Fact Checker. A Check of the Facts in the Michigan Automobile and Home Insurance Consumer Advocate Report to the Governor, 2009

Size: px
Start display at page:

Download "Fact Checker. A Check of the Facts in the Michigan Automobile and Home Insurance Consumer Advocate Report to the Governor, 2009"

Transcription

1 Fact Checker A Check of the Facts in the Michigan Automobile and Home Insurance Consumer Advocate Report to the Governor, 2009 Published by the Insurance Institute of Michigan 334 Townsend, Lansing, MI /

2 INTRODUCTION In February of 2008, Michigan Governor Jennifer Granholm announced that she would create an Auto and Home Insurance Consumer Advocate position, which would be charged with representing the interests of auto and home insurance consumers. During the fall of 2008, the Advocate held hearings around the state to gather input from consumers, the insurance industry and others about the auto insurance system in Michigan. The Insurance Institute of Michigan participated in the public hearings, providing information about the costs that drive auto insurance premiums in Michigan. Michigan has a unique auto insurance system that mandates unlimited lifetime medical benefits. No other state comes close to mandating such a high level of medical benefits. Recently, the Advocate released a report to the Governor outlining 10 recommendations to improve the auto insurance system in Michigan. The Advocate contends that premiums charged for auto insurance in Michigan are not justified. The 10 recommendations the Advocate alleges will make rates more affordable include additional insurance company regulation and expanding the ability to sue for collision coverage. The Insurance Institute of Michigan encourages an open, responsible and legitimate debate on the costs of the current auto insurance system in Michigan. Any such discussion should be based on accurate information. Many of the statistics/comparisons used by the Advocate in his report are inaccurate. This Fact Checker document provides the reader with a list of those facts found to be erroneous and the sources to verify the Insurance Institute of Michigan s position. If you need further information, please contact the Insurance Institute of Michigan, 334 Townsend, Lansing, MI / More information on insurance is available at the IIM website,

3 ...at the same time profits have skyrocketed to their highest levels in US history...even factoring Insurance in the losses Institute from September Fact Checker 11, 2001 and on Hurricane Auto Insurance Katrina in Report Michigan s No Fault auto insurance law was declared unconstitutional by the State Supreme Court, in the famous 1978 case, Shavers v Attorney General. (Page 2 of Report) This statement conveniently ignores the fact that Michigan s Supreme Court in the original Shavers decision directed the state Legislature to correct the deficiencies of the new law. Following the enactment of the Essential Insurance Act (P.A. 145, 1979), the court then declined to continue to hold Michigan s no-fault law unconstitutional. Because there has been no further claim that this act, as recently amended, is unconstitutional, we decline to so hold, Shavers v Attorney General, February (We have attached a portion of the 1982 order. Attachment A)...the people of Michigan are paying among the highest insurance rates in America... (Letter to Governor and Page 7 of the Report) Michigan s average automobile premium in 2006 was $1, It is 12th highest in the country. There are 11 states with higher average auto insurance premiums than Michigan, with far less benefits. (Check it out for yourself. We have attached the 2006 average premium study by the National Association of Insurance Commissioners. Attachment B). Michigan s state-wide average annual premium of approximately $1,067 is just behind New Jersey s $1,100 rate: the nation s most expensive. (Letter to Governor and Page 7 of the Report) Michigan s average automobile premium in 2006 was $1, That was 12th highest in the country. Actually, New Jersey s average premium in 2006 was $1, and the highest premium was in the District of Columbia at $1, (We have attached the 2006 average premium study by the National Association of Insurance Commissioners. Attachment B). Page 3

4 Insurance Institute Fact Checker on Auto Insurance Report Since 1989, Michigan auto insurance premiums have increased at a staggering rate of 69 percent, the fastest rate of increase in the United States. (Governor Letter and Page 7 of the Report) Actually, from 1989 to 2006, Michigan s average premium increased 68.1 percent, or about 3 percent compounded per year. During that same period, Arkansas (84%), Delaware (72%), Florida (72%), Iowa (76%), Kansas (73%), Kentucky (85%), Louisiana (89%), Montana (91%), Nebraska (106%), North Dakota (87%), South Dakota (89%), Utah (72%), and West Virginia (87%) all had higher percentage increases. (See the actual documentation. We have attached 1989 and 2006 average premium studies by the National Association of Insurance Commissioners. Attachment B and C). The elective collision and comprehensive insurance coverages, together, comprise approximately 65 percent of the overall premium cost, by far the largest portion of the premium, while No Fault s mandatory health care coverage coverage adds up to a comparatively small percentage of the overall premium cost, approximately 15 percent. (Page 5 of the Report) According to the National Association of Insurance Commissioners Auto Database Report, 2005/2006, comprehensive and collision premiums totaled 53 percent of the total average premium in The coverages of Personal Injury Protection, Residual Liability and Property Damage coverages totaled 46 percent of the premium. The report does not list medical coverage separately. The Consumer Advocate s charge that collision represents the largest portion of the overall premium assumes that everyone buys the optional collision and comprehensive coverages. In fact, many people who have older cars do not purchase those optional coverages, which would result in the Personal Injury Protection (medical) coverage being the largest contributor to their overall premium. (We have attached the 2006 average premium study by the National Association of Insurance Commissioners. Attachment B). Page 4

5 Insurance Institute Fact Checker on Auto Insurance Report When the No Fault law was debated and passed, Michiganians were led to believe that this was a fair deal. But there was a twist. Rates did not go down. They went up. (Page 7 of the Report) Insurance companies did not make any specific promises with regard to rate levels with the implementation of Michigan s no-fault system. The Michigan no-fault law was unlike any other state because it mandated unlimited lifetime medical benefits. Even the politicians knew that rate decreases could not be guaranteed. Its benefits will exceed that of any other state. It s always possible a year from now or two years from now, based upon our own experience, that we may want to change it, but for now, I m satisfied this is a tremendous step forward. We do know that some policyholders will be paying less; we know that some will be paying more. We don t know where the average will be (but) it may perhaps be slightly more, Governor William Milliken quoted in Gongwer News Service, October 6, A young Representative from Beal City made the following comments on the House floor: The passage of Senate Bill 782 will raise the cost of automobile insurance for the majority of my constituents. The concept of no-fault is desirable and I have voted for that concept. However, the news media of this state have failed to present an accurate picture of what no-fault insurance means both in terms of coverage and cost to the public. Michigan s version of no-fault insurance will provide greater benefits and increased coverage. However, it will do so at an increased cost. This is because we have not yet discovered the magic formula which will allow us to give something for nothing. Representative and later Governor John Engler. A 1976 report released by the Insurance Bureau to the Governor, No- Fault Insurance After Three Years, outlined how rates were impacted by the implementation of no-fault. Fortunately, we have improved the auto insurance system without incurring the dramatic premium increases experienced in by other states. In spite of overall rampant inflation, Michigan insurance premiums remained virtually level from 1971 until Since 1975, rate increases have averaged about 25 to 30%. Those increases are substantially less than states with other no-fault systems and than states which still have the fault system. In addition, those increases are far less than the 91% increase in automobile crash parts, and than the overall increase of 49% in medical care costs, the main things for which auto insurance must pay, Thomas Jones, Commissioner of Insurance. (You guessed it, we have attached copies of Gongwer and the Commissioner s findings from the 1976 report as Attachment D and E). Page 5

