state regulation News

Federal Government Shutdown Effect on P/C Insurance Industry

If Congress fails to agree by midnight tonight on a resolution to continue funding the federal government, the property/casualty insurance industry should not be seriously affected by the resulting shutdown. The insurance industry is not totally immune to the economic …

State Insurance Regulators Invoke Jefferson to Limit Federal Role

State insurance regulators are drawing on the country’s founding principles as they resist international pressure to give the federal government a greater role in overseeing the industry. Ben Nelson, chief executive officer of the National Association of Insurance Commissioners and …

Florida Fines Universal P/C $1.3M for Claims Delays, Notice Failures

Florida’s second largest property insurer is being hit with a fine of nearly $1.3 million. Florida Insurance Commissioner Kevin McCarty announced that his office was assessing a fine against Universal Property & Casualty Insurance Co. Universal has roughly 542,000 policyholders …

Insurers Divided Over North Carolina Auto Insurance Rate System

A divided auto insurance industry will try again next year to change a unique regulatory system in North Carolina, which enjoys some of the lowest rates in the country. The industry will use the argument that average costs are low …

North Carolina Regulator Calls for Hearing, Delay on Home Insurance Rates

Two weeks ahead of an election deciding whether he keeps his job, North Carolina’s insurance commissioner told companies they’ll have to prove they should be allowed to increase homeowner’s premiums by a statewide average of 17.7 percent. The move by …

Kentucky’s New Mandatory Drug Tests Can Be Costly

Under a new law designed to curb prescription pill abuse, patients with long-term conditions requiring controlled substances have to submit to urine drug tests that aren’t always covered by insurance companies. Retired nurse Cynthia Burton told the Lexington Herald-Leader that …

Florida Approves State Farm 6.4% Homeowners Rate Increase

Florida regulators have approved an average 6.9 percent rate hike for State Farm Florida Insurance Co., which is the insurer’s fifth increase in as many years. The insurer had initially sought an average 14.9 percent increase citing  hurricane and underwriting …

Kentucky Judge to Review Christians-Only Health Plan Case

A judge will consider whether a Christians-only health care plan should be held in contempt of court more than a year after the Kentucky Supreme Court subjected it to stricter regulations that could have meant its demise in the state. …

Nebraska Director: Producers First to Benefit from State Based System

Nebraska’s top regulator says insurance producers will be among the first to benefit from the state’s implementation of a national state based online regulatory system. The Nebraska Department of Insurance announced it has completed the initial phase of implementing State …

Florida Seeks Help to Quicken Approval of Insurer Forms

Florida regulators are looking to fast track the approval of changes in insurance company property policy forms and coverages after building up a significant backlog due to the numerous law changes enacted in the past two years. As a result …