Regulation/Legislation

The state is experiencing its toughest home insurance market since hurricanes Katrina and Rita in 2005, according to Insurance Commissioner Jim Donelon.

Gun owners must obtain coverage for any loss resulting from the ownership, use, maintenance or operation of a firearm.

The figures are from the NAIC's 35th annual State Insurance Department Resources Report.

The elimination of one-way fee shifting will impact many first-party claims brought by homeowners that involve amounts less than $50,000.

Going forward, state lawmakers must prioritize forward-looking solutions to forestall future crises before they begin.

The bill represents the 'most extreme measures' ever taken by the state to tackle the property insurance crisis, a former state senator said.

Issues slated to be addressed include boosting the availability of critical reinsurance and bolstering the financial stability of the state's insurer of last resort.

Should railroad workers strike, insurers would quickly face inflationary pressures from the supply chain slowdown.