6 Insurance Institute Fact Checker on Auto Insurance Report The down-ward trends in the auto insurance industry are reductions in claims filed by policyholders, and reductions in claims being paid out to policyholders by insurance companies. The upward trend is company profits. The past 10 years have been the most profitable period in U.S. history for property and casualty insurers. (Page 11 of the Report). The table used on page 11 of the report which show profits from uses national figures, not specific to Michigan. In fact, a report compiled by Wayne State University paid for and on behalf of the Michigan Office of Financial and Insurance Regulation in 2005 found different results. The Wayne State study concluded that from 1992 to 2002, the insurance industry in Michigan had not been profitable. The last decade has been an unusually unprofitable period for insurance companies in Michigan, with loss ratios above historical averages for the state and contemporaneous averages for the nation. Returns on net worth similarly have performed below national norms over the period. (The Competitiveness and Premium Excessiveness of the Home and Auto Insurance Industries In the State of Michigan, by Center for Urban Studies, Wayne State University and Michigan Office of Financial and Insurance Services, A copy of the page, of course, is attached. Attachment F. A full copy of the report can be found on the Michigan Office of Financial and Insurance Regulation website, The Angoff Study, cited above, is specific to Michigan insurance companies. It concluded that: for the three leading Michigan auto insurers State Farm, Allstate, and AAA both liability and physical damage coverage has been highly profitable over the last five years. (Page 11 of the Report) The Angoff study mentioned on page 11 of the Consumer Advocate s report found that the three leading Michigan auto insurance companies had been profitable in the liability and physical damage coverages, but the author admitted that the companies were not profitable in the medical coverage portion of the market. The above tables and charts appear to indicate, that based on the data the insurers have reported in their annual statements, over the most recent five year period, liability and physical damage has been highly profitable but no-fault insurance has not. (Page 14 and 15 of An Analysis of the Profitability and Performance of the Michigan Auto Insurance Market, No-fault insurance includes Personal Injury Protection (medical), Residual Bodily Injury (lawsuit) and Property Damage coverages. These are the coverages that are mandatory in Michigan. Yes, we have attached page 14 and 15 from the Angoff study. Attachment G). Page 6

7 Insurance Institute Fact Checker on Auto Insurance Report The Insurance Commissioner cannot deny a company s rate increase unless the Commissioner can prove the un-provable: that insurance companies are not competing against one another. (Page 12 of the Report) Each insurance company files its rates with the Commissioner of the Office of Financial and Insurance Regulation who has the ability to review those rates and reject them if they are found to be excessive, inadequate or unfairly discriminatory. A review of competition in the market does have to be conducted to declare rates excessive. However, the Commissioner can reject rates for being inadequate or unfairly discriminatory without first finding on the issue of competition. ( We have attached Section of the Michigan Insurance Code. Attachment H). For example, under Credit Scoring, a factory worker in Kent County who did not complete high school, will pay a premium rate that is two or three times more than a physician in Oakland County, with the same driving record. (Page 16 of the Report) In this example, the Consumer Advocate is alleging that the factory worker does not maintain good credit. A credit-based insurance score is not assessing the amount of income, but how a person manages that income. Therefore, a factory worker in Kent County may have the same or better credit-based insurance score as a doctor in Oakland County. Studies by independent organizations have concluded over and over again that credit-based insurance scoring does not discriminate based on income, race or gender. (A list of all the studies is attached. Attachment I) Page 7

8 Insurance Institute Fact Checker on Auto Insurance Report Michigan s expenditures for No Fault health care coverage ranks right in the middle of the national pack, 22nd out of the 50 states, overall (source: NAIC). And the annual assessment for catastrophic claims has held steady. Today s $104 assessment is the same today as it was 18 years ago. (Page 20 of the Report) It is not that easy. The National Association of Insurance Commissioners Auto Database study does not separate medical care from the liability coverage component of its study. The NAIC study includes medical care, bodily injury and property damage coverages and calls it Liability Coverage. While Michigan s medical component would be higher than other states, the residual bodily injury coverage (or lawsuit) costs would be less than tort states, resulting in a middle of the pack premium for the three coverages. (The NAIC average liability premium exhibit is attached. Attachment J). The MCCA assessment has fluctuated over the years. When the MCCA began, its assessment was artificially low and eventually that put the MCCA in a deficit situation. Each year they collect enough money to pay the lifetime claims of all the people who are catastrophically injured during that year and also add an amount to recoup part of the deficit. In 1992, $32 dollars of the assessment was deficit recoupment. In 2008, $8 was attributed to deficit recoupment. That means that 18 years ago, the actual assessment was $78. In 2008, the assessment was $96. The MCCA pays out $55 million per month for catastrophic claims. (Of course, we have attached a listing of the MCCA annual assessment since its inception as Attachment K). Insurance claims are down, in Michigan and nationwide. The fewer dollars paid out to cover claims, the more money insurers make. (Page 37 of the Report). Fewer claims do translate into a reduction in premiums. In fact, auto premiums in Michigan have declined the past few years. However, auto rates are impacted by many factors, including the costs to repair cars and homes, cost of medical care, and the cost of lawsuits. While the number of claims may be decreasing, the costs to pay those claims continue to rise dramatically. The report fails to mention how much the average claim increased from 1989 to During that time, the average Bodily Injury Liability (lawsuit) claim went from $17,332 to $33,977 (96% increase). The average Comprehensive (auto theft, glass breakage) claim went from $566 to $1,119 (97% increase). The average Collision (vehicle damage) claim went from $1,515 to $2,730 (80% increase). The average Personal Injury Protection (medical, wage loss) claim went from $7,457 to $26,269 (261% increase). (Fast Track Monitoring System. Attachment L). Page 8

