Category: National Insurance Regulation News and Updates
Mar 10, 2016
The Texas Department of Insurance posted an informal working draft and seeks stakeholder comment on amendments that would update 28 TAC §5.4605, relating to Items Not Requiring an Inspection for the Purposes of Windstorm and Hail Insurance Coverage through …
Feb 19, 2016
Barbara Richardson has been appointed as Nevada Insurance Commissioner, it was announced by Nevada Department of Business and Industry Director Bruce Breslow today, February 19, 2016. Ms. Richardson will join the Division next month. Her appointment as the result of …
Feb 10, 2016
Reuters reported today that the National Highway Traffic Safety Administration (“NHTSA”) has issued a letter interpreting that the artificial intelligence system piloting a self-driving vehicle could be considered the “driver” under federal law–a major step toward ultimately winning regulatory …
Jan 13, 2016
Missouri law prohibits the use of rates that are excessive, inadequate or unfairly discriminatory The Missouri Department of Insurance (“MDI”) issued Bulletin 16-02 to Missouri insurers yesterday, January 12, 2016, in reference to the prohibited rating practice generally known …
Dec 22, 2015
The Texas Windstorm Insurance Association’s (“TWIA’s”) Expert Panel will hold a January 7, 2016 public meeting on the progress of its work to date. During this meeting, the Panel will present its proposed method or model and recommendations for …
Connecticut Insurance Commissioner Bans Property and Casualty Carriers From Using Price Optimization
Dec 4, 2015
Connecticut Insurance Commissioner Katharine L. Wade announced in Bulletin PC-81 issued today, December 4, 2015, that the Connecticut Department of Insurance has officially warned property and casualty insurance companies against using a controversial pricing method that the agency regards …
Nov 19, 2015
COLUMBIA, S.C.–(BUSINESS WIRE)–The Seibels Bruce Group, Inc., (Seibels), an insurance services provider of business process outsourcing solutions, and Centauri Insurance, a seasoned insurance provider using Seibels’ services, are pleased to announce that Centauri Insurance has recently expanded its range …
Nov 16, 2015
Minnesota Commerce Commissioner Mike Rothman is ordering insurers doing business in Minnesota to stop the practice of “price optimization” in setting rates for auto and homeowners insurance, the Minnesota Department of Commerce (“MDOC”) reported today, November 16, 2015. Commissioner …
Nov 9, 2015
Creation of a “Coastal Band” wind insurance pool comprising states from Texas to Florida is among the solutions being considered by Alabama Governor Robert Bentley’s Coastal Insurance Working Group as it nears its December 31, 2015 deadline to submit …
Oct 6, 2015
Montana and Rhode Island have become the most recent states to address “price optimization,” with Montana issuing an outright ban on the practice. Summaries of each states’ respective announcement are below: Montana In a recent Advisory Memorandum to …