Insurance Rates

News & Analysis as of

Are Insurers Engaged in Deceptive Practices and Illegal Pricing? If so, what can be done about it?

We wish to call attention to a disturbing trend, that even in the highly regulated field of personal lines coverage, homeowners and auto policies, the insurance industry is engaged in courses of conduct designed to write...more

Property & Casualty Personal Lines Insurers Doing Business In Rhode Island Have Until November To Remove Non-Risk Factors In Price...

Rhode Island’s Rhode Island Department of Business Regulation (“DBR”) has joined the growing list of state insurance regulators to issue a bulletin on the practice of price optimization. On September 18, 2015, the DBR issued...more

IREG Update

State insurance commissioners take on price optimization - To date, four states—California, Florida, Maryland and Ohio—have issued formal bulletins and memoranda, prohibiting the practice of “price optimization” by...more

NYDFS Releases New Title Insurance Rates for Refinancings; Consumers Save Up to 65 Percent

On May 12, the NYDFS announced newly approved title insurance industry rates for mortgage refinancing transactions, which is just one of the steps the NYDFS is planning to take to reform and lower title insurance rates....more

April Fool's Day Sees National Flood Insurance Rates Rise

So what day would you pick to have your flood insurance premium double? April Fool's Day? You got it. Well, that's a little hyperbolic. Rates aren't doubling instantaneously tomorrow. Instead they are rising...more

California Bans Use of Price Optimization

Yesterday California Insurance Commissioner Dave Jones became the latest voice in a growing chorus of state insurance regulators who condemn the use of “Price Optimization” as a mechanism for adjusting property-casualty...more

MIA says Price Optimization Violates Statute; Opportunity for Regulatory Challenge Arrives in 2015

On October 31, 2014, the Maryland Insurance Administration issued Bulletin 14-23 titled “Unfair Discrimination in Rating: Price Optimization,” promising to bring future regulatory action against any company that fails to...more

Maryland Insurance Administration Prohibits Use of Price Optimization to Rate Property & Casualty Insurance Policies

On October 31, the Maryland Insurance Administration (MIA) issued Bulletin 14-23 (the "Bulletin") to property and casualty insurers. It prohibits the use of price optimization in setting rates for policies issued in Maryland....more

California's Prop 45: Sticking it to "the Man" or to the People?

Continuing our series covering the various measures Californians will see on the 2014 midterm election ballot, we now turn to Proposition 45, or the Public Notice Required for Insurance Company Rates Initiative....more

Inspector General Report Urges FHFA To Consider Lender-Placed Insurance Suits

On June 25, the FHFA Office of Inspector General (OIG) published a report that urges the FHFA to consider whether to pursue servicers and insurers for alleged lender-placed insurance (LPI) losses. The OIG cited prior...more

The Affordable Care Act—Countdown to Compliance for Employers, Week 34: When Can Carriers Impose Minimum Participation and Minimum...

Commencing with plan and policy years beginning on or after January 1, 2014, the Affordable Care Act amends the Public Health Service Act (“PHS Act”) to make three important changes to the rules governing health insurance...more

Approval Slated for $73 Million Settlement of Life Insurance Class Action Alleging Unlawful Rate Increase

United States District Judge Howard Matz of the Central District of California indicated yesterday that he would preliminarily approve a proposed $73 million settlement of a class action lawsuit against Conseco Life Insurance...more

Legal Alert: Cost of Insurance Litigation – Recent Rulings Diverge on the Scope of Insurer Discretion to Set Rates

Litigation continues in various cases challenging cost of insurance rates (COI) in life insurance policies, and January 2013 saw courts issue decisions going both ways on insurer discretion to set and modify COI rates. A...more

Labor & Employment E-Note - January 2013

In This Issue: - NLRB Protects Workers' Rights to Post About Job on Facebook - 6 States Ban Companies from Asking for Social Media Passwords - Health Law Requires Employers to Offer Family Care to All - Fiscal...more

Court Rules That Ohio Bureau Of Workers' Compensation Overcharged Non-Group Rated Employers

After a long bench trial which began on August 20, 2012, Judge Richard McMonagle recently issued his decision in an important class-action lawsuit. The suit was brought on behalf of certain employers doing business in Ohio,...more

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