9 Insurance Institute Fact Checker on Auto Insurance Report...in the 15 years since Proposition 103 went into effect, California s average annual premium rates decreased by 7%, while rates nationally have increased by 47%. By comparison, Michigan s rates have increased by 69% during that period of time. (Page 21 of the Report) From 1989 to 2006 (the same period used by the Consumer Advocate to come up with the 69% increase for Michigan), California s average premium has increased 11 percent (See attachments B and C). Proponents suggest it is because of the price controls; however, a report by Milliman, Inc, found that while proponents of government price controls have continued to insist that Proposition 103 was responsible for bringing down auto insurance premiums in California, we found that other factors related to reducing exorbitant liability costs and led to decreasing premiums. Contrary to the pro-consumer description of Proposition 103, consumers may actually suffer as a result of such regulation, because insurers are not able to quickly pass through cost increases or decreases. Consequently, firms will tend to withdraw from the market when costs go up, and consumers will pay more when the costs go down. It is interesting to note that the latest study on average premiums from the National Association of Insurance Commissioners (2006) found that California s average premium increased 10 percent from 2002 to 2006, while Michigan s average premium increased only 4 percent during this same time. In fact, from 2005 to 2006, California s average premium increased 1 percent, while Michigan s average premium went down 2 percent. Also note, that Michigan s premium provides coverage for mandated lifetime, unlimited medical coverage. In California, drivers are not mandated to carry any medical coverage. (We have attached the most recent report from the National Association of Insurance Commissioners. Attachment B and C and the Milliman study as Attachment M).

10 Attachment A

11

12 Attachment B

13

14 Attachment C

15

16

17 Attachment D

18

19 Attachment E

20

21

22 Attachment F

23

24 Attachment G

25

26

27 Attachment H

28

29 Attachment I

30

31

32 Attachment J

33

34

35 Attachment K

36

37 Attachment L

38

39 Attachment M

40

41

42

43

44

45

46

47

48

49

50

51

Percent change. Rank Most expensive states Average expenditure Rank Least expensive states Average expenditure

Percent change. Rank Most expensive states Average expenditure Rank Least expensive states Average expenditure Page 1 of 7 Auto Insurance AAA s 2010 Your Driving Costs study found that the average cost to own and operate a sedan rose by 4.8 percent to $8,487 per year, compared with the previous year. Rising fuel,

More information

Auto Insurance. No-Fault: Michigan's Unique Auto Insurance Law. Personal Injury Protection (PIP)

Auto Insurance. No-Fault: Michigan's Unique Auto Insurance Law. Personal Injury Protection (PIP) No-Fault: Michigan's Unique Auto Insurance Law Michigan is generally recognized as having a unique no-fault auto insurance law that mandates unlimited medical benefits for people buying auto insurance.

More information

Auto Insurance. No-Fault: Michigan's Unique Auto Insurance Law. Personal Injury Protection (PIP)

Auto Insurance. No-Fault: Michigan's Unique Auto Insurance Law. Personal Injury Protection (PIP) No-Fault: Michigan's Unique Auto Insurance Law Michigan is generally recognized as having the most efficient and effective auto insurance laws in the United States. In the U.S., there are two systems that

More information

Driving Michigan: An Agenda To Reform Michigan s No-Fault system

Driving Michigan: An Agenda To Reform Michigan s No-Fault system Insurance Institute of Michigan Driving Michigan: An Agenda To Reform Michigan s No-Fault system No one has to lose anything if consumers are given more insurance coverage options. It s not a partisan

More information

Florida No-Fault Auto Insurance: A Historical Primer

Florida No-Fault Auto Insurance: A Historical Primer Florida No-Fault Auto Insurance: A Historical Primer Auto Insurance Fraud Strike Force Board Meeting Tallahassee, FL January 24, 2013 Lynne McChristian, Florida Representative Insurance Information Institute

More information

Michigan Catastrophic Claims Association (MCCA) Updated April 15, 2010

Michigan Catastrophic Claims Association (MCCA) Updated April 15, 2010 JENNIFER M. GRANHOLM GOVERNOR STATE OF MICHIGAN OFFICE OF FINANCIAL AND INSURANCE REGULATION DEPARTMENT OF ENERGY, LABOR & ECONOMIC GROWTH STANLEY SKIP PRUSS, DIRECTOR KEN ROSS COMMISSIONER Michigan Catastrophic

More information

Michigan Catastrophic Claims Association (MCCA) Update as of: April 14, 2015

Michigan Catastrophic Claims Association (MCCA) Update as of: April 14, 2015 RICK SNYDER GOVERNOR STATE OF MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES LANSING ANNETTE E. FLOOD DIRECTOR Michigan Catastrophic Claims Association (MCCA) Update as of: April 14, 2015 What

More information

2. Has Michigan s de-regulation of the auto insurance industry allowed for adequate oversight of company rates?

2. Has Michigan s de-regulation of the auto insurance industry allowed for adequate oversight of company rates? 2 EXECUTIVE SUMMARY A. Introduction Michigan s No Fault auto insurance law was declared unconstitutional by the State Supreme Court, in the famous 1978 case, Shavers v. Attorney General. Writing for the

More information

FIS-PUB 0077 (6/13) Number of copies printed: 10,000 / Legal authorization to print: PA 145 of 1979 / Printed on recycled paper

FIS-PUB 0077 (6/13) Number of copies printed: 10,000 / Legal authorization to print: PA 145 of 1979 / Printed on recycled paper DIFS is an equal opportunity employer/program. Auxiliary aids, services and other reasonable accommodations are available upon request to individuals with disabilities. FIS-PUB 0077 (6/13) Number of copies

More information

The Florida Senate POTENTIAL IMPACT OF MANDATING BODILY INJURY LIABILITY INSURANCE FOR MOTOR VEHICLES. Interim Project Summary 98-03 November 1998

The Florida Senate POTENTIAL IMPACT OF MANDATING BODILY INJURY LIABILITY INSURANCE FOR MOTOR VEHICLES. Interim Project Summary 98-03 November 1998 The Florida Senate Interim Project Summary 98-03 November 1998 Committee on Banking and Insurance Senator Mario Diaz-Balart, Chairman POTENTIAL IMPACT OF MANDATING BODILY INJURY LIABILITY INSURANCE FOR

More information

March 20, 2014 734-953-2779. MCCA sets 2014 2015 Insurance Company Assessment

March 20, 2014 734-953-2779. MCCA sets 2014 2015 Insurance Company Assessment MICHIGAN CATASTROPHIC CLAIMS ASSOCIATION 17584 LAUREL PARK DRIVE NORTH, LIVONIA, MI 48152 (734) 953-2779 FAX: (734) 953-9511 WEBSITE: www.michigancatastrophic.com FOR IMMEDIATE RELEASE Contact: Gloria

