• August 5, 2021

Texas Insurance Commissioner: $10 billion cost for ‘chronic underfunding’

In Texas, the state has a state agency to protect the public against the threat of catastrophic catastrophic failure, but that agency has received just $10.9 billion in revenue since 2014, according to state figures.The shortfall has fueled criticism of the state’s insurance regulators and led some lawmakers to call for their ouster.In a report…

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Westwood, a motorcycle insurance company, announces $15 million investment

Westwood insurance has a $15-million investment in motorcycle insurance giant Maverick Motorcycle.The new investments come on the heels of Maverick signing on a $4-million funding round last week.Westwood will be the exclusive agent for Maverick’s new product line.Maverick has more than 2,400 motorcycles.Mavericks new motorcycle model line, Maverick M1, is available for purchase now on…

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“Laissez faire” insurance company, homebuyers agency in Kentucky fined for selling ‘non-essential’ insurance

KY Homeowners Insurance Agency, which sold “non-necessary” insurance to its customers in Kentucky, was fined $500,000 by the state’s Department of Insurance.In a letter sent Tuesday, the department said the insurer violated the Kentucky Insurance Code, which states that insurance coverage must be non-essential.KY HOIA said it is “committed to maintaining a high standard of…

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Motorcycle insurance claims soar at Allen & Allen

Motorcycle insurance rates at the Allen & amp; Allen motorcycle dealership are higher than average, according to the company.A spokesperson told The Associated Press the company has not received any new claims for the last three years.There are a variety of reasons for this spike, the spokesman said.The company received a new claim in 2015…

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