Tag: insurer accountability

37 Insurers Slapped with $20M in Insurance Fines for Breaking New York’s Reporting Rules

G. Turner
Insurance Fines

New York State Fines Auto Insurers $20 Million Over Reporting Failures The New York State Department of Financial Services (DFS) has handed down $20 million in fines to 37 auto insurers for failing to report new and terminated insurance policies in a timely manner. This enforcement move, announced recently, comes after years of warnings from state regulators about ongoing reporting failures. While the fines aim to improve compliance, the case has raised important questions about outdated reporting systems, consumer protection, and accountability. Why Timely Reporting Matters for Drivers When you…

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Is Florida’s New Legislation Set to Lower Insurance Premiums?

Nordstrom
Florida Legislative Changes - Home Premiums to go down

In a significant development for Florida homeowners, the Office of Insurance Regulation has approved a 3.3% rate decrease for Heritage Insurance Holdings Inc.’s homeowner policies. This rate reduction, effective August 20, 2024, for both new and renewal policies, is anticipated to be a precursor to broader trends in the state’s insurance market. This article explores the implications of recent legislative changes and their potential impact on insurance premiums in Florida. Florida Legislative Changes Driving the Shift SB 2A (2022) The passage of SB 2A in 2022 introduced several critical reforms…

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