Price Optimization: Courts Put Regulators in the Driver’s Seat
Posted on Jul 25, 2016 in Insurance Developments and Trends | Comments Off on Price Optimization: Courts Put Regulators in the Driver’s Seat
Earlier this year, courts in California addressed class actions brought by customers claiming to be harmed by their auto insurers’ use of price optimization and big data in setting auto insurance rates. In both cases, the court stayed the class action and deferred to the regulator under the primary jurisdiction doctrine. Because analysis of the insurer’s use of price optimization in...
Perspective: The US Legal System – An Impediment to Autonomous Vehicles (Video)
Posted on Mar 2, 2016 in Industry News, Perspective, Technology Impacting Auto Insurance | Comments Off on Perspective: The US Legal System – An Impediment to Autonomous Vehicles (Video)
Technology often outpaces the legal system, but when it comes to autonomous vehicles, the speed of the technology’s development and the piecemeal evolution of the US legal system may create confusion on the road. In their videocast, Michael Nelson and Kymberly Kochis discuss the current state of autonomous vehicles, relevant legal developments, and the gaps in the legal framework that...
Updated: MS Legislature Considering Labor Rate Restrictions
Posted on Feb 22, 2016 in Insurance Regulation | Comments Off on Updated: MS Legislature Considering Labor Rate Restrictions
The Mississippi State Senate is considering a bill that would prohibit auto repair shops from charging labor rates above the average national rates charged for like-kind work without the express approval of the Commissioner of Insurance. The bill, SB 2187, was introduced by Senator Videt Carmichael (R-Meridian) earlier this month, and has been referred to the Insurance Committee. ...
Price Optimization Remains Key Focus of Regulators
Posted on Jan 27, 2016 in Insurance Regulation | Comments Off on Price Optimization Remains Key Focus of Regulators
2015 was an active year for price optimization among regulators, as nearly one-third of states issued guidance to P&C insurers on the practice. (Within the last two months alone, Connecticut, Missouri, and Alaska have issued bulletins on price optimization.) The National Association of Insurance Commissioners (NAIC) also approved a highly anticipated white paper on price...
Connecticut Issues Bulletin Banning Price Optimization
Posted on Dec 4, 2015 in Insurance Developments and Trends, Insurance Regulation | Comments Off on Connecticut Issues Bulletin Banning Price Optimization
In a recent bulletin, Connecticut became the 16th jurisdiction to ban price optimization in insurance pricing. Connecticut Insurance Commissioner Katherine L. Wade stated that the Department “views price optimization as a discriminatory practice and therefore a violation of state insurance law.” Wade specifically cited factors such as a customer’s “propensity to shop for insurance or...
