Though there is no statutory requirement to insure your home, you know how important it is to safeguard your most important and also the most expensive asset. You buy a car and you are asked to cough up a hefty amount as its insurance whether you like it or not as it is required by law. Thankfully, home insurance is not as expensive as car insurance. This is both because your car moves on roads and can become a victim of other drivers’ incompetence and also because your driving habits may cause danger for other vehicles on road. Nevertheless, many homeowners avoid home insurance thinking it to be a waste of their hard earned money. R Read more…

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A total of 19 states and Washington, D.C., reached an agreement with The Prudential Group, one of the largest life insurance companies in the U.S., in a case involving its unclaimed property practices.

Massachusetts State Treasurer Steven Grossman said in a statement that the agreement forces Prudential to better cross-reference its policy database with public death records to ensure people entitled to death benefits receive them “in a timely and appropriate manner.

He added that the settlement, which does not include a fine, will undoubtedly result in improved insurer accountability and business practices in Massachusetts and across the country.

In March 2011, Grossman obtained a similar agreement from John Hancock Life Insurance Co. following an audit of its life insurance policy practices. That

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A key measurement of auto insurance risk is on the rise, and that could mean higher auto insurance rates in your state.

TransUnion, which gathers and analyzes consumer credit data, developed a risk barometer for the car insurance industry known as the Auto Insurance Risk Index. The index analyzes the expected insurance loss ratio on a state-by-state basis every quarter, and compares it with a benchmark of the first quarter of 2001. The insurance loss ratio refers to how much insurance companies pay in claims compared with how much they collect in premiums.

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A trade group representing insurance agents and financial service professionals submitted its comments on the Federal Insurance Offices Dodd-Frank study on modernizing and improving insurance regulation.

Michael T. McRaith

The National Association of Insurance and Financial Advisors sent its  FIO Director Michael T. McRaith, addressing where it sees that new agencys role in helping insurance transactions across the nation.

The FIO came about as part of the federal governments efforts to better monitor and regulate financial services in the wake of the global economic crisis of 2008.

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