The legislation seeks to respond to growing concerns over the affordability and availability of insurance for natural disasters, such as wildfires and floods. According to the bill, fire insurance is becoming more costly and difficult to obtain in California, while flood coverage remains uncommon and insurance for extreme-heat events is rare.
Alongside HB 1302, lawmakers are also reviewing a separate proposal—House Bill 1182—which would impose new disclosure and notification requirements on insurers using wildfire risk models in underwriting. If passed, HB 1182 would mandate greater transparency from insurers about their use of catastrophe models, risk scores, and other tools used to assess wildfire exposure when determining…
A newly signed bill in New Mexico has introduced sweeping restrictions on the disclosure of sensitive personal information by state agency employees, in a move that is likely to have compliance implications for insurers, contractors, and government service providers. The “Nondisclosure of Sensitive Personal Information Act,” passed under Senate Bill 36 (SB 36), will take…
Consumers who unknowingly purchase the fraudulent policies not only lose their money, but may face serious consequences for driving without valid insurance, officials said. That includes vehicle registration revocation or impoundment by law enforcement. Source link
“Interestingly, that may increase the number of third-party lawsuits,” he said. “There is, in the US, the ability for citizens to do a citizens’ action against a company that’s not in compliance with the regulations, and one of the criteria is the regulators aren’t doing anything. Then, the citizens can bring a lawsuit and pay…
New CEO at NJM Insurance Carol Voorhees (pictured right), currently executive vice president and chief operating officer at NJM Insurance, has been appointed president and CEO. She will succeed Mitch Livingston, who will retire on July 31, 2025, after 19 years with the company. Source link
