As part of its opposition to a proposed rate increase by State Farm, Consumer Watchdog criticizes a reinsurance deal as more expensive than paying wildfire claims.

The state's department of insurance started hearings in early October, but a decision about the rate increase is not expected until at least December, after a contested election for insurance commissioner.

At the Most Powerful Women in Banking conference this week, New York's top banking regulator said banks need to take full responsibility for the artificial intelligence models they use, even if they bought them from a third party.

The Federal Deposit Insurance Corp. projected its Deposit Insurance Fund reserve ratio is expected to reach the statutory minimum of 1.35% by 2026 thanks to slower-than-expected insured deposit growth and a $7.5 billion increase in the DIF balance.

Young British drivers who have just passed their test should be banned from carrying passengers of a similar age and should display special plates, according to the chief executive officer of the AA car breakdown service.

The state has consistently ranked in the top two of the Insurance Institute for Business & Home Safety ratings for the past 12 years. Some of its building code rules are even stricter than internationally accepted standards.

The state's governor and a challenger running for insurance commissioner are calling for a new look at building codes that were weakened by the state's legislature in the past couple years.

Public policy and tax experts from the consultancy said local ties may help insurers' standing with Congress, and Republicans' push for tax cuts could negate party members' negative views of big business.

By using technological strategies insurers can stay ahead of regulatory changes.

Federal Reserve Gov. Lisa Cook called for weighing the costs and benefits of artificial intelligence, and flagged bias and fraud as areas of concern.

The program lapsing would've precluded mortgage applicants from closing on home loans without the required coverage in federally designated flood zones.

A member of a homeowners association explained the higher cost, lower coverage plan it now has, and supported Consumer Watchdog's advocacy.

Consumer Watchdog officials, in remarks before and during a hearing of the Assembly's Insurance Committee, stressed requiring insurers to provide standard policies to homeowners who fireproof their property, countering Commissioner Ricardo Lara's proposed deal with insurers promising more coverage in wildfire distressed areas.

The Federal Housing Finance Agency has agreed to more regular checks on the government-sponsored enterprises' flood compliance, which impacts mortgage companies.

USAA, MMG Insurance and Munich Re executives spoke about these insurers' efforts to model risk and use data proactively to serve policyholders and prevent bias.

A Billings, Montana-based First Interstate Bank agreed to a five-figure penalty to resolve charges it engaged in National Flood Insurance Act violations.

Banks are concerned about the lack of clarity regarding legal liability in the Consumer Financial Protection Bureau's open banking rule, and fear that they will end up on the hook for data breaches or unauthorized transactions caused by a fintech or data provider.

The revisions also revise how the surplus is calculated to evaluate risk of the bonds used as part of the available asset portion of the capital requirements.

The military-focused company, which operates an insurer and a $111.7 billion-asset bank, has tangled with regulators during Wayne Peacock's tenure. He will retire in the first half of 2025.

Insurance consumer advocates want the association of state insurance regulators to share the data on home insurance collected recently from insurers, to better address an affordability crisis.