Georgia insurance regulators announced yesterday they approved a 3% rate reduction for State Farm auto insurance customers, bringing total rate decreases for the insurer to more than 10% over the past year. The rate filing approved by Insurance and Safety Fire Commissioner John King will reduce premiums by an estimated $400 million annually for State […]
California Threatens to Suspend Tesla Insurance Operations
Insurance Commissioner initiates enforcement actions over claims handling violations. The California Department of Insurance has issued enforcement actions against Tesla Insurance Services, Tesla Insurance Company and State National Insurance Company, alleging the companies repeatedly failed to properly handle hundreds of policyholder claims. The actions could result in the companies losing their ability to transact insurance […]
Louisiana Auto Insurers File Rate Reductions as Accident Frequency Drops
Louisiana auto insurance companies have filed more than 20 rate reductions since January, with 14 cuts exceeding 1%, as reduced accident frequency drives down claims costs, state Insurance Commissioner Tim Temple announced August 14. “As cost drivers in the market go down, losses go down with them, and businesses are incentivized to compete for customers […]
North Carolina Fines Members, Universal Insurance Companies $113,000 for Market Conduct Violations
North Insurance Commissioner Mike Causey announced May 1 that he has fined two insurance companies, The Members Insurance Co. and Universal Insurance Co., $113,000 following a market conduct examination. Members and Universal, which are licensed to write private passenger automobile and homeowners’ insurance policies in North Carolina, are owned by Auto Club Group. At the […]
New Hampshire Insurance Department Issues Guidance on Virtual Auto Claims Adjustment
The New Hampshire Insurance Department has released new guidance for insurance companies using virtual methods to assess automobile damage, emphasizing that consumers retain the right to request in-person inspections. The bulletin, issued April 14, addresses the growing trend of insurers using photos and videos submitted by consumers or repair shops instead of conducting physical inspections. […]
North Carolina Automobile Insurers Request 22.6% Rate Increase
In 2023, insurers requested over 28% increase but settled with insurance department for 4.5% annually for two years. The North Carolina Department of Insurance (NCDOI) announced that insurance companies have requested a statewide average 22.6% increase in automobile insurance rates. The North Carolina Rate Bureau, which represents the automobile insurance companies in the state and […]
Pennsylvania Issues Guidance On Insurers’ Use Of Artificial Intelligence
The Pennsylvania Insurance Department (PID) is the latest state to announce guidance for insurers on the use of Artificial Intelligence (AI). On April 6, the Department issued Notice 2024-04, which includes recommended best practices for how insurers obtain, develop and use certain AI technologies and systems, and advises insurers on what information PID may request […]
Pennsylvania Insurance Department Blocked Over $64 Million Of Personal Auto Premium Increases Last Year
The Pennsylvania Insurance Department (PID) announced February 15 that the Department blocked $64.3 million of personal auto premium increases from being implemented in Pennsylvania through its rate review processes in 2023. According to the department, it has received a large volume of requests for rate increases in recent years, which the Department attributes largely to […]
Insurance and Collision Repair Organizations to Participate in Nevada Public Forum on Auto Insurance Rates November 1
The Nevada Division of Insurance (Division) has announced that it will be hosting a live webinar panel discussion to address questions and concerns about the rising costs of auto insurance in Nevada. This event will be held virtually on Wednesday, November 1, 2023, from 10:00 AM – 11:30 AM (PDT) and is open to the […]
California Insurance Department Fines App-Based Auto Insurer and Underwriter for Mishandling Claims
Department investigation leads to settlement with app-based auto insurance seller Go Maps and insurer Topa for mishandling claims. The California Department of Insurance announced two settlement agreements with Go Maps, Inc. (Go Maps) and its insurance underwriter, Topa Insurance Company (Topa), after an investigation into complaints that consumer claims were mishandled for more than two […]