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 […]

The assignment of benefits (AOB) problem: will the Florida Legislature fix it?

The Florida Legislature is planning to take another stab at ending claims abuses blamed for property insurance rate hikes.  Property insurers (homeowners and commercial property insurers alike) are battling the well-financed trial attorneys to bring an end to the manipulative self-serving generation of attorney fees from excessive lawsuits by repair contractors working under an affidavit […]

Marlene Cabride nominated Banking and Insurance Commissioner in New Jersey

Assemblywoman Marlene Cabride, who has served in the New Jersey General Assembly since 2012 (4 terms), has been nominated as the next Department of Banking and Insurance (DOBI) Commissioner.  Replacing current Commissioner Richard Badolato. Upon Senate confirmation, Caride will oversee the state Department of Banking and Insurance, which regulates the state’s banking, insurance, and real […]

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 […]

Ohio allows combo Auto Insurance Cancel Notice & Bill

Ohio’s House Bill 49, has been enacted with an effective date of September 29, 2017, and includes provisions that allow insurance companies to send notices of cancellation for nonpayment of premium with a billing notice. This bill adds to ORC Section 3937.25 and Section 3937.32: “An insurer may include a notice of cancellation of a […]

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 […]

Leslie Hess Named Arizona Interim Insurance Director

Arizona Governor Doug Ducey has appointed Leslie Hess as the Interim Director of the Arizona Department of Insurance.  The official press release states Hess has been with the Department of Insurance for 12 years as deputy receiver and legal advisor.   She was with the Arizona Legislative Council for 2 years and worked for the Arizona Corporation Commission, Securities Division […]

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 […]