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U.S. House Includes NFIP Extension in $19.1 Billion Disaster Appropriations Bill

Original source: http://news.ambest.com/newscontent.aspx?altsrc=23&refnum=217048

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BestWire (05/13/19) Kiriluk-Hill, Renée

The U.S. House approved a $19.1 billion emergency spending bill that also extends the National Flood Insurance Program (NFIP) before the end of this fiscal year on Sept. 30. If accepted, it would be the 11th no-change NFIP expansion because September 2017, says that the National Association of Insurance Commissioners (NAIC). The NAIC supports long term reauthorization — for at least 10 years — to avoid uncertainty in the housing and insurance markets. Allocate disaster recovery money for these things as assistance and infrastructure developments for farmers and the House voted to temporarily expand the NFIP. The Federal Emergency Management Agency says it’ll overhaul the NFIP rate structure to reflect human property danger instead of place within a designated flood plain…. Read More

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Original source: http://news.ambest.com/newscontent.aspx?altsrc=23&refnum=217048

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BestWire (05/13/19) Kiriluk-Hill, Renée

The U.S. House approved a $19.1 billion emergency spending bill that also extends the National Flood Insurance Program (NFIP) before the end of this fiscal year on Sept. 30. If accepted, it would be the 11th no-change NFIP expansion because September 2017, says that the National Association of Insurance Commissioners (NAIC). The NAIC supports long term reauthorization — for at least 10 years — to avoid uncertainty in the housing and insurance markets. Allocate disaster recovery money for these things as assistance and infrastructure developments for farmers and the House voted to temporarily expand the NFIP. The Federal Emergency Management Agency says it’ll overhaul the NFIP rate structure to reflect human property danger instead of place within a designated flood plain…. Read More

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Remarks by Treasury Secretary at the National Association of Insurance Commissioners International Forum

Original source: https://home.treasury.gov/news/press-releases/sm688

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U.S. Department of the Treasury (05/13/19)

At the National Association of Insurance Commissioners’ (NAIC) International Forum,” Treasury Secretary Steven Mnuchin stated,”Treasury coordinates together with the nations, their insurance supervisors, along with the NAIC to a number of significant issues, ranging from our work with global standard-setting bodies to our government of the terrorism risk insurance plan. We are pleased to continue this productive relationship as we focus on the vital policies and issues — both domestic and global — facing the U.S. insurance sector. … With respect to our job in these global standard-setting bodies, the U.S. agents should advocate strongly and together for development of international standards that reflect the U.S. regulatory arrangement.” Among other things, he spoke three key regions of focus for Treasury on the Insurance Capital Standard frame, noting,”In this broader context of group capital, it is also important that the Federal Reserve along with the NAIC continue organizing and making improvements within their respective domestic group funding initiatives. … Progress on both these fronts may even help Team USA’s collective advocacy for our U.S. state-based system and regulatory approach at the [International Association of Insurance Supervisors].” Related Story: Politico Pro (subscription)… Read More

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Original source: https://home.treasury.gov/news/press-releases/sm688

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U.S. Department of the Treasury (05/13/19)

At the National Association of Insurance Commissioners’ (NAIC) International Forum,” Treasury Secretary Steven Mnuchin stated,”Treasury coordinates together with the nations, their insurance supervisors, along with the NAIC to a number of significant issues, ranging from our work with global standard-setting bodies to our government of the terrorism risk insurance plan. We are pleased to continue this productive relationship as we focus on the vital policies and issues — both domestic and global — facing the U.S. insurance sector. … With respect to our job in these global standard-setting bodies, the U.S. agents should advocate strongly and together for development of international standards that reflect the U.S. regulatory arrangement.” Among other things, he spoke three key regions of focus for Treasury on the Insurance Capital Standard frame, noting,”In this broader context of group capital, it is also important that the Federal Reserve along with the NAIC continue organizing and making improvements within their respective domestic group funding initiatives. … Progress on both these fronts may even help Team USA’s collective advocacy for our U.S. state-based system and regulatory approach at the [International Association of Insurance Supervisors].” Related Story: Politico Pro (subscription)… Read More

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Insurers Retreat from Card Deals

Original source: http://www.naic.org/newswire.xml

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Asset Backed Alert (05/10/19)