More information

Workers Compensation Cost Data

Workers Compensation Cost Data Workers Compensation Cost Data Edward M. Welch Workers Compensation Center School of Labor and Industrial Relations Michigan State University E-mail: welche@msu.edu Web Page: http://www.lir.msu.edu/wcc/

More information

a consumers guide to No-Fault Automobile Insurance in Michigan

a consumers guide to No-Fault Automobile Insurance in Michigan a consumers guide to No-Fault Automobile Insurance in Michigan No-Fault Automobile Insurance in Michigan The Michigan no-fault system was adopted in 1973 to increase the level of benefits paid to injured

More information

Chapter 11 Auto Insurance in the United States (continued)

Chapter 11 Auto Insurance in the United States (continued) Chapter 11 Auto Insurance in the United States (continued) Overview Compensating innocent motorists who have been injured in auto accidents is an important issue for society. Private insurers are not anxious

More information

PROPOSITION 103 S IMPACT ON AUTO INSURANCE PREMIUMS IN CALIFORNIA 15 YEARS OF INSURANCE REFORM: 1989-2004

PROPOSITION 103 S IMPACT ON AUTO INSURANCE PREMIUMS IN CALIFORNIA 15 YEARS OF INSURANCE REFORM: 1989-2004 PROPOSITION 103 S IMPACT ON AUTO INSURANCE PREMIUMS IN CALIFORNIA 15 YEARS OF INSURANCE REFORM: 1989-2004 In a voter revolt against massive increases in the price of auto, homeowner and business insurance,

More information

Hawai i s Workers Compensation System; Coverage, Benefits, Costs: 1994-2004

Hawai i s Workers Compensation System; Coverage, Benefits, Costs: 1994-2004 Hawai i s Workers Compensation System; Coverage, Benefits, Costs: 1994-2004 Lawrence W. Boyd Ph. D. University of Hawaii-West Oahu Center for Labor Education and Research January 12, 2006 1 Introduction

More information

Frequently Asked Questions Auto Insurance

Frequently Asked Questions Auto Insurance STATE OF WISCONSIN Frequently Asked Questions Auto Insurance OFFICE OF THE COMMISSIONER OF INSURANCE PI-233 (C 03/2015) The Automobile Insurance Policy (page 1) Wisconsin's Financial Responsibility Law

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Jon S. Corzine Governor. Steven M. Goldman Commissioner

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Jon S. Corzine Governor. Steven M. Goldman Commissioner NEW JERSEY AUTO INSURANCE BUYER S GUIDE Jon S. Corzine Governor Steven M. Goldman Commissioner WHERE DO I START?... 1 UNDERSTANDING YOUR POLICY... 2-6 Types of Coverages Standard and Basic Policies What

More information

The Right Direction for Auto Insurance Reform

The Right Direction for Auto Insurance Reform The Right Direction for Auto Insurance Reform A Draft Policy of the Freedom Party of Ontario - Released for public consultation, August 2003 - Introduction The most pressing issue facing many Ontario drivers

More information

March 22, 2016 734-953-2779. MCCA sets 2016 2017 Insurance Company Assessment

March 22, 2016 734-953-2779. MCCA sets 2016 2017 Insurance Company Assessment MICHIGAN CATASTROPHIC CLAIMS ASSOCIATION 17584 LAUREL PARK DRIVE NORTH, LIVONIA, MI 48152 (734) 953-2779 FAX: (734) 953-9511 WEBSITE: www.michigancatastrophic.com FOR IMMEDIATE RELEASE Contact: Gloria

More information

EXECUTIVE OFFICE OF THE PRESIDENT. The Burden of Health Insurance Premium Increases on American Families

EXECUTIVE OFFICE OF THE PRESIDENT. The Burden of Health Insurance Premium Increases on American Families EXECUTIVE OFFICE OF THE PRESIDENT The Burden of Health Insurance Premium Increases on American Families SEPTEMBER 22, 2009 Health insurance premiums for American families continue to skyrocket. A report

More information

NO-FAULT INSURANCE IN OTHER STATES

NO-FAULT INSURANCE IN OTHER STATES 79172 Prepared by the North Dakota Legislative Council staff for the Transportation Committee November 2005 NO-FAULT INSURANCE IN OTHER STATES Saskatchewan has had no-fault insurance since 1946 and Puerto

More information

Office of Insurance Regulation

Office of Insurance Regulation Talking Points Update PIP/No-Fault House Insurance Committee October 18, 2005 Mr. Chairman, members, thank you for the opportunity to provide you with some comments today. Mr. Chairman your staff did an

More information

Auto. The Instant Insurance Guide: What To Do If You re In An Accident. Info and tips for buying automobile and motorcycle insurance in Delaware

Auto. The Instant Insurance Guide: What To Do If You re In An Accident. Info and tips for buying automobile and motorcycle insurance in Delaware What To Do If You re In An Accident Stop and keep calm. Do not drive away from an accident. Do not argue with the other driver over the cause. Call an ambulance, if needed. Do what you can to provide first

More information

Auto. The Instant Insurance Guide: Info and tips for buying automobile and motorcycle insurance in Delaware. www.delawareinsurance.

Auto. The Instant Insurance Guide: Info and tips for buying automobile and motorcycle insurance in Delaware. www.delawareinsurance. The Instant Insurance Guide: Auto Info and tips for buying automobile and motorcycle insurance in Delaware From Karen Weldin Stewart, CIR-ML Delaware s Insurance Commissioner 1-800-282-8611 www.delawareinsurance.gov

More information

An Analysis of. Profitability and Pricing. In the. Michigan Auto Insurance Market

An Analysis of. Profitability and Pricing. In the. Michigan Auto Insurance Market An Analysis of Profitability and Pricing In the Michigan Auto Insurance Market Jay Angoff Mehri & Skalet, PLLC 1250 Connecticut Avenue N.W. Washington, DC 20036 July 2014 Table of Contents Executive Summary...

More information

An Analysis of. Profitability and Pricing. In the. Michigan Auto Insurance Market

An Analysis of. Profitability and Pricing. In the. Michigan Auto Insurance Market An Analysis of Profitability and Pricing In the Michigan Auto Insurance Market Jay Angoff Mehri & Skalet, PLLC 1250 Connecticut Avenue N.W. Washington, DC 20036 July 2014 Table of Contents Executive Summary...

More information

MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE MODEL REGULATION

MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE MODEL REGULATION Table of Contents Model Regulation Service January 1996 MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE MODEL REGULATION Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7.

