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The legislation would make all residences with dwelling replacement costs between $700,000 and $1mn eligible for coverage through the state insurer if denied by the private market. -
Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The ratings agency assigned a group financial strength rating of A, with a stable outlook, to three new member companies of Builders Insurance.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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The outlooks on IMT Insurance Company and its affiliate, Wadena Insurance Company – both domiciled in West Des Moines, Iowa, and collectively referred to as IMT Insurance Companies – were downgraded to negative.
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The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.
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Under the proposal, the tax would be effective from 2025.
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At a Tuesday hearing, California's assembly committee on insurance quizzed insurance commissioner Ricardo Lara on the finer points of his sustainable insurance plan.
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An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
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The ratings agency also downgraded carrier’s Long-Term Issuer Credit Ratings (Long-Term ICR).
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The ratings agency cited persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility as being among the reasons for maintaining the outlook at stable.
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The state is already experiencing affordability challenges, and regulators are concerned that an availability crisis is brewing.
