in their decision-making process for investments and business contracts.
May 3, 2023 Legislation & Regulation Florida

Indiana Is First In U.S. With Litigation Funding Disclosure Law

Indiana Is First In U.S. With Litigation Funding Disclosure Law

Indiana recently passed a pioneering law requiring transparency on litigation advance payments, also known as third-party funding, before civil lawsuits go to trial.
April 28, 2023 Legislation & Regulation Litigation Indiana

Eliminating Impaired Driving

Eliminating Impaired Driving

The recent infrastructure law passed by Congress in 2021 has the potential to end one of the most persistent highway safety problems -- impaired driving -- and prevent more than 9,000 deaths a year.
April 27, 2023 Auto Legislation & Regulation
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