Leading U.S. life insurers are anticipated to reduce their holdings of credit-card bonds by over $1 billion this year, which would amount to a reduction of 31% from the $3.2 billion kept in the end of 2018, based on statistics in Wells Fargo researcher Gary Zhu. According to the report, the card-bond portfolios of the 30 biggest carriers shrank 29%, or $1.3 billion, last year. Northwestern Mutual and metLife are among the insurance companies that have been cutting . Sources also stated AIG, New York Life, and TIAA have decreased their girth. Credit-card bonds, particularly those who have triple-A ratings, were considered bread-and-butter investments for insurance, and their rejection of these securities may be attributed to a broader desire to move money into higher-yielding devices, including prices with longer lives and lower ratings in non-mainstream asset classes. One insurance company executive allegedly stated,”I examine card bonds and say to myself,’Why waste my sterile powder on it once I could find much more yield from something that I wouldn’t typically buy?'”… Read More

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Original source: http://www.naic.org/newswire.xml

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Asset Backed Alert (05/10/19)

Leading U.S. life insurers are anticipated to reduce their holdings of credit-card bonds by over $1 billion this year, which would amount to a reduction of 31% from the $3.2 billion kept in the end of 2018, based on statistics in Wells Fargo researcher Gary Zhu. According to the report, the card-bond portfolios of the 30 biggest carriers shrank 29%, or $1.3 billion, last year. Northwestern Mutual and metLife are among the insurance companies that have been cutting . Sources also stated AIG, New York Life, and TIAA have decreased their girth. Credit-card bonds, particularly those who have triple-A ratings, were considered bread-and-butter investments for insurance, and their rejection of these securities may be attributed to a broader desire to move money into higher-yielding devices, including prices with longer lives and lower ratings in non-mainstream asset classes. One insurance company executive allegedly stated,”I examine card bonds and say to myself,’Why waste my sterile powder on it once I could find much more yield from something that I wouldn’t typically buy?'”… Read More

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Louisiana Lawmakers Want to Wipe Out Refunds Owed by New Orleans Bail Bond Firms. Critics Say That's Unconstitutional.

Original source: https://www.theadvocate.com/baton_rouge/news/politics/legislature/article_94ffadb6-7411-11e9-8a9d-d3d81577409d.html

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He says the bond bond businesses of that the city violated the caps stipulated by state law. Those fees could total $6 million. However, state lawmakers aren’t currently waiting for the courts to determine whether Donelon is accurate. The nation’s legislature appears prepared to clear the bondsmen of this impending debt, which could deprive clients of the refunds. The legislation is advancing the process mainly unopposed, along with a final vote could happen on May 22. Critics say the form of amnesty is unconstitutional, so judges may end up getting the final say…. Read More

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Original source: https://www.theadvocate.com/baton_rouge/news/politics/legislature/article_94ffadb6-7411-11e9-8a9d-d3d81577409d.html

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He says the bond bond businesses of that the city violated the caps stipulated by state law. Those fees could total $6 million. However, state lawmakers aren’t currently waiting for the courts to determine whether Donelon is accurate. The nation’s legislature appears prepared to clear the bondsmen of this impending debt, which could deprive clients of the refunds. The legislation is advancing the process mainly unopposed, along with a final vote could happen on May 22. Critics say the form of amnesty is unconstitutional, so judges may end up getting the final say…. Read More

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Georgia Official: 'Reason to Believe' Anthem/Blue Cross Violated Law

Original source: https://www.ajc.com/news/state–regional-govt–politics/georgia-official-reason-believe-anthem-blue-cross-violated-law/5g74kHD9mMcwpf2mNj2qEI/

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Atlanta Journal-Constitution (05/10/19) Hart, Ariel

Georgia Insurance Commissioner Jim Beck says health insurance company Anthem may have violated the law as it arouses WellStar Health System from its individual policy. Beck has purchased the company to appear in a hearing to describe itself, according to an order he issued. After those policyholders were locked into their strategies for 2019 the order relates to lose its arrangement with WellStar for human policyholders. The person Anthem plans, called”Pathway,” do not offer out-of-network rates, therefore those policyholders said they would need to pay the whole cost of a WellStar service in cash without a negotiated rate. Beck advised the hearing. Say they were asked to testify…. Read More

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Original source: https://www.ajc.com/news/state–regional-govt–politics/georgia-official-reason-believe-anthem-blue-cross-violated-law/5g74kHD9mMcwpf2mNj2qEI/

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Atlanta Journal-Constitution (05/10/19) Hart, Ariel

Georgia Insurance Commissioner Jim Beck says health insurance company Anthem may have violated the law as it arouses WellStar Health System from its individual policy. Beck has purchased the company to appear in a hearing to describe itself, according to an order he issued. After those policyholders were locked into their strategies for 2019 the order relates to lose its arrangement with WellStar for human policyholders. The person Anthem plans, called”Pathway,” do not offer out-of-network rates, therefore those policyholders said they would need to pay the whole cost of a WellStar service in cash without a negotiated rate. Beck advised the hearing. Say they were asked to testify…. Read More

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What Property Insurance Claims Can Go To Appraisal In Rhode Island?

Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/vbPwuo3wYGE/

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Rhode Island appraisals are treated like Florida appraisals. The rule of thumb is if it is demanded that unless your claim is denied for coverage, appraisal must be gone to by the parties. Insurers seeking to avoid appraisal have to specifically indicate the dispute would be subject to your coverage denial and must be litigated. … Read More

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Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/vbPwuo3wYGE/

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.
Rhode Island appraisals are treated like Florida appraisals. The rule of thumb is if it is demanded that unless your claim is denied for coverage, appraisal must be gone to by the parties. Insurers seeking to avoid appraisal have to specifically indicate the dispute would be subject to your coverage denial and must be litigated. … Read More

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California Insurance Commissioner to Investigate Inequity in Auto Premiums

Original source: https://www.ocregister.com/2019/05/10/california-insurance-commissioner-to-investigate-inequity-in-auto-premiums/

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Orange County Register (CA) (05/10/19) Smith, Kevin

After complaints received by his own department, California Insurance Commissioner Ricardo Lara has scheduled an investigatory hearing for Sept. 17 to determine if drivers paying reduced auto insurance premiums as part of a team strategy contributes to higher prices for other low-income motorists. “We have been hearing complaints for a few years now,” says Lara. He wants to learn if carriers that reduce auto rates for people in group plans end up trekking premiums for drivers. California law makes it possible for companies to issue coverage on a group plan which lowers auto rates for certain”affinity groups,” such as professional associations and alumni associations. “It will be professional people that are discounted and working class folks might not have access to those very same discounts,” says Lara. He’ll first ask carriers to voluntarily supply their speed information, and should they fail to accomplish this, he’ll issue subpoenas to get the information. Lara says affordable auto insurance can increase a individual’s economic freedom through access to job and higher-paying jobs…. Read More

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Original source: https://www.ocregister.com/2019/05/10/california-insurance-commissioner-to-investigate-inequity-in-auto-premiums/

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Orange County Register (CA) (05/10/19) Smith, Kevin

After complaints received by his own department, California Insurance Commissioner Ricardo Lara has scheduled an investigatory hearing for Sept. 17 to determine if drivers paying reduced auto insurance premiums as part of a team strategy contributes to higher prices for other low-income motorists. “We have been hearing complaints for a few years now,” says Lara. He wants to learn if carriers that reduce auto rates for people in group plans end up trekking premiums for drivers. California law makes it possible for companies to issue coverage on a group plan which lowers auto rates for certain”affinity groups,” such as professional associations and alumni associations. “It will be professional people that are discounted and working class folks might not have access to those very same discounts,” says Lara. He’ll first ask carriers to voluntarily supply their speed information, and should they fail to accomplish this, he’ll issue subpoenas to get the information. Lara says affordable auto insurance can increase a individual’s economic freedom through access to job and higher-paying jobs…. Read More

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Klickitat County Fraud Suspect Pleads Guilty

Original source: https://www.insurance.wa.gov/news/klickitat-county-fraud-suspect-pleads-guilty

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Washington State Office of the Insurance Commissioner (05/10/19)

After an investigation by Washington state Insurance Commissioner Mike Kreidler’s Criminal Investigations Unit (CIU), Kim-Ramil Contreras Montaniel Held Accountable in Klickitat County Superior Court May 6 to one count of filing a false insurance claim.

