Latest Insurance News

Insurers Are Hitting Back on 'Fronting' ; PERSONAL FINANCE

Insurers are cracking down on parents who insure their child's car in their name to cut costs. They have tightened up underwriting criteria to clamp down on the practice, known in the industry as "fronting". A spokeswoman for Royal Bank of Scotland insurance brands, which include Churchill, Privilege and Direct Line, said it has recently completed a review aimed at cutting down the incidence of this type of fraud. Churchill reviewed its "young additional drivers" policy this summer and ha...

EDITORIAL: Why Not Richmond?

By Richmond Times-Dispatch, Va. Sep. 23--AOL's executives are heading to New York so they'll be in the middle of the undisputed capital of media, advertising, and money. But New York doesn't hold a monopoly on creative thinking. Nor do its denizens always possess a firm understanding of attitudes in Middle America. Manhattan, after all, is an island. Some pretty good thinkers right here in Richmond have proven that innovation and original approaches sprout frequently in the hinterlands. T...

Legislature's Compromise Could Keep PIP Insurance Alive

By Linda Kleindienst, South Florida Sun-Sentinel Sep. 22--TALLAHASSEE -- Florida's no-fault auto insurance law may get a second chance at life, but with much tougher safeguards against fraud. Although set to expire Oct. 1, legislative negotiators on Friday reached an agreement to extend -- likely by three months -- the current requirement that motorists carry a minimum of $10,000 in personal injury protection, or PIP. Then, in January, the no-fault law would be revamped, for the first t...

Florida's No-Fault Auto Insurance Law Extended By State

By Linda Kleindienst, South Florida Sun-Sentinel Sep. 21--TALLAHASSEE -- Florida's no-fault auto insurance law may be getting a second chance at life, but with beefed up protections against fraud. Although set to expire on Oct. 1, legislative negotiators on Friday reached an agreement to extend -- likely by three months -- the current requirement that motorists carry a minimum of $10,000 in personal injury protection. As of January, the no-fault law would be revamped, for the first time...

Perceived Value

By Zinkewicz, Phil A look at trends in online auto insurance buying How long ago was it that the Internet was first touted as a viable marketing tool for the property and casualty insurance industry, one that might pose a serious threat to the independent agency system? Five years ago? Ten years ago? Fifteen years ago? However long ago, the arguments on both sides still ring loud and clear. Independent agents argued, understandably and quite pointedly, that consumers needed the assistance...

AG Wary of Insurance Plan ; But Hints Softer Competition Stance

By JAY FITZGERALD Attorney General Martha Coakley yesterday signaled she could support changing the state's auto-insurance system to one in which insurers would set rates - if a current proposal is modified to protect consumers. Coakley, who's expressed general reservations in the past about a proposal to overhaul the state's current system, said insurers should not be allowed to use credit scores to set rates if there is deregulation. According to written testimony and a press release ...

Speak Up

Sen. Hillary Clinton has once again overstepped her bounds with her "Hillary Care" plans for our medical insurance. Sen. Hillary Clinton says the government won't run her universal health care system. Who is she trying to fool? If taxpayers are going to pay higher taxes for it, guess who's managing the money? Now Sen. Hillary Clinton wants to enforce a universal health care plan, where everyone must have health insurance, just like auto insurance. Even though it's the law to have auto i...

Fla.'s No-Fault Insurance Law May Not Expire: After Nearly Two Weeks of Negotiations, There's a Good Chance the State's No-Fault Auto Insurance Law Could Be Extended

By Beatrice E. Garcia, The Miami Herald Sep. 22--Florida's no-fault auto insurance law, set to expire Oct. 1, is likely to get another life, legislators said Friday. A plan that calls for extending the controversial law through the end of the year and makes significant changes in January has been hashed out in Tallahassee. The deal adds a fee schedule on medical payments for care to accident victims and pumps in more money to fight insurance fraud. Reached after nearly two weeks of inte...

Insurance Regulator Seeks to Allow Competition Among Auto Insurers

By Sarah Shemkus, Cape Cod Times, Hyannis, Mass. Sep. 21--BOSTON -- State Insurance Commissioner Nonnie Burnes wasn't sure yesterday how much she pays to insure her car. And, because Massachusetts currently has a non-competitive auto insurance market, she's also not sure whether she's getting a good deal or not. "I don't know," Burnes said. "I can't shop for it." In August, Burnes proposed a system intended to rectify that situation by introducing managed competition into the state's ...

PIP Debate Narrowing Focus: Negotiations Continue in Tallahassee to Revamp the State's No-Fault Auto Insurance Law to Limit Fraud and High Medical Costs

By Beatrice E. Garcia, The Miami Herald Sep. 20--While efforts to find common ground on reforming Florida's no-fault auto insurance law intensified Wednesday, the debate focused on limiting medical costs after accidents. Another meeting is set for Friday. Since early this week, stakeholders in the negotiations over whether to revamp and extend the no-fault law or let it expire as planned on Oct. 1 have reached agreement on some proposals to limit fees charged for medical care that's pro...