NAIC announces strategic priorities for the year: Insurance legal news

February 23, 2024 6:47 AM

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In Georgia, Senate Bill 426 was passed. The legislation aimed at limiting plaintiffs' ability to sue motor carriers and their insurers simultaneously. Georgia Lieutenant Governor Burt Jones said in a statement: "The passage of this legislation was desperately needed in order to get Georgia's business community the relief it needs. Thanks to the Senate's passage of Senate Bill 426, we are making legitimate strides to level the playing field when a case reaches the courtroom. I look forward to the House taking swift action to move this legislation to the Governor's desk and provide the critically important aid to Georgia's business community."

The National Association of Insurance Commissioners (NAIC) announced its strategic priorities for the year. The topics include climate risks / natural catastrophes and resilience; insurers financial oversight and transparency; marketing of insurance products; race and insurance, financial inclusion and protection gaps; use of artificial intelligence by insurers and cyber risk. NAIC President and Connecticut Insurance Commissioner Andrew N. Mais, said in a comment: "The NAIC's regulatory priorities for 2024 reflect our commitment to pursuing innovative and effective solutions to the most pressing issues affecting consumers, the insurance sector, and markets."

The National Insurance Crime Bureau (NICB) is supporting legislation in Florida to protect consumers from predatory towing companies. The legislation, SB 774, will implement protections and is sponsored by Senator Keith Perry and Rep. Melony Bell. Eric De Campos, senior director of strategy, policy and government affairs for the NICB, said in a statement: "Predatory towing places significant financial burdens on unsuspecting vehicle owners because hidden towing fees and charges can escalate quickly, leaving individuals with an unexpected and hefty expense. In some situations, unscrupulous towers will delay notifying owners that their vehicle has been towed and will hold the car hostage until all towing fees are paid, while racking up significant storage fees."

The U.S. Supreme Court has ruled that an insurer's choice-of-law clause in a marine insurance policy is enforceable and cannot be disregarded in favor of another state's policy. The case was Great Lakes Insurance SE v. Raiders Retreat Realty Co., LLC and is significant because maritime contracts are presumptively enforceable under federal maritime law.

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