He had been sentenced to 30 days in confinement, that had been converted to 240 hours community service, and ordered to pay $600 in court charges. Using submitting a false insurance claim, Montaniel in July 2018 charged. According to the evaluation, Montaniel was at January 2018 in a collision with his 2017 Nissan Rogue, and then he purchased a Progressive car insurance policy and filed a claim. The auto body shop repair quote was dated before the insurance policy was purchased by him. Progressive referred the situation and denied the claim…. Read More

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Original source: https://www.insurance.wa.gov/news/klickitat-county-fraud-suspect-pleads-guilty

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Washington State Office of the Insurance Commissioner (05/10/19)

After an investigation by Washington state Insurance Commissioner Mike Kreidler’s Criminal Investigations Unit (CIU), Kim-Ramil Contreras Montaniel Held Accountable in Klickitat County Superior Court May 6 to one count of filing a false insurance claim.

He had been sentenced to 30 days in confinement, that had been converted to 240 hours community service, and ordered to pay $600 in court charges. Using submitting a false insurance claim, Montaniel in July 2018 charged. According to the evaluation, Montaniel was at January 2018 in a collision with his 2017 Nissan Rogue, and then he purchased a Progressive car insurance policy and filed a claim. The auto body shop repair quote was dated before the insurance policy was purchased by him. Progressive referred the situation and denied the claim…. Read More

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ACA Consumers in Maryland Could See Insurance Premiums Drop Next Year

Original source: https://www.baltimoresun.com/health/bs-hs-obamacare-rate-requests-down-20190510-story.html

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Baltimore Sun (05/10/19) Cohn, Meredith

Many people who buy their medical insurance through Maryland’s exchange could observe premiums fall next year according to rate requests the nation’s two carriers filed May 10. Maryland Insurance Commissioner Al Redmer, Jr., states,”The first indication is that the reinsurance program created annually from the legislature and the Senate had its intended impact, and we’re seeing additional stability in the marketplace for this.” The Maryland Insurance Administration determine whether they have to be raised or lowered to reflect the cost of coverage and has to review the fee requests. Premiums will be set by mid-September, and a public hearing is planned for July. Earlier in 2019, state leaders extended a tax on motor insurance carriers initiated that funding a pool of money to help their claims that were greatest are covered by insurers. Associated Story: Baltimore Business Journal (registration)… Read More

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Original source: https://www.baltimoresun.com/health/bs-hs-obamacare-rate-requests-down-20190510-story.html

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Baltimore Sun (05/10/19) Cohn, Meredith

Many people who buy their medical insurance through Maryland’s exchange could observe premiums fall next year according to rate requests the nation’s two carriers filed May 10. Maryland Insurance Commissioner Al Redmer, Jr., states,”The first indication is that the reinsurance program created annually from the legislature and the Senate had its intended impact, and we’re seeing additional stability in the marketplace for this.” The Maryland Insurance Administration determine whether they have to be raised or lowered to reflect the cost of coverage and has to review the fee requests. Premiums will be set by mid-September, and a public hearing is planned for July. Earlier in 2019, state leaders extended a tax on motor insurance carriers initiated that funding a pool of money to help their claims that were greatest are covered by insurers. Associated Story: Baltimore Business Journal (registration)… Read More

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Opinion: Hurricane Season Is Coming! Are You Insured?

Original source: https://www.houstonchronicle.com/opinion/outlook/article/Hurricane-season-is-coming-Are-you-insured-13836966.php

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“I presume that this week’s heavy rains will likely be reminder to us all: Houstonians need flood insurance,” he states. “After most significant flooding, a surge of people buy flood coverage while the tales are fresh on our minds — dreadful water harm, households forced to move out of uninhabitable houses, or homeowners carrying out repair loans the size of another mortgage. But that spike in flood coverage does not last long. Individuals begin letting those policies , Since the stories disappear from the front page. I wish to see Texas alter that trend.” Hurricane season begins June 1 and flooding policies include a waiting period before coverage starts. “In case you don’t have flood insurance, then the time is now,” warns Sullivan…. Read More

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Original source: https://www.houstonchronicle.com/opinion/outlook/article/Hurricane-season-is-coming-Are-you-insured-13836966.php

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“I presume that this week’s heavy rains will likely be reminder to us all: Houstonians need flood insurance,” he states. “After most significant flooding, a surge of people buy flood coverage while the tales are fresh on our minds — dreadful water harm, households forced to move out of uninhabitable houses, or homeowners carrying out repair loans the size of another mortgage. But that spike in flood coverage does not last long. Individuals begin letting those policies , Since the stories disappear from the front page. I wish to see Texas alter that trend.” Hurricane season begins June 1 and flooding policies include a waiting period before coverage starts. “In case you don’t have flood insurance, then the time is now,” warns Sullivan…. Read More

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