X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
2010 was a watershed year for the business community as Republican legislators—generally seen as more open to competitive markets—gained more than 700 state legislative seats, which allowed them to take control of many state legislatures. At the time, the National Assn. of Mutual Insurance Companies (NAMIC) and others in the insurance industry predicted that this massive turnover would result in more pro-business legislation, fewer fights to restrict underwriting freedom and turn back the clock on civil justice reforms.  

Were we right?  Well—essentially. None of the bills stood out as very good or very bad, but for the most part, 2012 was about progress and laying the groundwork for next year—assuming voters re-elect business-oriented state legislators in November.

Rate Modernization

For nearly 10 years, NAMIC’s top legislative priority has been the adoption of modernization laws, which created rate approval standards less restrictive than prior approval. Modernization laws help stimulate competition, benefiting consumers in terms of price and choices in the marketplace. We made progress this year in our efforts to educate legislators and regulators about the consumer benefits of modernization. But we were unable to get any bills across the finish line before the end of session. In North Carolina, an auto insurance study committee adopted a report calling for improvements in the ratemaking process. The committee’s recommendations will be taken up by the legislature next year. It also is worth noting that no attempts this year returned to prior approval. Hawaii did adopt SB 2769, which allows the insurance commissioner to impose temporary rates on insurers if rate filings are denied. The final bill included due process protections for insurers.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.