insurance industry regulations Archives

Balancing Privacy and Progress: The Debate Around California Insurance Bill SB 354

April 11, 2025April 11, 2025 G. Turner

SB 354 Awaits Vote to Revolutionize Insurance Privacy California is once again putting privacy front and center with Senate Bill 354, the Insurance Consumer Privacy Protection Act (ICPPA) of 2025. Introduced by Senator Monique Limón and supported by Insurance Commissioner Ricardo Lara, the bill seeks to enhance transparency and provide consumers with greater rights over their personal data within the insurance market. However, before these measures can become law, SB 354 must still pass through the California Senate and Assembly and receive the governor’s approval. This legislative milestone has sparked…

Legislative Focus Shines on Insurance Reforms in Washington State

April 10, 2025April 10, 2025 Nordstrom

Senate Bill 5419 Aims to Overhaul Fire Loss Data Collection Washington’s Insurance Commissioner Patty Kuderer has thrown her legislative weight behind Senate Bill 5419, an initiative that proposes shifting the responsibility for collecting fire loss insurance data from the State Fire Marshal to the Office of the Insurance Commissioner (OIC). The bill, approved by the Washington Senate, represents a calculated move to streamline data collection and improve regulatory oversight of fire-related insurance claims. It now awaits scheduled debate in the House of Representatives. “In its current form, the system is…

California Health Insurance Law SB 1120 Takes a Stand Against AI-Driven Health Insurance Denials

January 11, 2025January 10, 2025 Angela Linders

California Enacts SB 1120 to Rein in AI-Powered Health Insurance Decisions California has taken a groundbreaking step in regulating the role of artificial intelligence (AI) in health insurance decision-making. Senate Bill 1120 (SB 1120), also known as the “Physicians Make Decisions Act,” prohibits health insurers from denying, delaying, or altering claims solely based on AI algorithms. Signed into law by Governor Gavin Newsom, this legislation ensures human oversight in healthcare coverage decisions, addressing mounting public concerns about fairness and accuracy in the use of AI technologies. Effective as of January…

Consumer data rules could affect the insurance industry in Europe

March 18, 2015March 16, 2015 Marc

EU introduces draft regulation that is meant to protect consumer information Protecting consumer data is becoming a more important issue for the insurance industry. In Europe, insurance companies may have to take the security of personal data more seriously, pending new rules being debated by the European Union. The European Union has released a draft regulation concerning the protection of consumer data. Protection standards for the draft regulation were initially introduced by the European Commission in 2012 in order to address issues concerning advancing technology and the globalization of the…

US insurance industry oversight increase sought by Treasury

December 18, 2013December 16, 2013 G. Turner

It is looking for a larger role in being able to regulate insurers, particularly in specific sectors. The United States Treasury has now made a call to be able to receive a broader role in overseeing the US insurance industry on a federal level, especially when it comes to areas such as mortgage coverage, the use of personal data for calculating premiums, the collection of the information in the first place, and the employment of secretive “captives” entities by insurers in order to try to keep risks off the books.…

Germany balks at EU regulations targeting the insurance industry

August 7, 2013August 5, 2013 S.Vagus

Insurance industry shows unease over new risk management regulations The European Union is currently working to introduce new regulations to the insurance industry in an effort to moderate risk and exposure. These rules are meant to impose new risk management standards on large insurance companies in order to mitigate any problems that could be caused by future financial disasters. In Germany, these regulations are being met with resistance as the insurance industry balks at the deadlines imposed by the European Union concerning the implementation of these new regulations. German agency…

Insurance industry professionals must cope with regulation risks

July 19, 2013July 17, 2013 Julie Campbell

Insurance industry risks - Banana Peel Survey

A new study has revealed the largest risks faced by pros, the results of which have now been published in a report. New local and international level regulations are now being seen as the greatest risk faced by the insurance industry, according to a PricewaterhouseCoopers and Centre for the Study of Financial Innovation report. The new rules could considerably increase problems with compliance as well as costs for insurers. According to the 2013 Insurance Banana Skins Survey, new regulations regarding market conduct and solvency could “swamp” the insurance industry with…