Tag: consumer protections

$1 Billion Plan to Stabilize The California FAIR Plan Insurance Program

G. Turner
California FAIR Plan Insurance Program Stability plan

Funding the FAIR Plan Without Overburdening Californians To address the financial pressures caused by rising wildfire claims, the California FAIR Plan is set to receive a $1 billion financial boost. Announced by California Insurance Commissioner Ricardo Lara, this initiative balances the need for immediate stability with measures designed to protect policyholders from undue financial strain, ensuring essential support for wildfire recovery efforts continues. The FAIR Plan as a Safety Net The California FAIR Plan provides critical fire insurance coverage to homeowners and renters in high-risk wildfire zones who are unable…

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New Insurance Law in Louisiana Sparks Debate – Winners and Losers Revealed

Marc
Major Insurance Law Reforms in Louisiana

Louisiana Implements Major Insurance Law Reforms for 2025 Louisiana is undergoing significant changes in its insurance landscape with the introduction of a new law that took effect on January 1, 2025. The legislation, signed by Governor Jeff Landry, repeals the unique “three-year rule,” which had long posed challenges for insurance companies operating in the state. This reform aims to make Louisiana a more competitive environment for insurers while sparking concerns among homeowners about protections. Repeal of the Three-Year Rule The three-year rule previously prevented insurance companies from canceling or non-renewing…

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