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Insurance laws coming into play in 2013Posted On Thu, December 20, 2012
As 2012 draws to a close, several states are preparing to implement new tax laws that could have a significant effect on consumers across the country.
With the onset of the health insurance exchange program that begins in 2014, some consumers are soon to see a large change in the way their insurance is provided. However, many states are also changing other insurance requirements, some in response to the fiscal cliff, and others due to a simple review and update process.
In Florida, the Motor Vehicle Personal Injury Protection Insurance law was recently signed and will come into play in early 2013. The PIP law is designed to crack down on insurance fraud and improve the state's no-fault system. The law also caps the amount of medical injury coverage that is offered by the state, as well as the death benefits.
Hawaii is also updating its auto insurance rules, with a new law that caps the required insurance and removes benefits covered under policyholders' workers' compensation. This will also lower insurance rates in the state, as the loss deductible will be decreased.
Illinois is enacting several changes, including one law that makes it easier for military professionals to get a job in the insurance industry, and one that involves the regulation of providers that offer insurance for portable electronics. Under the new law, providers will have to carefully list and monitor all vendors in the state that offer the insurance.
In Maryland, a new law is going into effect that states that auto insurance providers are permitted to rescind a policy if a consumer's check bounces or is not accepted when submitted to their bank.
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