Insurers operating in Connecticut next month will be able make limited changes in personal lines rates without regulatory permission.
Under a bill–effective July 1–signed into law last week by Connecticut Governor M. Jodi Rell, the state will establish a flex-rating system allowing insurers to adjust rates within a six percent rating band without prior approval.
The bill, which has a three-year sunset provision, was strongly supported by the major property-casualty insurance trade groups Insurer organizations said enactment of the flex-rating legislation will create a more competitive insurance market, giving consumers greater access to more products at lower prices.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