More information

NO-FAULT AUTO INSURANCE IN MICHIGAN A Summary of Loss Trends and Estimates of the Benefits of Proposed Reforms

NO-FAULT AUTO INSURANCE IN MICHIGAN A Summary of Loss Trends and Estimates of the Benefits of Proposed Reforms NO-FAULT AUTO INSURANCE IN MICHIGAN A Summary of Loss Trends and Estimates of the Benefits of Proposed Reforms Robert P. Hartwig, Ph.D., CPCU President & Economist Insurance Information Institute James

More information

Traffic Safety Facts. Laws. Motorcycle Helmet Use Laws. Inside This Issue. Key Facts. April 2004

Traffic Safety Facts. Laws. Motorcycle Helmet Use Laws. Inside This Issue. Key Facts. April 2004 Traffic Safety Facts Laws April 2004 Motorcycle Helmet Use Laws Motorcycle helmets provide the best protection from head injury for motorcyclists involved in traffic crashes. The passage of helmet use

More information

Michigan Catastrophic Claims Association Annual Report to the Commissioner Fiscal Year Ended June 30, 2012

Michigan Catastrophic Claims Association Annual Report to the Commissioner Fiscal Year Ended June 30, 2012 Michigan Catastrophic Claims Association Annual Report to the Commissioner Fiscal Year Ended June 30, 2012 The MCCA is a private, non-profit association whose mission is to protect the financial integrity

More information

CHAPTER ONE AUTO INSURANCE

CHAPTER ONE AUTO INSURANCE CHAPTER ONE AUTO INSURANCE Auto Insurance: An Overview Auto Insurance Options in Indiana Financial Responsibility in Indiana Voluntary/Involuntary Auto Plans Auto Insurance Premium Breakdown Auto Insurance

More information

Consumer s Guide 9/06

Consumer s Guide 9/06 Consumer s Guide A Consumer s Guide to AUTO INSURANCE National Association of Insurance Commissioners 1992, 2006 National Association of Insurance Commissioners All rights reserved. National Association

More information

2008 Annual Report: Office of the Automobile and Home Insurance Consumer Advocate

2008 Annual Report: Office of the Automobile and Home Insurance Consumer Advocate Jennifer M. Granholm, Governor Stanley Skip Pruss, Director Department of Energy, Labor & Economic Growth Melvin Butch Hollowell Michigan Insurance Consumer Advocate January 28, 2009 Hon. Jennifer M. Granholm

More information

THE BURDEN OF HEALTH INSURANCE PREMIUM INCREASES ON AMERICAN FAMILIES AN UPDATE ON THE REPORT BY THE EXECUTIVE OFFICE OF THE PRESIDENT

THE BURDEN OF HEALTH INSURANCE PREMIUM INCREASES ON AMERICAN FAMILIES AN UPDATE ON THE REPORT BY THE EXECUTIVE OFFICE OF THE PRESIDENT THE BURDEN OF HEALTH INSURANCE PREMIUM INCREASES ON AMERICAN FAMILIES AN UPDATE ON THE REPORT BY THE EXECUTIVE OFFICE OF THE PRESIDENT INTRODUCTION In September 2009, the Executive Office of the President

More information

ANALYSIS AS REPORTED FROM COMMITTEE. Senate Bill 288 (Substitute S-3 as reported) Sponsor: Senator Virgil Smith Committee: Insurance

ANALYSIS AS REPORTED FROM COMMITTEE. Senate Bill 288 (Substitute S-3 as reported) Sponsor: Senator Virgil Smith Committee: Insurance LIMITED-BENEFITS NO-FAULT POLICY S.B. 288 (S-3): ANALYSIS AS REPORTED FROM COMMITTEE Senate Bill 288 (Substitute S-3 as reported) Sponsor: Senator Virgil Smith Committee: Insurance Date Completed: 7-20-15

More information

State Insurance Department Websites: A Consumer Assessment

State Insurance Department Websites: A Consumer Assessment State Insurance Department Websites: A Consumer Assessment By J. Robert Hunter Director of Insurance November 2008 1 of 10 EXECUTIVE SUMMARY This report analyzes Internet websites for the nation s 51 major

More information

HEARING ON THE RECOMMENDATIONS OF THE STATE OF MICHIGAN S INSURANCE CONSUMER ADVOCATE

HEARING ON THE RECOMMENDATIONS OF THE STATE OF MICHIGAN S INSURANCE CONSUMER ADVOCATE HEARING ON THE RECOMMENDATIONS OF THE STATE OF MICHIGAN S INSURANCE CONSUMER ADVOCATE Testimony as Delivered by Robert P. Hartwig, Ph.D., CPCU President & Economist Insurance Information Institute New

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Chris Christie Governor. Kim Guadagno Lt. Governor. Commissioner

NEW JERSEY AUTO INSURANCE BUYER S GUIDE. Chris Christie Governor. Kim Guadagno Lt. Governor. Commissioner NEW JERSEY AUTO INSURANCE BUYER S GUIDE Chris Christie Governor Kim Guadagno Lt. Governor Commissioner WHERE DO I START?... 1 UNDERSTANDING YOUR POLICY... 2-6 Types of Coverages Standard and Basic Policies

More information

Uninsured Motorists: Basic Questions and Answers

Uninsured Motorists: Basic Questions and Answers Uninsured Motorists: Basic Questions and Answers What does uninsured mean when speaking of uninsured motorists? Kansas law requires that a vehicle operated on state highways be insured. Criteria differ

More information

CHAPTER 2 THE RELATIONSHIP BETWEEN NO-FAULT INSURANCE AND DRIVER BEHAVIOR

CHAPTER 2 THE RELATIONSHIP BETWEEN NO-FAULT INSURANCE AND DRIVER BEHAVIOR -5- CHAPTER 2 THE RELATIONSHIP BETWEEN NO-FAULT INSURANCE AND DRIVER BEHAVIOR Under a traditional tort system, at-fault drivers are liable for the economic and noneconomic damages they inflict on third

More information

A Consumer s Guide to AUTO INSURANCE

A Consumer s Guide to AUTO INSURANCE A Consumer s Guide About the NAIC The National Association of Insurance Commissioners (NAIC) is the oldest association of state government officials. Its members consist of the chief insurance regulators

More information

Maryland Insurance Administration. 2009 Report on the Effect of Competitive Rating on the Insurance Markets in Maryland

Maryland Insurance Administration. 2009 Report on the Effect of Competitive Rating on the Insurance Markets in Maryland Maryland Insurance Administration 2009 Report on the Effect of Competitive Rating on the Insurance Markets in Maryland January, 2010 Maryland Insurance Administration 2009 Report on the Effect of Competitive

More information

Presentation to the LRC Automobile Insurance Modernization Committee

Presentation to the LRC Automobile Insurance Modernization Committee Presentation to the LRC Automobile Insurance Modernization Committee Rose Vaughn Williams December 6, 2011 In North Carolina, as in all states but a few, anyone who wants to drive on our roads is required

