Insurance companies have just as hard a time lowering rates as raising them. The market is a powerful force. Companies are not free to do as they please.
Deregulation is a good thing. I am sure some companies will raise their rates, but the Geico’s and Progressive’s will undercut everyone else and keep rates at competitive levels, forcing most of the other companies to do the same.
The only way I can see Trial Lawyers benefiting is if there is a wave of suits that try to prevent this measure from passing. When rates get de-regulated the biggest increases go to the urban poor drivers. Some Lawyers may make the case that this new system creates a disparate impact on minorities, and is therefore discriminatory.
1) How on Earth do trial lawyers benefit from a change in rate approval legislation?
2) Would the Georgia Commissioner still have the authority to require a rate to be withdrawn?
3) Is this any different, really, from the file-and-use laws in effect for most states?
Insurance companies have just as hard a time lowering rates as raising them. The market is a powerful force. Companies are not free to do as they please.
Deregulation is a good thing. I am sure some companies will raise their rates, but the Geico’s and Progressive’s will undercut everyone else and keep rates at competitive levels, forcing most of the other companies to do the same.
The only way I can see Trial Lawyers benefiting is if there is a wave of suits that try to prevent this measure from passing. When rates get de-regulated the biggest increases go to the urban poor drivers. Some Lawyers may make the case that this new system creates a disparate impact on minorities, and is therefore discriminatory.