Insurance rates: California’s top insurance regulator said Tuesday that State Farm can start raising premiums by 17% for all of its home insurance customers in the state to help the insurer rebuild its capital following the Los Angeles wildfires. State Farm has argued the emergency rate hikes are necessary to help the company avoid a “dire” financial crisis that could force it to drop more California policies. The home insurer said it was already struggling financially before this year but the fires, which destroyed more than 16,000 buildings in January, have made things worse. Read more from the Associated Press.
Projects targeted: Energy giant Shell is facing a fresh legal challenge over its role in contributing to climate change, as activists seek to halt new developments of oil and gas projects by the company. In a statement of its intent to start legal proceedings, Milieudefensie, the Dutch arm of environmental group Friends of the Earth, says Shell was in breach of its legal duty of care under Dutch law due to its continued investment in new oil and gas fields and its inadequate climate policy for the period 2030 to 2050. Read more from The Wall Street Journal.
Rejected: Louisiana lawmakers have rejected two separate proposals that would have imposed new taxes on carbon capture and sequestration operators, stalling efforts to generate local revenue from the growing industry. Rep. Shane Mack’s House Bill 44, which proposed a per-ton injection tax on carbon dioxide stored underground, failed in committee last week. The Livingston Parish Republican originally proposed a $3-per-metric-ton tax but amended it down to $1 in response to industry concerns. Read more from The Center Square.
