Category: Latest Insurance News Articles

The latest headlines, on all lines of insurance, will be updated and listed here.

Confused by Your Life Policy Illustration? The New Rules That Simplify It All

Marc
Life Policy Illustration Changes

NAIC Proposes Bold Changes to Life Insurance Policy Illustrations to Enhance Transparency and Accuracy The National Association of Insurance Commissioners (NAIC) has unveiled a suite of updates aimed at improving the transparency and accuracy of life insurance policy illustrations. These changes will not only impact insurers but will also provide consumers with clearer expectations regarding policy performance. Here’s what you need to know about this potentially game-changing move for the life insurance industry. Why Life Insurance Illustrations Need an Overhaul Life insurance policy illustrations have long been a source of…

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California’s FAIR Plan Offers a Lifeline, But Is It Sustainable?

Nordstrom
California Wildfires Costs

California Expands FAIR Plan Insurance Limits Amid Wildfire Risks and Insurer Withdrawals The California Fair Access to Insurance Requirements (FAIR) Plan serves as the state’s insurer of last resort, stepping in to provide essential property coverage when traditional insurers leave high-risk zones. Established in 1968, the FAIR Plan is a private consortium of insurance companies operating under state oversight. It was never designed to replace private insurance but to act as a safety net for those unable to secure coverage due to location or elevated risk factors. Recent years, however,…

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How Georgia’s Tort Reform Transforms Insurance Law and Consumer Rights

Angela Linders
Georgia’s Tort Reform

A Sweeping Shift in Georgia’s Legal System Georgia’s legal landscape just went through a seismic shift with the passage of a new tort reform package backed by Governor Brian Kemp. After intense lobbying and passionate debate, the legislation secured narrow approval in the House, marking a pivotal moment in the state’s efforts to reduce liability costs and address contentious “frivolous lawsuits.” However, it’s not without its share of controversy, as opinions remain sharply divided on its implications for businesses, insurers, and victims of wrongdoing. The legislation, touted as a solution…

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Judge Throws Out Class Action Claiming State Farm Undervalued Home Repairs

G. Turner
State Farm Undervalued Home Repairs

Federal Court Dismisses State Farm Class Action Lawsuit Over Alleged Undervaluation of Property Damage Claims A recent decision by a federal court has brought closure, at least for now, to a contentious legal battle against insurance giant State Farm. The dismissal of a class action lawsuit alleging systemic undervaluation of property damage claims in Pennsylvania marks a significant moment in the ongoing debate over insurance claim handling practices and the software tools that power them. At the heart of the dispute was Xactimate, the widely used software for estimating repair…

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The Real Cost of Safer Cars: What Hyundai and Kia’s Tech Means for Your Insurance

Nordstrom
auto insurance and vehicle theft

Analyzing the Ripple Effects of Declining Vehicle Thefts on Insurance Premiums and Community Safety The sharp decline in vehicle thefts across the U.S., driven in part by Hyundai and Kia’s advanced anti-theft technologies, has implications that stretch beyond the obvious. While fewer stolen vehicles bring immediate relief to affected owners, the cascading effects on insurance premiums and community safety are just as significant. This analysis dives deep into the tangible benefits of declining theft rates, with a focus on how it impacts Hyundai and Kia owners, broader insurance trends, and…

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45,000 Affected in Root Insurance Data Breach – NY Attorney General Takes Action

Angela Linders
Root Insurance Data Breach

Auto Insurer Root Fined $975,000 Over Data Breach Impacting Thousands of New Yorkers When it comes to handling sensitive information, insurance companies shouldn’t just be crossing their fingers and hoping for the best. Root Insurance recently learned this lesson the hard way. The New York Attorney General’s Office imposed a stinging $975,000 fine on the auto insurer after a data breach compromised the personal information of 45,000 New Yorkers. Let’s unpack what this means for Root, the industry, and the road ahead. Regulatory Actions Hit Hard After Serious Breach New…

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