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New Kansas laws remove renewal fees, reduce insurance premium tax rates
Effective July 2024, Kansas also increased workers’ compensation benefits for injured or deceased workers. The total death benefit rose from $300,000 to $500,000, and the cap for permanent total disability increased from $155,000 to $400,000. This legislation, the first update since 2011, aims to create a more equitable system. Source link
Hawaii to reopen hurricane relief fund after two decades of inactivity
The fund operated effectively throughout the 1990s, insuring approximately 155,000 policyholders statewide by 1999. However, as private insurers gradually returned to the market, the HHRF ceased issuing new policies in December 2000 and became dormant by 2002. Despite its inactivity, the fund maintained a reserve balance to ensure readiness in the event of future market…
Program space pulls traditional lines as fronting models reshape access
One80 runs a recurring survey tracking distribution appetite and administrator sentiment. The latest edition is currently live, but the results won’t be available for several months. Still, the pattern is already clear. “Every year that we’ve done that – which is now, I think, 12 years running – we’ve seen growth year over year in…
Lloyd’s announces Patrick Tiernan as new CEO
Tiernan currently serves as Lloyd’s chief of markets, a role he has held since joining the organization in May 2021. In this position, he has overseen underwriting, claims, exposure management, international regulation, market oversight, distribution, and the Lloyd’s Global Network. His remit has also included the Lloyd’s Lab, Lloyd’s Academy, and the organization’s global agents….
AI meets insurance: digitizing the face of compliance and risk mitigation
He noted that “our goal with proactive compliance is to look at the much earlier set of communications and other unstructured data, where some of these bad ideas get started, and that allows us to find things much earlier and do corrective actions like education or improvements to policies…” A report by KPMG highlights AI’s…
Montana enacts bill requiring transparency on wildfire risk
The Montana Legislature has approved a new measure requiring insurance companies operating in the state to disclose detailed wildfire risk score information when used to underwrite or rate residential property. House Bill 533, passed by the 69th Legislature and now enrolled, mandates that admitted insurers provide specific information to homeowners, applicants, or their insurance producers…