Exactly What Coverage You Must Carry And How Much Will Depend On The Laws Of Your Individual State.
Some of these changes are positive, but some could be mean higher auto insurance rates. Changes to Texas Car Insurance Laws Will Benefit Drivers All Over the Lone Star State Texas is one of Americas most populous states, and also home to millions of drivers, and new Texas car insurance laws will change some insurance company practices. Two new laws for 2014 will help Texas drivers better understand their policies and lower their rates. One law restricts so-called name only policies. These low-rate auto policies only cover the driver named on the policy, not friends or family members who drive the policyholders car. The new law calls for insurers to notify policyholders both orally and in writing exactly who is covered by the policy, and the policyholder must in turn confirm the disclosure in writing. The law is intended to improve transparency between insurers and policyholders. It does not ban name only policies outright. Another new Texas law protects policyholders from higher rates based merely on questions a driver may ask an insurer.
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Highlights from Business Insurance
Vasquez-USA TODAY Sports Feb 1, 2016; La Jolla, CA, USA; K.J.
While many small businesses were aware the change was coming, those who weren’t planning for it are going to get hit with a lot of new compliance requirements. “The Affordable Care Act was written by lawyers and has enormous complexity and lacks transparency,” says Eric Groves, Chief Executive of Alignable, the marketplace to connect small businesses and consumers. “It’s difficult to understand, so small business owners are worried about compliance.” Under the employer mandate for 2016, small business owners have to offer health insurance for employees considered full time, but what constitutes full time can be confusing to business owners. That’s because in order to be considered full time, the worker has to average at least 30 hours a week in a month or work 130 hours in one calendar month. That means a small business owner has to calculate hours just to figure out if the company has to offer insurance. And that doesn’t even touch upon all the documentation and notifications required to stay compliant with the Affordable Care Act. Some of the regulations include required reporting about the health insurance marketplace to employees, a 90-day maximum waiting period to offer new employees health insurance and providing employees with a “Summary of Benefits and Coverage” form. Not to mention reporting back to the government on health coverage of employees. Compliance Requirements Could Increase Audits But staying compliant in terms of informing and reporting about health care coverage isn’t only going to be a headache. Do it wrong, and the business could face a time-consuming and costly audit. “Employers are seeing more audits because they are not disclosing appropriately or maintaining documentation,” says Steve Jackson, senior vice president of strategic development and channel sales at PrimePay, the West Chester, Pennsylvania, payroll services company.