Tag: Transparency in Insurance

Allstate Bonus Plans in the Spotlight Over Storm Claim Rejections

Tate Ellison
Allstate Storm Claim Rejections

Court Orders Transparency in Storm Claim Denials A federal court has handed down a milestone decision requiring Allstate Insurance to disclose key internal documents related to its handling of storm damage claims. The ruling, tied to a lawsuit filed in Louisiana, sheds light on the often opaque processes surrounding insurance claims. The plaintiff, Reed Chenevert, accused Allstate of arbitrarily denying his roof damage claim after a storm, citing bad faith and breach of contract. Central to the dispute is whether Allstate’s internal policies, including incentive plans for adjusters and managers,…

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Maryland Insurance Professionals Face Stricter Standards

H. Cutner
Maryland Insurance Professionals Face Stricter Standards

Protecting Maryland Consumers: A Closer Look at Stricter Penalties Starting October 1, consumers in Maryland will witness the implementation of more stringent penalties for unauthorized insurance activities. These legislative changes, introduced by the Maryland Insurance Administration, aims to protect consumers from fraudulent practices while ensuring that insurance professionals uphold the highest standards. Unauthorized Insurer Fines Soar: The fines for unauthorized insurers have substantially increased, with penalties rising from $50,000 to a maximum of $125,000. Higher Penalties for Dishonest Practices: Insurance producers and public adjusters indulging in dishonest or incompetent practices…

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Illinois Residents Face New Wave of Insurance Rate Hikes

G. Turner
Illinois auto insurance rates

Major Rate Hikes by Allstate and State Farm: A Financial Challenge for Illinois Motorists and Homeowners Illinois motorists are facing a financial squall as insurance giants Allstate and State Farm implement major rate hikes, signaling a challenging period ahead for policyholders. Allstate is poised to shock the market with an abrupt 12.7% increase in homeowners’ premiums this week, and State Farm follows closely, scheduling a 12.3% climb in May, as disclosed by the Chicago Tribune. However, the strain doesn’t stop there — a staggering average rise of 28% in auto…

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