Right Street

Could the NFIP Be Heading for a Lapse?

With just 11 days until statutory authorization for the National Flood Insurance Program is set to expire, Congress has no obvious plan to extend it. While the U.S. House passed a comprehensive five-year reauthorization bill last November, making a number …

Congress Let NFIP Off Hook for $16B Debt, Despite Less Than $10B in Claims

The National Flood Insurance Program has paid about $8.6 billion in claims from Hurricane Harvey and projects all claims from the three 2017 hurricanes to total about $9.7 billion, according to a new report compiled by the Congressional Research Service. …

Trump Signals He Won’t Defer to States on Insurance Agreements

A year after the U.S. House passed legislation that would have eliminated the Federal Insurance Office entirely, not only is it still standing, but recent comments from President Donald Trump suggest it may yet have a role to play in …

Florida Legislature Will Regret Failing to Tackle AOB Abuse

For the sixth time in six years, the Florida Legislature adjourned its annual session having tried, and failed, to address the assignment-of-benefits (AOB) crisis that is driving up homeowners insurance rates across the state. Without reform, premiums are projected to …

What the 9/11 Lawsuits Can Teach Us About Arizona’s New English-Only Law

On the morning of Sept. 11, 2001, a conspiracy of 19 men hijacked four planes departing from three different cities. The two planes that departed from Boston were flown, with 17 minutes of one another, into the two towers of …

Scott Bill Would Block CFPB from Intervening in Insurance

Legislation that would act prophylactically to restrain the Consumer Financial Protection Bureau from extending its tentacles into the insurance industry has now been introduced in the U.S. Senate by Sen. Tim Scott, R-S.C. Scott’s Business of Insurance Regulatory Reform Act, …

Mississippi Governor Signs Bill to Shift Wind Pool Fees to the Treasury

Mississippi may be thought of as conservative small-government state, but the state’s consumers pay higher taxes on their insurance products than in all but two other states. Unfortunately, under a bill just signed by Gov. Phil Bryant, the Legislature will …

With Deficits Rising, Michigan’s State Auto Reinsurer Again Raising Assessments

The Michigan Catastrophic Claims Association is once again raising its annual assessment to support the state’s no-fault auto insurance system, which uniquely guarantees unlimited lifetime medical benefits. And state Rep. Brett Roberts, R-Charlotte, wants to know why. “The fund has …

States Experiment with how to Address Towing and Storing Abuses

As stories about nonconsensual or “predatory” practices proliferate, a number of states have begun to consider legislation to mitigate some of the abuses of the towing and vehicle-storage industry. However, we remain a ways off from anything like a national …

Why ‘Big Data’ Will Force Insurance Companies to Think Hard About Race

The controversy surrounding the political consulting firm Cambridge Analytica’s use of personal data harvested from social media accounts without the users’ permission is among the first of what likely will be a long series of public debates about how the …

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