Regulation

The more important driver of past downswings in loss costs has been unemployment.

Inside P&C’s news team runs you through the key developments from the past week.

The Florida Senate passed Senate bill SB 1728 last Thursday, but it seems to have stalled in the state’s House of Representatives.

Sources fear that the issue will be buried after the coming legislative elections in November.

The Senate bill contains a highly debated provision that could cause homeowners to face a new deductible for roof-damage claims.

The Department of Insurance found various violations including operations and management, complaint handling, underwriting and rating practices, and claims handling.

The Washington state regulator’s permanent rule to ban the use of credit scoring data for three years is turning the Washington insurance market into “chaos”, APCIA said.

State Senator Jeff Brandes withdrew his amendment to an insurance omnibus bill but said he would bring the concept back before the legislature.

The OSHA regulation requiring employees at large businesses to get Covid vaccine was thrown out, but justices allowed the healthcare worker mandate to stand.

The ratings agency said that long-tail classes could be hit by reserve deficiencies.

Justices appear to lean toward overturning OSHA rule requiring jabs for 100 workers or more; medical mandate also in play.

Legacy acquirer Darag has entered into a Stock Purchase Agreement and received the relevant regulatory approval for the purchase of a Texas-based insurer in run-off.