insurance prices News

A Response to Some Insurtech Claims, Part 3

So far, we’ve dealt with two statements: We do good! It’ll just take a few seconds! This last statement is part of the premise of many in the insurtech space, but it’s also something that we’ve been dealing with for …

Connecticut Bans Use of Price Optimization in Insurance Rates

Connecticut has joined the growing number of states that have banned or restricted the practice of “price optimization” in insurance pricing. Connecticut Insurance Commissioner Katharine L. Wade announced that the state’s Insurance Department has officially warned property/casualty insurers against using …

Delaware Bans Use of Price Optimization in Insurance Pricing

Delaware has issued a bulletin prohibiting the use of price optimization in insurance pricing. The Delaware Department of Insurance said in its Bulletin No. 78 on Oct. 1 that “while price optimization has no universally accepted definition, it generally refers …

Rhode Island Directs Insurers Using Price Optimization to Submit Revised Filings

Rhode Island’s Insurance Division issued a bulletin on Sept. 18 advising that any personal lines property/casualty insurer that uses price optimization to rate policies in Rhode Island should submit revised filings that remove such factors within 60 days after the …

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 …

Maryland Insurers Using ‘Price Optimization’ Ordered to File Corrective Action Plan

The Maryland Insurance Administration (MIA) issued a bulletin alerting insurers that the use of “price optimization” in Maryland is in violation of §27-212(e)(1) of the state’s Insurance Article. MIA said it is requiring insurers that currently utilize price optimization to …