The city of Des Moines is taking on a unique plan to save taxpayers about a million bucks and keep their city employees insured. The Des Moines Register reports that City Council members approved a plan to move to a self-insurance system. The city is looking for ways to reduce expenses significantly since property values have dropped and commercial property tax rates are dropping by 40 percent.

They’re not the only ones moving to a self-insured program. Nearby Ankeny and West Des Moines are using similar models. “I hope we stay self-insured,” City Councilwoman Christine Hensley said according to The Des Moines Register. “I think the time is right for us to go forward with that. I think there have been some changes made.” This isn’t the first time the city has used a plan like this. The system was in place  until 2003 when the city started buying private insurance from Wellmark.

Leaders expect to start seeing significant savings in 2013 because of this move. “Conservatively speaking, we anticipate it being more than $1 million,” one leader said. Alternatively, council members said they would have been paying millions more– rather than saving a million dollars. The new plan starts July 1.

North Carolina has the honor of having some of the lowest auto insurance rates in the country. But that could change if industry-backed legislation passes. According to Bloomberg Businessweek, North Carolina’s top insurance regulator says the move would increase rates by up to 15 percent a year and cause problems with the state regulatory system.  “The bottom line here is this: insurance companies want more of your money. These proposals would no doubt lead to higher car insurance rates,” Insurance Commissioner Wayne Goodwin said at a news conference according to Bloomberg Businessweek.

The report sites Insure.com’s findings that a 40-year-old single male driver who commutes 12 miles to work in North Carolina would pay $1,154 a year, compared to $1,561 as a national average. That makes North Carolina the seventh lowest in the country for auto insurance. So why are the state’s rates so low? Officials say it’s because the state’s insurance commissioner can currently limit auto insurance rates. “Really the best regulator of price is competition,” said David Stoller, a lobbyist for State Farm Mutual Automobile Insurance Co, according to Bloomberg Businessweek. “That’s why companies advertise, they want to compete on rates.”

The 175 auto insurance companies with customers in North Carolina are required to propose a common increase or decrease to rates which is reviewed by staff in the insurance department. Under new proposed legislation, auto insurance companies could raise their rates by up to 15 percent without approval from the insurance department. Companies would also be able to consider a customer’s credit score when setting their rate.

A powerful storm rolling through the Midwest on to the east coast is creating winds equal to those of a category 3 hurricane, according to weather experts. ABC news says the storm developed gusts up to 81 miles per hour, impacting residents spanning from Illinois to Tennessee. Funnel clouds, forceful winds and powerful rain were all a part of the system.

Because of this strong weather, Ohio Department of Insurance Director Mary Jo Hudson told the state’s residents to take precautionary measures and review steps for filing insurance claims. According to Cincinnati.com, Hudson advises those with damage to:

* Call your insurance company as soon as possible.

* Protect your property and salvage what you are able to.

* Inspect property and cars for damage following the storm.

* Photoraph any damage in case you decide to file claims.

* Provide your insurance company with up-to-date contact information.

* Use written estimates to back-up claims.

* Only use reputable contractors.

* Don’t pay for repairs entirely up front.

* Review contractors with the Better Business Bureau to make sure they don’t have any outstanding complaints.

If you have been recently diagnosed with cancer or you are currently undergoing treatment, you may already be aware of the latest news concerning criticisms of new cancer drugs by U.S. insurance companies.

According to recent reports, members of the Federal Deposit Insurance Corp (FDIC) have already begun to suggest that shortest-term loans will not be included in the proposed $1.4 trillion debt-insurance program.