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Recent Insurance Updates
- Interview with Louisiana Insurance Commissioner Jim Donelon
KPLC-TV in Lake Charles, Louisiana, spoke with Louisiana Insurance Commissioner Jim Donelon on Sept. 3 about insurance policies following Hurricane Laura.
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- Wildfires Hasten Another Climate Crisis: Homeowners Who Can’t Get Insurance
As wildfire seasons get longer and more severe, California is not only grappling with how to protect homeowners and fight fires but also how to keep insurers from abandoning fire-prone markets. State Insurance Commissioner Ricardo Lara has temporarily banned insurers from canceling policies on nearly 800,000 homes in or near fire-prone areas, but the ban is about to expire and cannot be renewed. A potential deal with insurers has fallen apart, and insurers are expected to continue to retreat from those markets they consider “uninsurable.” In California, insurers are allowed to set rates only based on prior losses, but carriers say some regulations have prevented them from adequately pricing wildfire insurance. Two bills aimed at addressing the problem were defeated this year. Lara says, “I will continue to move quickly to tackle the costs and availability of wildfire insurance affecting our state. If Californians do our part to protect homes from wildfire,” the industry should respond by agreeing to insure those homes. He adds that his focus is on working with high-risk communities to reduce their wildfire risk enough that insurers will keep offering coverage without big rate increases.
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- NAIC Report – 2020 Summer National Meeting
Several notable developments took place during the National Association of Insurance Commissioners’ (NAIC) virtual Summer National Meeting. For instance, a special committee co-chaired by NAIC President and South Carolina Department of Insurance Director Ray Farmer and NAIC President-Elect and Florida Insurance Commissioner David Altmaier focused on race and insurance. The committee was tasked with engaging a broad group of stakeholders on issues related to race, equity, diversity, and inclusion in the insurance sector. Idaho Director of Insurance Dean Cameron and Missouri Department of Insurance Director Chlora Lindley-Myers serve as co-vice chairs of the special committee. Meanwhile, the Group Capital Calculation (E) Working Group discussed comments submitted on the exposure of the proposed group capital calculation (GCC) template and instructions, which were revised to incorporate findings from the field test of 32 volunteer companies. Altmaier, chair of the working group, noted that the comments were extensive and were consolidated into a NAIC staff “Comment Summary” outlining 13 discreet issues.
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