Modernization efforts are not just about the survival of the state system. It is about responding to change and, in turn, making the best insurance regulatory system in the world even better. State policymakers believe consumers are—and will continue to be—best served by the states. Regulators and legislators have accepted the challenge to make the [...]
Insurance regulation is a complex matter and any change to the process should not be undertaken without thorough review and analysis of the impact of change to the business, companies and agents, and also to the consumers and policyholders the industry serves. However, the states have established aggressive timelines in order to meet their modernization [...]
What are states doing to keep insurance markets competitive with other financial services products, especially with regards to life insurance and annuities?
Insurers, especially in the life insurance and annuities market, increasingly face direct competition from products offered by other financial services entities. State insurance regulators have worked diligently over the past two years to identify the issues in this area and come up with possible solutions to reflect the new market realities. Regulators now believe that [...]
The purpose of government supervision is to make sure the critical personal interests of consumers are not lost in the arena of commercial competition. Once the consumer protection responsibilities of government insurance regulators are satisfied, it is fair to ask how the system of regulation can be made most compatible with the demands of commercial [...]
The fundamental purpose for government regulation of insurers and agents is to protect American consumers. Effective consumer protection that focuses on local needs is the hallmark of state insurance regulation. State regulators understand local and regional markets and the needs of consumers in these markets. State policymakers recognize that consumer protection as their highest job [...]
How do I know if an insurance company is financially stable? Insurance companies in the State of Florida are regulated by the Florida Department of Financial Services. In addition, there are several private companies, such as AM Best and Demotech that rate the financial strength of insurers across the country.
It is never a bad idea to get flood insurance. Contact us to find out if you are in a high risk flood zone.
Most insurance companies will cover a rented vehicle as long as it is for pleasure use. Remember, only the coverage you carry on your car will extend to cover the rental.
A fallen tree is only covered if the tree fell due to a covered loss. For example, if lightning strikes a tree and it falls, the tree and its removal are normally covered once your deductible is met. However, each company treats this situation differently so contact your agent for the best answer.