Insurance Regulation
Georgia’s Latest Effort on Plaintiff Demands Aims to Deter Bad-Faith Claims
Georgia lawmakers have approved two bills that could have a significant impact on windstorm and bad-faith claim losses for property insurers. First, the bad-faith reform legislation. Auto insurers ...
Ready or Not, 80% of P/C Insurers Aim to Use AI for Biz Decisions This Year
Two-thirds of property/casualty insurers plan to start using AI in operational decisions this year, according to a survey, which also reveals that nearly all insurers already using AI have been ...
CEO of Florida’s Citizens Pushes Back on Lawmaker’s Solvency Questions
The CEO of Citizens Property Insurance Corp. has denied that corporation representatives have been unresponsive to Congressional requests for financial information, in the wake of unsettling comments ...
State Farm Update: More ‘Difficult but Necessary’ Decisions in California
State Farm wasn't quite done making tough decisions about writing business in California when it announced that it wouldn't accept applications for new homeowners policies in the state in May of last ...
Triple-I: Regulatory Restrictions Contribute to Risk Crisis in California
Regulatory restrictions to actuarially sound insurance pricing and underwriting, coupled with the need for more mitigation and resilience efforts in the state of California, are placing financial ...
NAIC P/C Market Intelligence Data Call Announced; Data Due June 6
While the U.S. Treasury dropped a plan for the Federal Insurance Office to collect data on climate-related risks from property/casualty insurers last week, regulators still want to scrutinize what's ...
U.S. Treasury Drops Plan to Collect Insurer Data on Climate Risks
The U.S. government is stepping away from its effort to collect data on home insurance prices and availability at the ZIP code level as premiums soar and climate risks to property intensify. Instead, ...
MGU-Carrier Relationships and AI
The NAIC's model bulletin on carriers' use of Artificial Intelligence Systems, adopted in December 2023, specifically sets out expectations that insurers will describe ...
Definitions, Definitions: Advanced AI vs. AI
The definitions of artificial intelligence and machine learning used in the NAIC Surveys on Automobile and Homeowners over the last few years differ from the definitions ...