The New Hampshire Insurance Department (NHID) published a press release announcing a large reduction in its examiner billing rate, effective immediately. The hourly rate for examiner services has been reduced from $114 per hour to $71.74 per hour.
The decreased rate comes following an internal review by a dedicated NHID workgroup, which analyzed examiner compensation and overhead costs to determine the Department’s cost of providing examiner services. They also established an annual review process for future adjustments.
NHID conducts market examinations to encourage fairness, accountability, and consumer protection. This updated rate shows NHID doesn’t aim to make a profit off their services, but to charge the exact price of the cost of operating them.
The press release can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.