More information

NEW JERSEY AUTO SUPPLEMENT

NEW JERSEY AUTO SUPPLEMENT AGENCY AGENCY CUSTOMER ID: NEW JERSEY AUTO SUPPLEMENT NAMED INSURED(S) POLICY NUMBER EFFECTIVE DATE CARRIER NAIC CODE NEW JERSEY AUTO INSURANCE BUYER'S GUIDE New Jersey Department of Banking and Insurance

More information

A Shopping Tool for. Automobile Insurance. Mississippi Insurance Department

A Shopping Tool for. Automobile Insurance. Mississippi Insurance Department Automobile Insurance Mississippi Insurance Department 1 2014 National Association of Insurance Commissioners All rights reserved. National Association of Insurance Commissioners Insurance Products & Services

More information

NOTICE OF PROTECTION PROVIDED BY [STATE] LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION

NOTICE OF PROTECTION PROVIDED BY [STATE] LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION NOTICE OF PROTECTION PROVIDED BY This notice provides a brief summary of the [STATE] Life and Health Insurance Guaranty Association (the Association) and the protection it provides for policyholders. This

More information

The Reality of Government-run Auto Insurance

The Reality of Government-run Auto Insurance Report on Other Automobile Insurance Issues Newfoundland and Labrador The Reality of Government-run Auto Insurance Mercer Oliver Wyman MYTH #1: Government-run insurance would be "driver-owned." FACT: Government-run

More information

The Facts About Medical Malpractice in Pennsylvania Congress Watch March 2004

The Facts About Medical Malpractice in Pennsylvania Congress Watch March 2004 The Facts About Medical Malpractice in Pennsylvania Congress Watch March 2004 Public Citizen s Congress Watch i Medical Malpractice in Pennsylvania Executive Summary Section I: Lawsuits Are Not Responsible

More information

Prepared By: Chris Longino, Field Information Analyst, Central Florida Major Medical Fraud Task Force. Background. Personal Injury Protection (PIP)

Prepared By: Chris Longino, Field Information Analyst, Central Florida Major Medical Fraud Task Force. Background. Personal Injury Protection (PIP) Date: Regarding: Florida Personal Injury Protection (PIP) (External Dissemination) Prepared By: Chris Longino, Field Information Analyst, Central Florida Major Medical Fraud Task Force Background Personal

More information

BUSINESS DEVELOPMENT OUTCOMES

BUSINESS DEVELOPMENT OUTCOMES BUSINESS DEVELOPMENT OUTCOMES Small Business Ownership Description Total number of employer firms and self-employment in the state per 100 people in the labor force, 2003. Explanation Business ownership

More information

Health Care Policy Cost Index 2012: Ranking the States According to Policies Affecting the Cost of Health Coverage

Health Care Policy Cost Index 2012: Ranking the States According to Policies Affecting the Cost of Health Coverage Health Care Policy Cost Index 2012: Ranking the States According to Policies Affecting the Cost of Health Coverage by Raymond J. Keating Chief Economist Small Business & Entrepreneurship Council February

More information

The Game of Life Purchasing Auto Insurance Updated: 2016-02-10

The Game of Life Purchasing Auto Insurance Updated: 2016-02-10 The Game of Life Purchasing Auto Insurance Updated: 2016-02-10 One of the most common experiences young adults encounter can be one of the most mysterious: purchasing auto insurance. It might not seem

More information

How To Insure A Foster Parent Insurance

How To Insure A Foster Parent Insurance Liability Insurance/Damage Claims for Foster Parents Last Updated January 16, 2007 Foster parents are placed in a vulnerable position when they choose to foster if they do not have liability insurance

More information

Guide to On-the-Job Injuries

Guide to On-the-Job Injuries Guide to On-the-Job Injuries in the United States I got hurt on the job. What can I do? If you are hurt on the job you have a right to workers compensation benefits. You have a right to workers compensation

More information

WHERE TO GET MORE INFORMATION AND HELP

WHERE TO GET MORE INFORMATION AND HELP WHERE TO GET MORE INFORMATION AND HELP This Buyer's Guide is intended to provide general information to help you make coverage choices. It is not a substitute for the policy language, which governs. Additional

More information

Private Passenger Automobile Tort Reform Rate Reductions: Fact versus Fiction

Private Passenger Automobile Tort Reform Rate Reductions: Fact versus Fiction Private Passenger Automobile Tort Reform Rate Reductions: Fact versus Fiction 1. Executive Summary Insurers Reap Windfall Auto Insurance Profits As Insurance Department Fails to Meet Legislative Intent

More information

Child Only Health Insurance

Child Only Health Insurance United States Senate Committee on Health, Education, Labor and Pensions Michael B. Enzi, Ranking Member RANKING MEMBER REPORT: Health Care Reform Law s Impact on Child-Only y Health Insurance Policies

More information

Uninsured and Underinsured Motorist Coverage in Ohio Report Required by Senate Bill 97 Prepared as of October 31, 2003

Uninsured and Underinsured Motorist Coverage in Ohio Report Required by Senate Bill 97 Prepared as of October 31, 2003 Report Required by Senate Bill 97 Prepared as of October 31, 2003 Executive Summary The following report summarizes the recent history of uninsured and underinsured motorist ( UM/UIM ) coverage in Ohio,

More information

A Consumer s Guide to: Auto Insurance. Choosing and using your auto insurance coverage. Washington State Office of the Insurance Commissioner

A Consumer s Guide to: Auto Insurance. Choosing and using your auto insurance coverage. Washington State Office of the Insurance Commissioner A Consumer s Guide to: Auto Insurance Choosing and using your auto insurance coverage Washington State Office of the Insurance Commissioner Washington State www.insurance.wa.gov Office of the Insurance

More information

A Shopping Tool for. Automobile Insurance. Mississippi Insurance Department

A Shopping Tool for. Automobile Insurance. Mississippi Insurance Department A Shopping Tool for Automobile Insurance Mississippi Insurance Department 1 A Shopping Tool for 2014 National Association of Insurance Commissioners All rights reserved. National Association of Insurance

More information

OREA. Offices of Research and Education Accountability JOHN G. MORGAN. An Analysis of Tennessee s Motor Vehicle Liability Insurance Limits

OREA. Offices of Research and Education Accountability JOHN G. MORGAN. An Analysis of Tennessee s Motor Vehicle Liability Insurance Limits Offices of Research and Education Accountability Comptroller of the Treasury JOHN G. MORGAN OREA Briefing Paper An Analysis of Tennessee s Motor Vehicle Liability Insurance Limits December 2006 OREA Briefing

More information

An Analysis of the Profitability and Performance. of the. Michigan Auto Insurance Market

An Analysis of the Profitability and Performance. of the. Michigan Auto Insurance Market An Analysis of the Profitability and Performance of the Michigan Auto Insurance Market by Jay Angoff Roger Brown & Associates 216 E. McCarty Street Jefferson City, MO 65101 May 30, 2007 Executive Summary...ii

More information

Gas Prices in Idaho. What factors determine the price of gas in Idaho?

