Latest Financial industry regulation News

Florida Senate passes property insurance package

May. 24, 2022 18:58 PM EDT

TALLAHASSEE, Fla. (AP) — The Florida Senate on Tuesday approved a sweeping legislative package meant to combat rising property insurance rates and other problems in the state's turbulent insurance market, creating a $2 billion reinsurance fund and writing new rules around coverage denials and...

Judge: Surfside collapse property owners bumped up to $96M

May. 24, 2022 16:25 PM EDT

Homeowners with condos in the Florida building that collapsed and killed 98 people nearly a year ago but whose families suffered no loss of life will share at least $96 million from a court settlement, a judge said Tuesday. That is in addition to the payout of about $1 billion to be...

NC Medicaid expansion gets serious attention from Senate GOP

May. 23, 2022 17:42 PM EDT

RALEIGH, N.C. (AP) — North Carolina Senate Republicans are strongly considering legislation that would expand Medicaid coverage to hundreds of thousands of additional low-income adults. Such legislation would mark a key step in an extraordinary turnabout by GOP members in the chamber set against...

Florida insurance bills clear committee, move to Senate

May. 23, 2022 16:10 PM EDT

TALLAHASSEE, Fla. (AP) — The Florida Legislature on Monday began a special session focused on fixing the state's turbulent property insurance market, advancing sweeping legislation to create a $2 billion reinsurance fund and place new rules around attorney fees and coverage denials as lawmakers...

Florida bills limit roof refusal by insurers, add new fund

May. 21, 2022 17:02 PM EDT

ORLANDO, Fla. (AP) — Legislation proposed by Florida lawmakers for an upcoming special session to reform the state's property insurance market would create a $2 billion reinsurance fund and prohibit insurers from automatically denying coverage to homeowners' with older roofs. Four...

Former sheriff gets 12 years for bribery, money laundering

May. 20, 2022 17:46 PM EDT

NORFOLK, Va. (AP) — A former Tidewater Virginia sheriff was sentenced Friday to 12 years in prison for bribery and money laundering. Former Norfolk Sheriff Bob McCabe apologized to the court before the sentence was issued, news outlets reported. McCabe was ordered into custody in...

Florida lawmakers to meet for session on property insurance

May. 20, 2022 16:54 PM EDT

TALLAHASSEE, Fla. (AP) — Florida lawmakers return to the Capitol next week for a special legislative session aimed at addressing problems in the state’s turbulent property insurance market, a persistent and multifaceted crisis in a region vulnerable to damaging hurricanes. It is...

Ruling in securities case could mean limits on regulators

May. 20, 2022 16:18 PM EDT

NEW ORLEANS (AP) — A divided federal appeals court panel in New Orleans has vacated stiff financial penalties imposed on a hedge fund manager by the Securities and Exchange Commission, ruling that he was unconstitutionally denied a jury trial by the agency. This week's 2-1 ruling...

Outgoing Lebanon government approves economic recovery plan

May. 20, 2022 13:39 PM EDT

BEIRUT (AP) — Lebanon’s outgoing government on Friday approved a recovery plan for pulling the Mideast nation out of its economic meltdown, the country's information minister said. The development came during the Cabinet’s last official meeting before it becomes a caretaker...

Here's how abortion clinics are preparing for Roe to fall

May. 19, 2022 18:05 PM EDT

JACKSON, Miss. (AP) — Leaders of a Tennessee abortion clinic calculated driving distances and studied passenger rail routes as they scanned the map for another place to offer services if the U.S. Supreme Court lets states restrict or eliminate abortion rights. They chose Carbondale...