Live Insurance News

Texas Senate Bill 1246 Proposes State-Run Auto Insurance Program

February 25, 2025February 24, 2025 Nordstrom

With insurance premiums steadily climbing and accessibility becoming a key concern, Texas lawmakers are pushing for change through Senate Bill 1246 (SB 1246). This groundbreaking proposal introduces a state-administered auto insurance option, aiming to improve affordability and competition in the auto insurance market. Sponsored by State Senator Roland Gutierrez (D-San Antonio), the bill brings the promise of accessible coverage for millions of Texans while challenging the dominance of private insurers. Affordable Auto Insurance for Texans SB 1246 seeks to establish a public auto insurance program administered by the Texas Department…

How New York’s Insurance Law Is Setting a Precedent for the Nation

February 11, 2025February 10, 2025 Nordstrom

New York Introduces Stand-Alone Business Interruption Insurance Law New York has taken a bold step to support businesses in managing unforeseen disruptions with the introduction of a stand-alone business interruption insurance law, effective the later part of 2024. This groundbreaking legislation expands coverage options beyond traditional policies, offering businesses more flexibility and security. What is Stand-Alone Business Interruption Insurance? Stand-alone business interruption insurance is a specialized policy designed to cover financial losses resulting from business closures, even when there is no direct physical damage to the property. Unlike conventional business…

Governor Newsom Backs Bill to Prioritize Homeowners Benefiting from Insurance Payout Interest

February 11, 2025February 10, 2025 G. Turner

Governor Newsom’s proposed bill regarding insurance payouts

When disaster strikes, recovery often feels like an uphill battle for homeowners. For Californians impacted by the devastating Palisades and Eaton fires, a new piece of legislation proposed by Governor Gavin Newsom could help alleviate some financial burdens. The proposed bill, authored by Assemblymember John Harabedian (D-Pasadena), aims to ensure that homeowners—not lenders—benefit from the interest accrued on insurance payouts for homes destroyed or damaged during disasters. Understanding the Proposed California Insurance Bill Governor Newsom’s proposed bill addresses a gap in California law that currently allows lenders to collect interest…

How a Single Bill Could Reshape Insurance Regulation in America

January 29, 2025January 28, 2025 G. Turner

Congressman Troy Downing Introduces Legislation to Abolish the Federal Insurance Office Congressman Troy Downing, representing Montana’s 2nd district, has introduced a new bill, H.R. 643, in the U.S. House of Representatives aimed at abolishing the Federal Insurance Office (FIO). The proposed legislation seeks to return full regulatory authority over the insurance industry to state governments, eliminating what supporters consider an unnecessary and duplicative federal entity. “The law is clear. Regulation of the insurance industry rests with the states, not big government,” Downing stated in a press release. This reflects his…

Florida House Bill 13 Aims to Shake Up Home Insurance in the Sunshine State

January 27, 2025 G. Turner

Citizens Insurance Focus - home insurance

Expanding Citizens Insurance to Address Windstorm Damage Florida is no stranger to the wrath of hurricanes. With the state regularly experiencing some of the costliest natural disasters in the United States, reliable home insurance has become both a necessity and a challenge. Enter House Bill 13, a proposal that could significantly alter the insurance landscape. Sponsored by Rep. Hillary Cassel of Broward County, this legislation seeks to make Citizens Property Insurance Corp. — a state-run insurer — available to all Florida property owners for windstorm coverage. The bill primarily targets…

Judge Sides with USAA in Controversial Class-Action Lawsuit

January 17, 2025January 17, 2025 Nordstrom

USAA Wins Summary Judgment in Discrimination Lawsuit, Plaintiffs Plan to Appeal – Judge Rules in Favor of USAA A federal judge in California has ruled in favor of USAA in a contentious class-action lawsuit, marking a significant development in a case alleging discrimination against enlisted military personnel and veterans. U.S. District Judge Robert S. Huie granted a summary judgment dismissing the claims, effectively siding with the San Antonio-based insurance provider without proceeding to trial. The lawsuit, initiated by plaintiffs Eileen-Gayle Coleman and Robert Castro, contended that USAA relegated enlisted service…

2025 Florida Insurance Bills Stir Debate Amid Rising Rates and Hurricane Risks

January 7, 2025January 7, 2025 Spencer Wright

Key Insurance Highlights in the Upcoming Florida 2025 Legislative Session The Florida Legislature’s 2025 session, beginning in March, is set to tackle a range of critical issues, with several insurance-related bills being hot topics. These proposed measures aim to address housing durability, financial relief for homeowners, and protection amid escalating hurricane activity in the state. Here’s a detailed look at some of the most notable insurance legislation that could reshape the landscape for residents and property owners. Citizens Insurance Windstorm Coverage Expansion One of the most discussed legislative proposals is…