Gas Prices in Idaho. What factors determine the price of gas in Idaho? Gas Prices in Idaho What factors determine the price of gas in Idaho? OFFICE OF THE ATTORNEY GENERAL Lawrence G. Wasden Consumer Protection Division 954 W. Jefferson, 2 nd Floor P.O. Box 83720 Boise, ID

More information

Medical Costs of No-Fault Automobile Insurance

Medical Costs of No-Fault Automobile Insurance Medical Costs of No-Fault Automobile Insurance Jeffrey Guilfoyle, President Nicole Bradshaw, Research Associate Citizens Research Council of Michigan www.crcmich.org Independent Research CRC is a privately

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE

NEW JERSEY AUTO INSURANCE BUYER S GUIDE NEW JERSEY AUTO INSURANCE BUYER S GUIDE AD9460ARR-0704 American Bankers Insurance Company of Florida American Bankers Insurance Company of Florida 11222 Quail Roost Drive, Miami, FL 33157-6596 NEW JERSEY

More information

Homeowners Insurance in New York:

Homeowners Insurance in New York: Homeowners Insurance in New York: As Insurers Make Outsize Profits, Policyholders Have Little Legal Recourse to Challenge Unfair Claims Settlement Practices June 8, 2015 Homeowners Insurance in New York:

More information

New Jersey AUTO INSURANCE

New Jersey AUTO INSURANCE New Jersey AUTO INSURANCE Buyer s Guide Chris Christie Governor Kim Guadagno Lt. Governor Ken Kobylowski Commissioner NJM Insurance Group offers personal auto insurance in the voluntary market through

More information

The Use of. Insurance Credit Scoring. In Automobile and Homeowners Insurance

The Use of. Insurance Credit Scoring. In Automobile and Homeowners Insurance The Use of Insurance Credit Scoring In Automobile and Homeowners Insurance A Report to the Governor, the Legislature and the People of Michigan Frank M. Fitzgerald, Commissioner Office of Financial and

More information

NEW JERSEY AUTO INSURANCE BUYER S GUIDE *C00179480010000001* PL-50074 (03-12) Page 1 of 9 000001/00000 S1347I03 7668 07/23/12

NEW JERSEY AUTO INSURANCE BUYER S GUIDE *C00179480010000001* PL-50074 (03-12) Page 1 of 9 000001/00000 S1347I03 7668 07/23/12 NEW JERSEY AUTO INSURANCE BUYER S GUIDE *C00179480010000001* 000001/00000 S1347I03 7668 07/23/12 PL-50074 (03-12) Page 1 of 9 WHAT S INSIDE WHERE DO I START?... UNDERSTANDING YOUR POLICY... Types of Coverage

More information

NEW JERSEY AUTO INSURANCE

NEW JERSEY AUTO INSURANCE NEW JERSEY AUTO INSURANCE BUYER S GUIDE Chris Christie Governor Kim Guadagno Lt. Governor Richard J. Badolato Acting Commissioner NJM Insurance Group offers personal auto insurance in the voluntary market

More information

Submitted by Lorilee A Medders, PhD November 4, 2011

Submitted by Lorilee A Medders, PhD November 4, 2011 Personal Injury Protection (PIP) in the State of Florida Evaluation of Data Collected by the Florida Office of Insurance Regulation (OIR) In Response to April 2011 PIP Data Call Submitted by Lorilee A

More information

Auto insurance basics

Auto insurance basics Auto insurance basics By Nicholas Schidowka, President Insurance Cleveland Agency, LLC As an automobile owner and driver, most states require you to purchase car insurance. When buying a car insurance

More information

JOINT OVERSIGHT HEARING. Senate Committee on Business, Finance, and Insurance Assembly Committee on Insurance. March 24, 2010

JOINT OVERSIGHT HEARING. Senate Committee on Business, Finance, and Insurance Assembly Committee on Insurance. March 24, 2010 JOINT OVERSIGHT HEARING Senate Committee on Business, Finance, and Insurance Assembly Committee on Insurance March 24, 2010 Background Paper on Proposition 17 Automobile Insurance Rating Factors INTRODUCTION

More information

How Insurance Reform Lowered Doctors Medical Malpractice Rates in California

How Insurance Reform Lowered Doctors Medical Malpractice Rates in California 1750 Ocean Park Boulevard, #200, Santa Monica, CA 90405-4938 Tel: 310-392-0522 Fax: 310-392-8874 Net: consumerwatchdog.org How Insurance Reform Lowered Doctors Medical Malpractice Rates in California And

More information

NEW JERSEY AUTO INSURANCE, BUYER S GUIDE

NEW JERSEY AUTO INSURANCE, BUYER S GUIDE NEW JERSEY AUTO INSURANCE, BUYER S GUIDE BG-NJ (1/14) WHAT'S INSIDE WHEREDOISTART?...1 UNDERSTANDING YOUR POLICY...2 Types of Coverages Standard and Basic Policies What are Limits and Deductibles? UNDERSTANDING

More information

* the definition and nature of personal injury protection (PIP) benefits; * the difference between coordinated and uncoordinated policies; and

* the definition and nature of personal injury protection (PIP) benefits; * the difference between coordinated and uncoordinated policies; and News Story Lawyers Must Understand Auto Insurance, No-Fault Knowing How To Advise, When To Refer Is Critical Even if you do not specialize in "auto law" you should still have a basic understanding of automobile

More information

A PUBLICATION OF THE NATIONAL COUNCIL FOR ADOPTION. HEALTH INSURANCE FOR ADOPTED CHILDREN by Mark McDermott, J.D. with Elisa Rosman, Ph.D.

A PUBLICATION OF THE NATIONAL COUNCIL FOR ADOPTION. HEALTH INSURANCE FOR ADOPTED CHILDREN by Mark McDermott, J.D. with Elisa Rosman, Ph.D. Adoption Advocate NICOLE FICERE CALLAHAN, EDITOR CHUCK JOHNSON, EDITOR NO. 19 DECEMBER 2009 A PUBLICATION OF THE NATIONAL COUNCIL FOR ADOPTION HEALTH INSURANCE FOR ADOPTED CHILDREN by Mark McDermott, J.D.

