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Members Named to Federal Insurance Advisory Committee

The U.S. Department of the Treasury recently named twelve members to the Federal Advisory Committee on Insurance (FACI). FACI provides advice and recommendations directly to the Federal Insurance Office to assist that agency in carrying out its statutory authority. Half of the members are state insurance regulators, while the other half are industry executives, academics, and consumer...

Europe Weakens Proposed On-The-Road Emissions Testing

In the wake of recent emissions testing scandals, the European Union has proposed new regulations and standards that would require on-the-road emissions testing for all new cars by 2019. The proposed standards would require that all new cars emit nitrogen oxide levels no more than fifty percent above the current limits by 2021. Regulators faced criticism after relaxing the proposed cap...

Auto Insurance Sector is Shrinking

Consulting firm KPMG released a study that claims within the next 25 years the private passenger auto insurance industry may shrink by as much as 60 percent. Reasons for the diminishing market include safer vehicles, an increase in on demand car service, and autonomous technology. By factoring in accident frequency and severity assumptions, KPMG estimates the industry will insure less...

Disagreement in the Insurance Industry over Price Optimization

The insurance industry has seen a growing debate over price optimization, including the formation of a National Association of Insurance Commissioners (NAIC) task force designed to investigate such practices. Many industries use price optimization to set prices depending on what a consumer would pay for a good or service, but the accepted practice in the insurance industry—with the...

U.S. House Committee Considers Strategies To Improve Vehicle Safety

At a hearing held by the U.S. House Committee on Energy and Commerce’s Subcommittee on Commerce, Manufacturing and Trade, Congressional members heard testimony on strategies to improve vehicle safety. The hearing, titled “Examining Ways to Improve Vehicle and Roadway Safety,” key issues included increased reporting requirements for the National Highway Traffic Safety Administration...

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