The Florida House of Representatives has passed a new bill that aims to dismantle auto insurance fraud in the state. The bill, House Bill 119, passed with a vote of 85-30, receiving a great deal of support from both political parties. The bill will now contend with a similar legislation heading to the state’s Senate, Senate Bill 1860. Both bills have similar goals, but seek to accomplish them in differing ways. Governor Rick Scott, who has made insurance fraud a top priority this legislative session, says that the ultimate goal…
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Florida legislators back new bill that will reform the state’s no-fault auto insurance laws
As auto insurance fraud is thrusted into the limelight by the actions of federal and state regulators this week in New York, the eleven other states that host no-fault insurance laws are taking a hard look at what can be done to make fraud a less serious issue. Florida is currently the leader in terms of auto insurance fraud, much of which is spurred by the state’s no-fault laws. These laws require insurers to pay benefits to victims of car accidents no matter who may be at fault. Like in…
Read MoreNew York insurance regulators and federal authorities claim victory over insurance fraud syndicate
Auto insurance fraud has been a major problem in the state of New York. For years, regulators and lawmakers have been working to combat fraud throughout the state, but it has been a difficult challenge to overcome. This week, regulators have claimed a major victory as state and federal authorities dismantled a massive auto insurance fraud ring. Regulators are calling it the largest insurance fraud syndicate that focused almost exclusively on exploiting New York’s no-fault insurance laws. The crime ring is comprised of 36 people in total. Ten doctors and…
Read MoreConsumers being warned to protect their social media information from insurance companies
As social media becomes a popular tool for the insurance industry for investigating claims and, at times, pricing insurance policies, consumers are being warned to watch what information they share on their favorite networking platforms. A new study from the Paw Research Center, a market research and trend analysis firm, shows that the majority of adults in the U.S. (64%) have an active social media presence. The study finds that a scant few of these people have any knowledge on how to protect the information they share on these platforms…
Read MoreChina Auto Logistics announces the addition of vehicle coverage to its available services
China Auto Logistics Inc. – one of the top website developers in the country for sellers and buyers of both domestic and imported vehicles, as well as being a leading seller of imported luxury cars in China, and a top auto service provider – has unveiled its intentions to begin offering automobile insurance following a number of agreements with some of the top insurers and banks in the country. China Auto Logistics has stated that it hopes this new offering will help it to broaden its business for services in…
Read MoreU.S. Department of Labor allows more time for insurers to comply with federal law
Insurance companies are pushing for lengthy delays in the enactment of a law that would require them to summarize the benefits plans they provide. According to the Affordable Care Act, health insurance providers must summarize their policies to within four pages of easily understood content. The law is meant to provide consumers with a better understanding of the benefits they will be receiving and what their policies do and do not cover. The Department of Labor, however, has announced that it will not be forcing insurance companies to be adhering…
Read MoreTowers Watson report shows the cost of claims continues to outpace the rise in insurance pricing
Towers Watson, a global professional services firm, has released a new report showing the rising prices in the commercial insurance industry. The report shows that commercial insurance prices have grown for the second consecutive year by an average of 2%. Property insurance and workers compensation are the two fields where the increases in pricing are most apparent. The property insurance market is being bolstered by a number of natural disasters that occurred throughout the year, which prompted insurers to raise rates and prices for new policies. While prices are rising,…
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