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The Kentucky Department of Insurance (Department) has issued Advisory Opinion 2022-0002, which clarifies the Department’s interpretation of the requirement for insurers to notify insureds of their right to reject the limitation of their tort rights. This Advisory Opinion was issued May 26, 2022, and was effective upon that day. Every insurance company when issuing an automobile policy to a resident…
Streff v. State Farm Mutual Auto. Ins. Co., 2017 S.D. 83, was decided by the Supreme Court of South Dakota on December 13, 2017, affecting coverage in private passenger automobile policies for underinsured motorist coverage. The Court held that the government vehicle exclusion with respect to underinsured motorist coverage in private passenger auto policies unenforceable, and that it violates South Dakota public…
The Virginia State Corporation Commission has appointed Scott White Commissioner of the Virginia Bureau of Insurance effective January 1, 2018. He succeeds the retiring Jacqueline Cunningham. The bureau licenses, regulates, investigates and examines insurance companies, agencies and agents on behalf of the citizens of the Commonwealth of Virginia with a staff of about 195 state employees. The Bureau of Insurance…
South Carolina Auto Insurance must cover moped use under the uninsured motorist and underinsured motorist coverage. On June 21, 2017, South Carolina Director of Insurance Ray Farmer issued Bulletin Number 2017-03. Mopeds are now included in the definition of a motor vehicle for the purposes of uninsured and underinsured motor vehicle insurance coverages (only) pursuant to amended S.C. Code Ann.…
I have been asked to provide a roundup of the state developments with respect to “price optimization”. Some states acknowledge that “price optimization” does not have a universally recognized definition. There is a continually growing number of states that have stated that to the extent “price optimization” involves rating that considers non-risk-related factors such as “price elasticity of demand” (in insurance rating, taking…
It was announced today (April 29) that David Altmaier, Florida’s current Deputy Commissioner, Property & Casualty, has been unanimously approved by the Florida Cabinet for the position of Insurance Commissioner of the Florida Office of Insurance Regulation. Current Commissioner Kevin McCarty has served as Florida’s chief insurance regulator for over ten years. He will remain in office to facilitate the transition for…
Brian Maynard and Maria Vullo are the newest state insurance commissioners (1/22/2016). [Blogger’s Note: April 2017 Commissioner Maynard resigned and Nancy Atkins was appointed KY Commissioner.] Kentucky Governor Matt Bevin has named Brian Maynard as the new Commissioner of the Kentucky Department of Insurance, replacing Commissioner Sharon Clark. Mr. Maynard is a certified financial examiner and has been a contract examiner for the…
As I have been investigating price optimization (PO), I learned that there are two primary concerns: The first concern is whether the application of PO is a move away from risk based rating. The second concern is whether PO results in rates that are unfairly discriminatory, particularly to low income consumers. In other words, would two identical risks get different…
Stacey English & Susannah Hammond recently published a paper in which they wrote (and it bears repeating as they are so right): The costs and consequences of non-compliance within financial services firms are greater than ever before. The cost for firms of endeavoring to be compliant has been growing in line with the rapid rate of regulatory change but it…
The Nash Group provides litigation management services to insurance companies in all states where it is permitted to do so without being a licensed attorney. Ohio attorney Jeff Nash is also admitted to the practice of law in Georgia, where being a Georgia licensed attorney is required to litigation management services. Both Jeff and Nash Group Senior Attorney Karen Shaw honed their litigation management skills at Progressive,…