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PA Lawmakers Pass Bill Regulating PBMs The Pennsylvania legislature passed a bill ( HB 1993 ) aimed at increasing oversight of pharmacy benefit managers. If signed by Gov. Josh Shapiro (D), the measure...
In a sign of the times, states have begun pursuing bills that require disclosure of the use of artificial intelligence. In March, Utah Gov. Spencer Cox (R) signed SB 149 , making the state the first...
NY Enacts Social Media Protections for Minors New York Gov. Kathy Hochul (D) signed first-in-the-nation legislation ( SB 7694 ) prohibiting social media platforms from providing algorithmic feeds to...
CA to Make Changes to Labor Law Costing Employers Billions Business and labor groups in California have agreed on changes to the Private Attorney’s General Act, a landmark state law that has allowed...
PBMs Driving Up Prescription Drug Prices The three largest pharmacy benefit managers—CVS Health, Cigna and UnitedHealth Group—often “steer patients toward pricier drugs, charge steep...
Federal regulators formally proposed significant changes to the rules governing how much capital larger banks must hold to cushion them from financial losses. The changes, which could increase the high-quality capital requirements for banks with $100 billion or more in total assets by 16 percent, are likely to draw significant industry pushback. (LAW360)
At a July 13 public workshop hosted by California’s insurance department to discuss the possibility of using catastrophe modeling in ratemaking, Parr Schoolman, chief risk officer for Allstate Property and Liability advocated for other changes, including speeding up the approval process for rate filings and letting insurers factor reinsurance costs into their rate indications.
“Without pricing enhancements, Allstate will remain closed to new business and will evaluate additional nonrenewals or the full withdrawal of property lines from the California market,” Schoolman said. (INSURANCE JOURNAL)
The 2022 Annual Report posted by the Florida Department of Financial Services’ Division of Rehabilitation and Liquidation in April identified 7 factors that contributed to the insolvency of 10 insurers in the state since early 2021. They include inadequate capitalization, improper management, natural disasters and reinsurance issues.
What wasn’t on the list was claims litigation, a glaring omission to south Florida plaintiff’s attorney Gina Clausen Lozier.
“That’s ridiculous,” she said. “You’d think with all the concerns about litigation in the last few years that would be number one on the list.” (INSURANCE JOURNAL)
—Compiled by SNCJ Managing Editor KOREY CLARK
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