Articles by Andrew G. Simpson

North Carolina Senate Approves Moped Insurance Bill

The North Carolina Senate has passed a bill which requires moped drivers to register their vehicles with the state and carry insurance. The vote was 36-11. It remains to seen if the House will go along. The House measure passed …

North Carolina Hearing on 25% Homeowners Hike Moved to October

North Carolina’s insurance commissioner has postponed until October a hearing into a request by homeowners insurance companies to raise rates by an average of 25 percent statewide. Commissioner Wayne Goodwin said the public hearing to be held in Raleigh has …

NAIC Hiring Consultant to Review Its Decision-Making, Governance

The national organization for state insurance regulators, which has been telling federal and international regulators how they should govern the industry, has decided to engage a consultant to audit its own governance and policy-making practices. The National Association of Insurance …

Arthur Damage Assessments Underway in North Carolina

Hurricane Arthur made landfall before midnight on July 3 near Cape Lookout, North Carolina, as a Category 2 hurricane. Maximum sustained winds at landfall were 100 mph, according to the National Hurricane Center. State officials said no casualties have been …

Litigation Financing Firm Exits Tennessee As New Law Goes Into Effect

A litigation funding firm said it is leaving Tennessee as the state now requires firms like his to register and regulates their business of loaning money to consumers bringing lawsuits. Illinois-based Oasis Legal Finance, one of the country’s largest consumer …

House Committee Approves TRIA Renewal Bill with NARAB Amendment

The House Financial Services Committee today voted to report out a bill to extend the federal terrorism insurance program for another five years. The bill also contains some reforms of the Terrorism Risk Insurance Act (TRIA) and an insurance producer …

Florida ‘Hurricane Tax’ Sent to Early Retirement

A1.3 percent surcharge on most property/casualty policies in Florida to help pay for past hurricane claims is coming to an end earlier than originally planned. The Florida Cabinet voted this week to end the assessment on policyholders that was begun …

Aspen Board Urges Shareholders to Reject Endurance Offer

Aspen’s board of directors has unanimously agreed to reject the unsolicited exchange offer from Endurance to acquire all of the outstanding shares of Aspen for a combination of common stock and cash. The board determined the offer is not in …

House Votes to Block Raising Truckers’ Minimum Insurance Limits

The House of Representatives voted narrowly this week voted to block the federal government from raising the minimum liability insurance limits for truckers as recommended recently by the regulatory agency for the trucking industry. The vote on June 10 came …

Drive Underway to Increase Truckers’ Minimum Insurance Limits

Truckers would be required to buy higher insurance limits under a government proposal, although how much higher is not yet known. The Federal Motor Carrier Safety Administration (FMCSA) concluded in a report to Congress that current minimum financial responsibility limits …