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Nov 25, 2024 | 
propertycasualty360.com | Ray Sugrim
Online payment. The Federal Emergency Management Agency (FEMA) published a news release providing information on the development of monthly installment payment plans for National Flood Insurance Program (NFIP) policyholders. Your access to unlimited PropertyCasualty360 content isn’t changing.
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Oct 31, 2024 | 
propertycasualty360.com | Ray Sugrim
(Credit: DC Studio/Adobe Stock) The New York Department of Financial Services (DFS) published an industry letter earlier this month directed toward regulated entities, including insurers. The letter provides information and guidance on the increased risk of AI-related cybersecurity risks and how to mitigate those risks. Your access to unlimited PropertyCasualty360 content isn’t changing.
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Sep 25, 2024 | 
nuco.com | Ray Sugrim
The Oregon Department of Consumer and Business Services Division of Financial Regulation published a bulletin providing guidance for filing rates and forms with the Division. As required by Oregon Statutes, insurers must file rates and forms with the Division and they must be approved by the Director. The Division reviews forms to make sure they cover required benefits and are fair to policyholders and review rates to make sure that they are adequate, not excessive, or unfairly discriminatory.
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Sep 24, 2024 | 
nuco.com | Ray Sugrim
The Texas Department of Insurance published a bulletin announcing they have redefined “termination” to include nonrenewals and discontinuations of insurance policies. Accordingly, nonrenewals and discontinuations are subject to the rules that govern cancellations or terminations. This comes following the implementation of House Bill 1040, 88th Legislature, 2023. The change was made to clarify that nonrenewals and discontinuations are considered forms of termination.
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Sep 20, 2024 | 
nuco.com | Ray Sugrim
The Delaware Department of Insurance published a bulletin on a revision to the state’s Workplace Safety Program. The program creates safer work environments and helps to lower workers’ compensation insurance premiums. Since the inception of the program, the Department has notified eligible employers of the availability of the program. They also ask that insurers writing workers’ comp in the state include information about the program in their renewal documentation.
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Sep 17, 2024 | 
propertycasualty360.com | Brittney Meredith-Miller |Ray Sugrim |Brian Sullivan |Joe Toppe
Hurricane Francine made landfall in Louisiana as a Category 2 storm on September 11. (Credit: EvgeniyQW/Adobe Stock) Insured losses in the United States from Hurricane Francine are estimated at around $1.5 billion, according to Karen Clark & Company's modeling. This includes business interruption and automobiles, as well as privately insured damage to residential, commercial and industrial properties, but does not include boats, offshore properties or National Flood Insurance Program losses.
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Sep 17, 2024 | 
propertycasualty360.com | Alexandre Rajbhandari |Ray Sugrim |Elana Ashanti Jefferson |Kelly Helton
(Bloomberg) — U.S. property insurance rates are decreasing for the first time in almost seven years, after insurers returned to profitability amid lower losses tied to catastrophes. The average U.S. property insurance rate decreased 0.94% in the second quarter from a year earlier, following several periods of softening increases over the past year, according to a property market report from Aon Plc. It's the first time rates have decreasedsince the third quarter of 2017.
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Sep 17, 2024 | 
propertycasualty360.com | Ray Sugrim |Elana Ashanti Jefferson |Kelly Helton |Brittney Meredith-Miller
(Photo: Ingo70/Shutterstock.com) The Louisiana Department of Insurance has enacted Emergency Rule 49, which is effective from September 9 to November 11, 2024, after the state was impacted by Hurricane Francine. The rule may be terminated earlier than the November cutoff by the insurance commissioner.
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Sep 16, 2024 | 
nuco.com | Ray Sugrim
The Louisiana Department of Insurance adopted Emergency Rule 49 following the impact of Hurricane Francine. The Emergency Rule is effective September 9, 2024, and will be in effect until November 11, 2024, or earlier if terminated by the insurance commissioner. Louisiana Governor Jeff Landry declared a state of emergency on September 9, 2024, in anticipation of Hurricane Francine.
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Sep 16, 2024 | 
nuco.com | Ray Sugrim
The New Mexico Office of Superintendent of Insurance (OSI) published a bulletin announcing a data call for insurers writing homeowners insurance in the state, as required by NMSA 1978, SECTION 59A-17-5.1. All insurers that have issued residential property insurance policies covering property in New Mexico must submit their underwriting guidelines that were in effect on September 1, 2024, by September 30, 2024. This premium content is locked forFC&S Expert Coverage Interpretation subscribers.
