The bill follows similar legislation proposed in six other states.
Insurtechs Lemonade and Metromile both made operating losses in 2016 despite a spike in earned premiums. Lemonade saw its losses balloon to $1.9m from $1.9m in 2016 . The start-up saw an underwriting loss of $1.9m , up eight-fold from 2016 . Metromile came close to breaking even with an operating loss of $ 308,000 , down from the previous annual figures. The firm saw its underwriting losses triple, however. Analysts have poured scorn on claims the companies' tech-driven business models will disrupt insurance, estimating the cost of running a similar firm was $1.9m annually.