Tag: insurance industry transparency

Insurance News – NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures

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NYDFS Cracks Down on Insurers

NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures The New York State Department of Financial Services (NYDFS) has taken significant action against car insurance providers, resulting in $20.4 million in fines due to widespread compliance failures. After a lengthy investigation, regulators called out several major insurers for not submitting vehicle coverage reports to the DMV within the required timeframes, a critical process for maintaining consumer protection and state records. This enforcement sends a clear signal to the industry about the importance of following regulations and highlights…

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Texas Senate Bill 1246 Proposes State-Run Auto Insurance Program

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Texas Senate Bill 1246

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…

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