Hard Market Seen Waning In New Hampshire
NU Online News Service, May 27, 10:35 a.m. EDT? The high prices associated with a hard market appear to be softening in New Hampshire, according to the state's insurance commissioner.
Commissioner Paula Rogers gave that assessment as the keynote speaker at the April 21 annual conference of the Professional Insurance Agents of New Hampshire in Concord, N.H.
Ms. Rogers, in response to an inquiry, supplied excerpts of her remarks that were reported by PIA.
She noted that, beginning in 2001, the department had begun to receive an influx of consumer complaints about market conditions and in response began plans to develop a market assistance program to address the problem. "However they [the complaints] seem to be abating," she said.
With this apparent plateau, Ms. Rogers said the department is taking a "do-no-harm" approach, and plans to delay the implementation of a Market Assistance Plan. "Nonetheless, it is ready if we need it," she told the audience.
Commissioner Rogers attributed the reduction of complaints to positive trends in the market and producers' response to the hard market.
Ms. Rogers commended agents for stepping up in difficult times commenting, "Agents are much more attentive to their books of business."
She related the case of a consumer who had contacted her about difficulties finding a homeowners policy, but was aided by an aggressive producer.
Discussing legislative matters the department plans to address in the upcoming year, Ms. Rogers said they would include a modernization of rating laws.
"Upon examination of our rate approval process, we determined that modernization was needed. In conjunction, we will be improving our consumer education and assistance program," she said.
Ms. Rogers said a new consumer complaint tracking system would allow the department to examine issues by line of insurance and track resolution of complaints.
The commissioner said her department was looking for industry input as it revises its brochures and consumer pamphlets for auto and homeowners insurance. "We'd like to explain to policyholders what they can do to better position themselves as purchasers," she said.
New Hampshire also is planning to improve the insurance department's tracking of rate filings and monitoring of the market, Ms. Rogers said.
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