The New York State Insurance Department has posted a notice of proposed regulations for flexible-rating on personal auto insurance.
Flex-rating, which allows insurers to set pricing within a certain premium range, was last used in New York for personal auto insurance in 2001. It was re-enacted in summer 2008. Flex-rating took effect on January 1.
Industry groups applauded the return of flex-rating — which in New York, allows for a 5 percent variation in pricing — claiming that it allows for increased competition in the personal auto market.
Premium changes greater than 5 percent would require approval from state regulators.
Topics Auto New York Personal Auto
Was this article valuable?
Here are more articles you may enjoy.
FBI Investigating Possible Exposure of Millions of American IDs 
Brightline Lands $350 Million Assured Loan in Case of Bankruptcy 
Florida Citizens Awards Commercial Clearinghouse Management to Bridge Specialty 
Aon Acquires USI Insurance From KKR in $17 Billion Deal Targeting Middle Market 
