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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...
With America facing an obesity epidemic , it’s no wonder some are embracing the concept that food—simple, healthy, nutritious food—is medicine in and of itself, a philosophy that’s...
VT Gov Vetoes Tough Privacy Bill Vermont Gov. Phil Scott (R) vetoed HB 121 , which would have been one of the strongest consumer data privacy laws in the nation, allowing residents to sue data brokers...
Recent turmoil in the insurance industry related to climate change has largely been concentrated in states like California, Florida and Louisiana. But the problem appears to be spreading to other states, including Arkansas, Ohio and Utah.
Last year insurers in 18 states lost money on homeowners coverage, according to analysis by The New York Times. That number is up 50% from the 12 states where homeowners insurance was unprofitable in 2018 and 125% from the 8 states that fell into that category in 2013. Consequently, insurers are raising premiums, reducing coverage or pulling out of states entirely. (NEW YORK TIMES)
Farmers Insurance said it will resume writing commercial multi-peril policies for several industry sectors in California, including auto service & repair, manufacturing, real estate and wholesale distribution, beginning on Aug. 1.
In a statement the insurer’s president of Business Insurance, Eric Coleman, said: “Farmers has operated in California for nearly a century, and while challenges remain, we are encouraged by the positive changes taking place in the state’s commercial insurance marketplace.”
Those positive changes include increased willingness among state officials to discuss ways of expediting rate filings and allowing insurers to use catastrophe modeling in setting rates.
The news from Farmers comes shortly after it announced it would lift a temporary moratorium on writing new commercial auto insurance policies in California. Last May the company decided to stop writing new property/casualty insurance polices in the state due to inflation and the increased risk of wildfires. (INSURANCE JOURNAL)
—Compiled by SNCJ Managing Editor KOREY CLARK
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