$992,000 divided by 1227 policyholders works out to an average refund of $808 each, not an insignificent amount for a private passenger auto policy! Perhaps the NY Ins Dept should be routinely auditing the carriers on behalf of the public, especially in these days of flex rating and credit scoring where no one really knows if the premiums they pay comply with approved filings and guidelines. I really wonder if even the Ins Dept can tell!
and divide that $808 per policy holder over the 6 years and it works out to about $135/year. At that amount most people would have considered it an issue of different rates being charged by different carriers.
On the other hand, who says the Ins Dept doesn’t already audit companies routinely? Sounds like the NYDI is trying to keep up with all the companies that they oversee and something just fell through the cracks.
but the doi, decided to only audit because they are departing from the industry. isn’t that odd, they now want to audit? and then found mistakes from the past — over 4 yrs ago. i would think that this is improper to go back that far. suprised they don’t go to court and tell the DOI to stick it!
$992,000 divided by 1227 policyholders works out to an average refund of $808 each, not an insignificent amount for a private passenger auto policy! Perhaps the NY Ins Dept should be routinely auditing the carriers on behalf of the public, especially in these days of flex rating and credit scoring where no one really knows if the premiums they pay comply with approved filings and guidelines. I really wonder if even the Ins Dept can tell!
and divide that $808 per policy holder over the 6 years and it works out to about $135/year. At that amount most people would have considered it an issue of different rates being charged by different carriers.
On the other hand, who says the Ins Dept doesn’t already audit companies routinely? Sounds like the NYDI is trying to keep up with all the companies that they oversee and something just fell through the cracks.
but the doi, decided to only audit because they are departing from the industry. isn’t that odd, they now want to audit? and then found mistakes from the past — over 4 yrs ago. i would think that this is improper to go back that far. suprised they don’t go to court and tell the DOI to stick it!