PCI News

NAIC Drafts Changes for NFIP, Encourages Long-Term Reauthorization

The National Association of Insurance Commissioners (NAIC) has released its recommendations for changes to the National Flood Insurance Program (NFIP) when it goes up before Congress for reauthorization next year. The current NFIP is due to expire on Sept. 30, …

PCI Urges California Governor to Sign Insurance Bill on the Sharing Economy

The Property Casualty Association is urging California’s governor to sign a bill approved by the Legislature to ensure homeowners and renters offering rooms for rent on hosting platforms like Airbnb and Home Away understand what insurance coverage they have. Senate …

PCI Supports Hawaii Legislation to Use Smartphones as Proof of Insurance

The Hawaii Legislature has approved a bill that will enable Hawaii drivers to show proof of insurance with their cellphone in a traffic stop. House Bill 1705 will give consumers the choice to use a paper insurance card or use …

University of Alabama Partners With Industry on Tornado Preparedness Guide

The Alabama Center for Insurance Information and Research at The University of Alabama Culverhouse College of Commerce has partnered with the Property Casualty Insurers Association of America, the Alabama Department of Insurance and Smart Home America to produce the 2016 …

PCI Hails Consumer Benefit of Alaska’s Proposed Insurance Law

Alaska consumers will benefit from a proposed law that will enable insurers to use insurance scoring when a homeowner or auto policy is renewed, according to the Property Casualty Insurers Association of America. SB 127 was passed out of the …

Insurers Warn Against Encroachment on State Regulation

Insurance companies are calling for Congress to ensure state-based insurance regulation remains protected from federal or international “regulatory encroachment.” “Congress must now increase its oversight regarding the unprecedented federal and international intrusion into state insurance regulation,” Kurt Bock, CEO of …

Insurer Group: Most Midwesterners not Prepared for Natural Disasters

With more severe thunderstorms and possibly tornadoes in the forecast for portions of the central U.S. today, the Property Casualty Insurers Association of America (PCI) says a recent survey conducted by Harris Poll on behalf of PCI shows that residents in …

Florida Bill Allowing Electronic Insurance Documents Sent to Governor

Florida may soon be the 28th state to adopt legislation that enables insurers to conduct all policyholder transactions over the internet. The State Legislature has passed House Bill 273, which allows policyholders to receive their insurance documents via email as …

P/C Insurers’ Profit Dipped in Q1

Private U.S. property/casualty insurers’ net income after taxes fell to $13.8 billion in first-quarter 2014 from $14.3 billion in first-quarter 2013. Insurers’ pretax operating income – the sum of net gains or losses on underwriting, net investment income, and miscellaneous …

Uber, Lyft, Sidecar Toe-to-Toe With Insurers State-by-State

The share-and-share-alike attitude considered a virtue by some has the potential to  create a rift between between ridesharing companies and insurance companies. “We try not to make it a battle,” said Robert Passmore, senior director of personal lines for the …