Around the PIA Western Alliance States

Idaho — Life Insurance Awareness: September was Life Insurance Awareness Month, a campaign to educate consumers about the importance of life insurance and the role it plays in protecting families’ financial security. The Idaho Department of Insurance encourages Idahoans to discuss their life insurance needs with a trusted insurance agent and assess if they are sufficiently safeguarded.

According to the Life Insurance Marketing and Research Association’s (LIMRA) 2022 Insurance Barometer Study:

Half of American adults — representing 129 million Americans — say they don’t have life insurance.

More than 4 in 10 families would face ­financial hardship within six months should the primary wage-earner die, and a quarter would struggle ­financially within a month.

More than 4 in 10 of parents with ­financially dependent children don’t have life insurance.

Forty-one percent of Americans — 106 million adults — say they need (or need more) life insurance.

Seven in 10 Americans who own life insurance feel ­financially secure, compared with less than half of those uninsured.

“Dealing with the financial aftermath in the death of a loved one is difficult and often confusing,” said NAIC President and Idaho Insurance Director Dean Cameron. “There were many times when, as an agent, being able to present life insurance proceeds to grieving families made it possible for them to not only take care of funeral arrangements, but it also removed the fear of losing the family home or not being able to pay for kids’ college.”

The Idaho Department of Insurance website features tools to help consumers research insurance agents and companies. The website also provides answers to several of its consumers’ most frequently asked questions and features a Life Insurance Policy Locator Service, which helps connect consumers with their deceased loved ones’ lost life insurance policies and annuity contracts.

Washington — New insurance coverage approved to help doctors who face criminal charges for providing legal abortions: Insurance Commissioner Mike Kreidler’s office has approved coverage requested by Physicians Insurance A Mutual of Seattle (Physicians) to reimburse its policyholders for legal fees and expenses incurred defending against a criminal action that comes from providing direct patient care, including performing abortions.

Abortion is legal in Washington state, but patients from other states may seek treatment here if their state outlaws the procedure.

“My office will do everything it can to counter attacks on reproductive health and the physicians who provide essential care,” said Insurance Commissioner Mike Kreidler. “As states like Texas threaten legal and criminal action against physicians, the OIC is determined to counter this by assisting medical malpractice insurers wherever we can.”

The approved policy rider provides up to $250,000 in coverage to reimburse a covered provider for the legal costs spent successfully defending against criminal charges involving direct patient care. Under the new coverage, criminal action is defined as:

    A criminal proceeding following an arrest or indictment;

    An official request for extradition; or

    A criminal or regulatory investigation including a medical board

Physicians is the largest medical malpractice insurer in Washington state with more than 50% of the market. This new coverage is optional and will be available starting Jan.1, 2023.