WASHINGTON, D.C.–Recommendations for rate regulation reform were found wanting during a meeting of a working group on the subject at the National Association of Insurance Commissioner's summer meeting here.
The Personal Lines Market Regulatory Framework working group put forth what is known as a file and use program, which allows companies, theoretically, to set their own rates and give regulators the opportunity to rescind them if they are later determined to be out of line.
But insurance industry representatives decried the plan as one more prior-approval scheme. The representatives argued that no company would want to set rates that could be withdrawn because they might then be forced to refund the additional charge.
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