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 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 deļ¬nition, it generally refers …
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 …
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 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 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 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 …
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 …
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 …
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 …
