June 22, 2017
The House Financial Services Committee advanced five flood insurance proposals on Wednesday, adding to the two bills it passed last week . The House measures seek to reform and reauthorize the National Flood Insurance Program (NFIP), which is set to expire on September 30, for five years. The latest bills seek to address claims issues and questions about oversight of the Write Your Own Program...
June 22, 2017
Courts around the country will have their hands full with key insurance issues over the next six months, with the California Supreme Court considering whether a company's negligent supervision of an employee is an accidental occurrence and the New York high court weighing the scope of a reinsurer's coverage obligations. Here, Law360 takes a look at five major insurance disputes to watch in the...
June 22, 2017
The House Financial Services Committee advanced five flood insurance proposals on Wednesday, adding to the two bills it passed last week. The House measures seek to reform and reauthorize the National Flood Insurance Program (NFIP), which is set to expire on September 30, for five years. The latest bills seek to address claims issues and questions about oversight of the Write Your Own Program...
June 19, 2017
The first half of 2017 was rife with major insurance law rulings, with the Texas Supreme Court issuing key guidance on the requirements for maintaining statutory claims against insurers for deceptive practices, and with Washington's high court limiting policyholders' ability to sue for bad faith and curtailing carriers' capacity to rely on policy exclusions. Here, Law360 examines five significant...
June 18, 2017
The House Financial Services Committee on Thursday passed two bills to reform the National Flood Insurance Program (NFIP). One is a broad reform proposal that seeks to encourage more private insurance and move the program toward actuarial-based rates, while the other addresses premium credits for mitigation efforts and underwriting of urban properties. Committee Chairman Rep. Jeb Hensarling (R...
June 3, 2017
The Federal Emergency Management Agency is making sweeping reforms to the nation's flood insurance program in the wake of a series of critical reports on NPR and the PBS series Frontline. But lawmakers say this isn't enough when private insurance companies are profiting millions of dollars from a program that is already $23 billion in debt. Sen. Bob Menendez, D-N.J., and other lawmakers say they...
May 23, 2017
The impact of one’s credit history on homeowner insurance rates appears to be intensifying, a new analysis shows. If you have poor credit, your premium is more than double, on average, the rate for a homeowner with excellent credit, a report from the rate comparison site InsuranceQuotes.com finds. Previous analyses also found variations in premiums based on credit history, but the penalty for......
April 28, 2017
U.S. Senators Bill Cassidy (R-La.) and Kristen Gillibrand (D-N.Y.) have released draft legislation to reauthorize the National Flood Insurance Program (NFIP) for 10 years. The NFIP is currently set to expire on Sept. 30, 2017. The legislation, the Flood Insurance Affordability & Sustainability Act of 2017, would reauthorize the NFIP until 2027, which the sponsors say is needed to avoid......
March 16, 2017
All Texas businesses should be concerned about the potential passage of Senate Bill 10 (SB 10). While several lawmakers tout SB 10 as tailored legislation to curb “hailstorm lawsuit abuse,” SB 10 is much broader and impacts all policyholders. Indeed, SB 10 fails to reference “hail” or “hailstorm,” much less limit its impact to claims for hailstorm damage. SB 10 would meaningfully and adversely...
March 2, 2017
Major business interests are lining up against one of Lt. Gov. Dan Patrick’s top priorities — a bill that would make it harder for Texans to force their insurance companies to pay up when calamity strikes. Patrick and his allies say the bill, Senate Bill 10, is needed to stop greedy trial lawyers from cashing in on hail damage lawsuits. But the word “hail” doesn’t appear anywhere in the......