National Association of Insurance Commisioners

David Altmaier is Florida’s Insurance Commissioner. On January 21, he becomes the President of the National Association of Insurance Commissioners. He deserves a big shout-out because his career rise is truly amazing. He sets a great example of why students should pay special attention in math class, and I applaud him for starting his career as a teacher. Here is his biography listed on the NAIC website:
Continue Reading David Altmaier Starts 2021 With Growing Accomplishment

The First Party Claims Conference in Providence, Rhode Island was very much a success. I was late to the event and missed hearing a presentation where a sponsor said that meeting with legislators and insurance regulators is a waste of time. Ironically, I was late because I was in Tallahassee testifying as an invited panelist to represent the policyholder’s viewpoint before the Florida Senate Banking and Insurance Committee. Obviously, I could not disagree more with this sponsor and I believe their viewpoint is simply wrong and dangerous. The one person and organization that has been taking action, getting pro-policyholder laws passed, and stopping bad proposed legislation with more success than anybody is Amy Bach of United Policyholders.
Continue Reading United Policyholders Has a Seat at the Table With Insurance Leaders and Takes Action to Stop the Insurance Protection Gap

Merlin Law Group knowledge manager Ruck DeMinico sent me recent North Dakota legislation pertaining to Assignment of Benefit contacts. This topic was also hotly debated two weeks ago at the Windstorm Insurance Conference in Orlando. Insurance restoration contractors, their lobbyists and attorneys are desperately trying to prevent any changes that would make such contracts more difficult to enter into or enforce. The insurance lobbyists and their public relation firms are doing everything they can to show contractors and their lawyers as evil and greedily taking advantage of the public trust.
Continue Reading Assignment of Benefits Contracts are the Hot Topic of Discussion and Legislation in Florida, North Dakota and Elsewhere

We’ve probably all heard the suggestion that the end of the year, or beginning of a new year, is a good time to review various aspects of our lives, including our financial security. Among such things to consider are our insurance policies and coverages. Such a review, however, is only as beneficial as the diligence with which it is performed. In that regard, we sometimes overlook the most basic considerations. In the area of insurance, that can be costly. For instance, while it’s a good practice to review the types and amounts of insurance coverages you have and need, when is the last time you checked the financial stability of your carrier, or even more basic, its compliance with insurance statutes and regulations?
Continue Reading When Was the Last Time You Reviewed Your Insurance Policy, and Company?

In 1990, the National Association of Insurance Commissioners adopted a new section to its model regulations relating to unfair property claims.1

Section 9 of the model regulation provides:2

A. When the policy provides for the adjustment and settlement of first-party losses based on replacement cost, the following shall apply:

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(2) When a loss requires replacement of items and the replaced items do not match in quality, color or size, the insurer shall replace all such items in the area so as to conform to a reasonably uniform appearance. This applies to interior and exterior losses. The insured shall not bear any cost over the applicable deductible, if any.
Continue Reading Matching Protections for Hurricane Irma Claims in Florida

If your home or business is affected by a disaster and you have purchased property damage insurance, you may immediately feel a sign of relief. That relief could be fleeting, upon a discovery that the promptly submitted insurance claim has been denied. Immediately you realize there are statutes and regulations that protect consumers from wrongful denials. Unfortunately, the level of protection will depend on the which of the fifty states your property is located. The insurance industry is regulated by each state, so the protections afforded by law can vary distinctly from state to state.
Continue Reading New Jersey Denied Property Damage Claims

Last week’s post featured the new smart phone app that helps insureds quickly capture information needed to document their personal property before a loss. This week, I have written about the organization that created the app — The National Association of Insurance Commissioners — and their recent connection with United Policyholders.


Continue Reading Contents Inventory Smart Phone App and Documenting Your Personal Property, Part II

Yes, there is an app for that. The National Association of Insurance Commissioners has created a phone application that was designed to quickly capture images, descriptions, bar codes, and serial numbers to make a contents inventory for homes or businesses before disaster strikes. This free app allows iPhone and Android users to organize information by going from room to room and documenting their property. The app also allows the information to be put into a spreadsheet and sent via email for safe keeping.


Continue Reading Contents Inventory Smart Phone App and Documenting Your Personal Property, Part I

On December 13, 2011, The Huffington Post published an article all policyholders should read and heed. It is important to know how the insurance industry is making money by delaying claims and how it has shifted from a service industry to an industry that is driven by profit. It’s time for each state’s Department of Insurance to enforce their unfair business practice statutes on insurance carriers that profit by stalling and delaying the claims process to the detriment of the insured. The article is entitled, Insurance Claim Delays Deliver Massive Profits To Industry By Shorting Customers, and reports that since the mid-1990s, "a new profit-hungry model, combined with weak regulation, has upended that ancient social contract" between insurers and their customers.


Continue Reading Insurers Sacrifice Customers for Profit

As is their custom, several major insurance companies have recently announced that they will be raising Texas insurance rates across the board. Last month, the Houston Chronicle reported that Farmers Insurance plans a 3.9 percent statewide hike that will affect about 324,000 Texas customers. Farmers stated that the increase was “in response to increasing costs of paying claims, especially weather related claims.” Farmers Insurance customers will see the increase take effect starting March 16, 2011.


Continue Reading Holiday Gift from Insurance Companies to Texas Residents? Higher Insurance Rates!