South Dakota underinsured motorist coverage exclusion found unenforceable

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 […]

Idaho Uninsured and Underinsured Motorist Coverage Election

Effective March 28, 2018, all private passenger automobile insurers in Idaho must use the NEW Uninsured and Underinsured Motorist Disclosure found in which includes election/selection form found in Appendix A of the Idaho Administrative Code at IDAPA 18.01.20 Section .016.  Carriers must begin using the new form for all new policies and those existing policies where UM or UIM […]

Michael Conway is the interim Colorado Insurance Commissioner

Michael Conway has been appointed interim Colorado Insurance Commissioner, which became effective January 1, 2018.  As Insurance Commissioner, Conway will also head the Division of Insurance (DOI), a part of the Colorado Department of Regulatory Agencies (DORA).  Former Colorado Insurance Commissioner Marguerite Salazar, who has been serving in two roles since July 2017, when she […]

Scott White is new Virginia Insurance Commissioner

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 […]

Mopeds covered by Uninsured & Underinsured Insurance in South Carolina

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 […]

David Altmaier named Florida Insurance Commissioner

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 […]

Maynard and Vullo New Insurance Commissioners Kentucky & New York

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 […]

Price Optimization – State Regulation Roundup

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 […]

The rest of the Price Optimization story…

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 […]

Price Optimization Prohibited in Ohio Insurance

Ohio is now prohibiting price optimization in the calculation of insurance premiums.  Ohio recently became the second state, after Maryland, to explicitly prohibit the use of “price optimization” in the rating of property and casualty insurance policies. Price Optimization Used to Increase Premiums Price optimization considers certain factors–such as the amount or percentage of past premium increases without […]