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A.M. Best Withdraws Ratings of Community Mutual Insurance Co. in N.Y.

Insurance ratings agency A.M. Best Co. said it has downgraded the financial strength rating to C (Weak) from C+ (Marginal) and the issuer credit rating to “ccc” from “b-” of Community Mutual Insurance...

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ITC Expands Comparative Rating System, TurboRater, to Nevada

Insurance Technologies Corporation (ITC), a provider of marketing, rating and management software and services, has expanded its comparative rating system TurboRater with its release of automated...

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New York DFS Opens Inquiry Into Price Optimization

The New York Department of Financial Services (DFS) on March 18 sent out letters to hundreds of property/casualty insurers operating in the state, seeking information concerning price optimization. New...

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Vermont Issues Bulletin on Price Optimization in Personal Lines Ratemaking

Vermont regulators issued a bulletin last week addressing the issue of “price optimization” in personal lines ratemaking. The Vermont Department of Financial Regulation (DFR) noted in the bulletin that...

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Pennsylvania Says Insurers Are Prohibited From Using Price Optimization

Pennsylvania Insurance Commissioner Teresa Miller has issued an official notice warning the state’s insurers that they are prohibited from using the price optimization techniques in property/casualty...

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Maine Issues Bulletin Prohibiting Use of Price Optimization

Maine Insurance Superintendent Eric A. Cioppa stated in a bulletin published Monday that in Maine, personal lines property/casualty insurers that use price optimization should submit revised rate...

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District of Columbia Issues Price Optimization Ban Bulletin

The District of Columbia’s Department of Insurance, Securities and Banking (DISB) this week issued a bulletin notifying property/casualty insurers doing business in the District that price optimization...

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Rhode Island Directs Insurers Using Price Optimization to Submit Revised Filings

Rhode Island’s Insurance Division issued a bulletin on Sept. 18 advising that any personal lines property/casualty insurer that uses price optimization to rate policies in Rhode Island should submit...

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Delaware Bans Use of Price Optimization in Insurance Pricing

Delaware has issued a bulletin prohibiting the use of price optimization in insurance pricing. The Delaware Department of Insurance said in its Bulletin No. 78 on Oct. 1 that “while price optimization...

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Connecticut Bans Use of Price Optimization in Insurance Rates

Connecticut has joined the growing number of states that have banned or restricted the practice of “price optimization” in insurance pricing. Connecticut Insurance Commissioner Katharine L. Wade...

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