Insurance News

Posts Tagged ‘Consumer

State insurance regulators, under pressure to improve disclosure of death-benefit payment options, issued a consumer alert about the industry practice of retaining funds rather than paying them in a lump sum.

“You may be able to earn a higher rate of interest on the life insurance proceeds if you select a different payout option,” the National Association of Insurance Commissioners said in the alert. “While the documents you receive Read the rest of this entry »

SANTA MONICA, Calif. /PRNewswire-USNewswire/ — California lawmakers gave final approval Wednesday to legislation strengthening and extending the innovative “Low Cost Auto Insurance Program” that offers an affordable bare bones car insurance policy to low-income motorists with no taxpayer cost. Consumer advocates applauded lawmakers for passing AB 1597 (Jones) on a bipartisan basis and are urging Governor Schwarzenegger to sign the bill in order to Read the rest of this entry »

INDIANAPOLIS – Florida’s highest ranking elected officials have responded positively to testimony from the National Association of Mutual Insurance Companies (NAMIC). Members of the Florida Financial Services Commission today abandoned a proposed rule change after NAMIC outlined the unintended consequences it could cause.

“Our members believe the proposed rule before you today is poor public policy and will result in a negative impact Read the rest of this entry »

INDIANAPOLIS (May 7, 2009) – A proposal to temporarily prohibit insurance companies from using credit-based insurance scoring to rate policies in New Jersey would lead to cross-subsidization and higher prices for most insurance consumers, the National Association of Mutual Insurance Companies (NAMIC) testified today. The state Senate’s Commerce Committee is considering S-2766, legislation that would suspend use of the underwriting tool until Read the rest of this entry »