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Around the PIA Western Alliance States

Posted By Administration, Wednesday, July 11, 2018

Arizona — On Demand Insurance: The global on-demand insurance tech company Trov will start offering insurance in Arizona. It is the first of several states that the company will expand to this year. To date 44 insurance departments have approved their entry into the markets of their states.

Trov insures single items like cameras and digital devices for short periods of time and against damage or loss on vacations, etc. The firm will use an application similar to that used by rideshare companies to sell the insurance.


Source link: Carrier Management


California — Plea Deal: A plea deal has been reached with Derick Almena and Max Harris in the Northern California warehouse fire that killed 36 people at an unlicensed concert two-years ago.

At the time this is written no details have been given on the deal.


Source link: Insurance Journal


California — Workers’ Comp Insurers & Taxes: Insurance Commissioner Dave Jones has issued an order that every insurer licensed to write workers' compensation insurance in the State of California must report their federal income tax savings annually through a rate filing in light of the new tax law.

He said the reduced the corporate tax rate from 35% to 21% means insurers will now be able to retain even more of policyholder premiums as profit.

“Any savings to insurers should be passed along to California businesses. This order will allow my department to examine workers' compensation insurers' savings and rates and provide transparency to the public. I urge insurers to pass these savings along to policyholders,” Jones said.

And with that Jones has ordered each insurer to report the dollar amount of their tax savings by December 31, 2018, and on a yearly basis through December 31, 2020. Insurers must — in that report — give the details of how the tax savings will impact rates.

Insurers aren’t happy. Mark Sektnan is the VP of the Property Casualty Insurers Association (PCI). He said, “Prop 103 does not give him the authority over workers’ compensation rates. We have a highly competitive market, rates have been going down since 2004 pretty consistently, so it’s a little unclear what the commissioner is looking to gain here.”

Work comp rates in 2017 fell 10% below those of 2016 and are 17% below what we saw in 2015. He said it’s obvious that insurers ARE passing those savings onto their customers.

Sektnan said he’s not sure Jones has the legal authority to make the declaration anyway. The PCI and others are researching the issue.


Source link: Insurance Journal

Tags:  Around the PIA Western Alliance States  Insurance Content  Insurance Industry  Insurance News  Weekly Industry News 

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