Category: National News
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 8, 2015
Senator Ben Nelson announced today, October 8, 2015, that he will not renew his contract as CEO of the National Association of Insurance Commissioners (“NAIC”). His current term ends on January 31, 2016, after which he will ultimately return …
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 …
Sep 11, 2015
The U.S. Government Accountability Office (“GAO”) reported that the majorrity of states lack liability statutes relating to general aviation. To view the GAO report and accompanying documents, click here. Below is the GAO report summary: What the GAO Found …
Sep 9, 2015
HARRISBURG, Pa., Sept. 8, 2015 /PRNewswire-USNewswire/ — Secretary of Banking and Securities Robin L. Wiessmann today announced the formation of a Cybersecurity Task Force designed to provide resources to the financial services companies under its supervision to address cybersecurity …
Sep 9, 2015
As lender-placed insurance (“LPI”) has become more prevalent in the post-Financial Crisis market, its higher premiums and minimal regulatory oversight have raised concern among both regulators and consumer groups. Without more comprehensive and reliable data, state and federal regulators …
Sep 4, 2015
With the content of some insurers’ adverse action notices having been a source of significant consumer confusion in Maine, Superintendent of Insurance Eric A. Cioppa directed Bulletin 406, entitled “Insurance Scoring—Adverse Action Notices” to insurers that use credit information …