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Property and casualty insurance

California insurance regulation will need more enforcement, experts say

California insurance regulation will need more enforcement, experts say

California, Property and casualty insurance, Regulation and compliance /

Takeaways: Processing Content Penalties for claims payment delays are not retroactive Provisions duplicate existing regulations Practical aspects of adjusting claims not accounted for California’s latest legislation and newest laws regarding the home insurance market will not have much impact, for several reasons, according to attorneys representing both policyholders and insurers. Policyholder attorneys and advocates call […]

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Industry, advocates react to California’s proposed insurer solvency rules

Industry, advocates react to California’s proposed insurer solvency rules

California, Climate Change, Property and casualty insurance, Regulation and compliance /

Takeaways: Large insurers would have to assess and disclose climate risks Proposal requires risk projections for next three decades Advocates want more risk mitigation efforts and disclosures California insurance commissioner Ricardo Lara’s proposed Long-Term Solvency Regulation, announced October 28, has insurers criticizing its provisions while consumer advocacy groups call for more disclosures and climate mandates.

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20 states sue FEMA over cuts to disaster prevention program

Crisis Management, Disaster planning, FEMA, Homeowners insurance, Property and casualty insurance /

A coalition of 20 state attorneys general have filed a lawsuit against the Federal Emergency Management Agency over its plan to shut down a major disaster mitigation program, arguing the move is illegal and puts communities at risk amid growing climate threats. The suit, filed in the U.S. District Court for Massachusetts, argues that the

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California is running out of safe places to build homes

California, Homeowners insurance, Property and casualty insurance, Wildfires /

(Bloomberg) –California, gripped by a housing shortage that is forcing families from the state, wants to build 2.5 million homes. But it’s running out of safe places to put them. Much of the land best suited for new housing — wind-swept, grassy hills surrounding the state’s major cities — now faces an extreme threat of wildfire, brutally illustrated by the Los

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State Farm’s added California rate hike request gets pushback

California, Property and casualty insurance, Regulation and compliance /

State Farm is going back to California’s regulator for a higher homeowners rate increase. One week after State Farm General, the California division of the State Farm parent company, won approval from California insurance commissioner Ricardo Lara for a 17% emergency rate increase, effective June 1, it amended its previous increase request. State Farm General

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