Illinois Proposes New Auto Insurance Legislation and Louisiana Deals with Lack of Homeowners Coverage
Some automobile insurance companies padded profits during early stages of COVID-19, Illinois officials said.
- August 2022
Auto Insurance: A data call initiated by the Illinois Department of Insurance suggests some automobile insurance companies took advantage of the early stages of the pandemic to pad their profits, state officials said.
The department said proposed legislation will clarify and strengthen its authority when using regulatory tools such as market conduct examinations to investigate the practices of insurance companies and data calls.
Homeowners Insurance: Louisiana Insurance Commissioner Jim Donelon's news conference on July 5 drew attention to a package of catastrophe reform bills passed recently by the state Legislature.
Donelon said roughly 75,000 homeowners were scrambling to find coverage this summer after the withdrawal of Maison Insurance Co. from the state and the insolvencies of Lighthouse Property Insurance Corp. and Southern Fidelity Insurance Co.
The rush to obtain coverage from Louisiana Citizens Property Insurance Corp., the property insurer of last resort, was so massive that agencies across the state had to bring in staff in the early morning or have them work past 6 p.m. so they could access Citizens' overwhelmed application system, he said.
Citizens has temporarily increased its capacity and will have permanent technological improvements soon, Donelon said.