insurance rating News

District of Columbia Issues Price Optimization Ban Bulletin

The District of Columbia’s Department of Insurance, Securities and Banking (DISB) this week issued a bulletin notifying property/casualty insurers doing business in the District that price optimization is discriminatory and that it violates the District’s anti-discrimination insurance laws. The Department’s …

Maine Issues Bulletin Prohibiting Use of Price Optimization

Maine Insurance Superintendent Eric A. Cioppa stated in a bulletin published Monday that in Maine, personal lines property/casualty insurers that use price optimization should submit revised rate filings removing such factors within 60 days after the date of the bulletin. …

Pennsylvania Says Insurers Are Prohibited From Using Price Optimization

Pennsylvania Insurance Commissioner Teresa Miller has issued an official notice warning the state’s insurers that they are prohibited from using the price optimization techniques in property/casualty insurance rates. “The practice is not legal in Pennsylvania and the Insurance Department will …

Vermont Issues Bulletin on Price Optimization in Personal Lines Ratemaking

Vermont regulators issued a bulletin last week addressing the issue of “price optimization” in personal lines ratemaking. The Vermont Department of Financial Regulation (DFR) noted in the bulletin that some property/casualty insurers have been relying upon the practice of price …

New York DFS Opens Inquiry Into Price Optimization

The New York Department of Financial Services (DFS) on March 18 sent out letters to hundreds of property/casualty insurers operating in the state, seeking information concerning price optimization. New York joins a growing number of states around the country that …

ITC Expands Comparative Rating System, TurboRater, to Nevada

Insurance Technologies Corporation (ITC), a provider of marketing, rating and management software and services, has expanded its comparative rating system TurboRater with its release of automated insurance rating information for personal lines insurance in Nevada. The insurance carriers available today …

A.M. Best Withdraws Ratings of Community Mutual Insurance Co. in N.Y.

Insurance ratings agency A.M. Best Co. said it has downgraded the financial strength rating to C (Weak) from C+ (Marginal) and the issuer credit rating to “ccc” from “b-” of Community Mutual Insurance Company in Castleton, N.Y. Concurrently, A.M. Best …