More information

The Michigan Auto Insurance Report

The Michigan Auto Insurance Report The Michigan Auto Insurance Report The Inside Secrets To Buying Auto Insurance" By: Daniel L. Buckfire Michigan s No-Fault Insurance Lawyer Call Toll Free: (800) 606-1717 www.buckfirelaw.com www.freeautoinsurancereport.com

More information

Discussion to Reduce the Number of Uninsured Motorists

Discussion to Reduce the Number of Uninsured Motorists Discussion to Reduce the Number of Uninsured Motorists A presentation by the Commissioner of Insurance Mari Kindberg, Property and Casualty Actuary Office of Montana Commissioner of Securities and Insurance

More information

Economic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk

Economic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk Economic Education for Consumers Chapter 14 Study Guide Automobile and Home Insurance: Sharing the Risk Section 14-1 Insurance Basics Define Risk Management. Define Shared Risk. How do insurance companies

More information

NAIC Consumer Shopping Tool for Auto Insurance

NAIC Consumer Shopping Tool for Auto Insurance NAIC Consumer Shopping Tool for Auto Insurance Need Auto Insurance? Here is What You Need to Know. Whether you are buying auto insurance for the first time, or shopping to be sure you are getting the best

More information

Marriage Equality Relationships in the States

Marriage Equality Relationships in the States Marriage Equality Relationships in the States January 7, 2015 The legal recognition of same-sex relationships has been a divisive issue across the United States, particularly during the past two decades.

More information

YJ (3 IN THE SUPREME COURT OF FLORIDA INTERNATIONAL BANKERS INSURANCE COMPANY, Petitioner, Case No. 73,488. vs. SUSAN ARNONE, Respondent.

YJ (3 IN THE SUPREME COURT OF FLORIDA INTERNATIONAL BANKERS INSURANCE COMPANY, Petitioner, Case No. 73,488. vs. SUSAN ARNONE, Respondent. .. na YJ (3 IN THE SUPREME COURT OF FLORIDA INTERNATIONAL BANKERS INSURANCE COMPANY, vs. Petitioner, Case No. 73,488 SUSAN ARNONE, Respondent. / B On Discretionary Review from the District Court of Appeal,

More information

Supreme Court Strikes Down DOMA, Clears Way for Same-Sex Marriage in California

Supreme Court Strikes Down DOMA, Clears Way for Same-Sex Marriage in California Brought to you by Alamo Insurance Group Supreme Court Strikes Down DOMA, Clears Way for Same-Sex On June 26, 2013, the U.S. Supreme Court announced decisions in two significant cases regarding laws affecting

More information

Health Care Policy Cost Index:

Health Care Policy Cost Index: The Small Business & Entrepreneurship Council s Small Business Policy Series Analysis #33 February 2009 Health Care Policy Cost Index: Ranking the States According to Policies Affecting the Cost of Health

More information

ENROLLED HOUSE BILL No. 4455

ENROLLED HOUSE BILL No. 4455 Act No. 204 Public Acts of 2012 Approved by the Governor June 26, 2012 Filed with the Secretary of State June 27, 2012 EFFECTIVE DATE: June 27, 2012 Introduced by Rep. Shaughnessy STATE OF MICHIGAN 96TH

More information

PCI SPECIAL REPORT Oct. 27, 2011

PCI SPECIAL REPORT Oct. 27, 2011 PCI SPECIAL REPORT Oct. 27, 2011 Florida s Automobile No Fault Insurance: A System Under Siege by Fraud and Abuse Executive Summary Over the last several years, pervasive fraud in Florida s no fault auto

More information

State Law Changes for Annuity Industry

State Law Changes for Annuity Industry Southwest Region News Editor:, Christian & Small, LLP 205-250-6606, khrowan@csattorneys.com Southwest Chapter: Arizona, California, Colorado, Hawaii, Nevada, New Mexico, Utah CA Enacts Law to Protect Seniors

More information

Accident Injuries and Your Car Insurance

Accident Injuries and Your Car Insurance Personal Injury Wrongful Death Slip & Fall Automobile Accidents Trucking Accidents Motorcycle Accidents Medical Malpractice Criminal Defense Accident Injuries and Your Car Insurance Critical Details You

More information

Homeowners and Renters Insurance

Homeowners and Renters Insurance Homeowners and Renters Insurance HOMEOWNERS INSURANCE EXPENDITURES The average homeowners insurance premium rose by 5.6 percent in 2012, following a 7.7 percent increase in 2011, according to a February

More information

Medical Malpractice Insurance: Stable Losses/Unstable Rates October 10, 2002

Medical Malpractice Insurance: Stable Losses/Unstable Rates October 10, 2002 Medical Malpractice Insurance: Stable Losses/Unstable Rates October 10, 2002 Introduction and Summary of Findings For the first time, Americans for Insurance Reform (AIR), a coalition of nearly 100 consumer

More information

CAR INSURANCE. Risk management, insurance, comparison shopping

CAR INSURANCE. Risk management, insurance, comparison shopping Grades 9-12 Lesson 8 CAR INSURANCE Key concepts: Risk management, insurance, comparison shopping Summary: This lesson introduces students to car insurance, including managing risk, understanding what factors

More information

Third-Party Bad Faith in Florida s Automobile Insurance System

Third-Party Bad Faith in Florida s Automobile Insurance System Third-Party Bad Faith in Florida s Automobile Insurance System Insurance Research Council Third-Party Bad Faith in Florida s Automobile Insurance System Insurance Research Council August 2014 This report,

More information

HEARING ON NO-FAULT AUTO INSURANCE FRAUD IN NEW YORK STATE

HEARING ON NO-FAULT AUTO INSURANCE FRAUD IN NEW YORK STATE HEARING ON NO-FAULT AUTO INSURANCE FRAUD IN NEW YORK STATE Testimony Delivered by Robert P. Hartwig, Ph.D., CPCU President & Economist Insurance Information Institute New York, NY New York State Senate

More information

GAO PRIVATE HEALTH INSURANCE. State Oversight of Premium Rates. Report to Congressional Requesters. United States Government Accountability Office

GAO PRIVATE HEALTH INSURANCE. State Oversight of Premium Rates. Report to Congressional Requesters. United States Government Accountability Office GAO United States Government Accountability Office Report to Congressional Requesters July 2011 PRIVATE HEALTH INSURANCE State Oversight of Premium Rates GAO-11-701 July 2011 PRIVATE HEALTH INSURANCE State

More information

Automobile Insurance 1

Automobile Insurance 1 FCS7020 Automobile Insurance 1 Nayda I. Torres and Josephine Turner 2 An automobile is often the most expensive property that people own, next to a home. As a result, protection against loss of an automobile

More information

made simple Auto Insurance What s included:

made simple Auto Insurance What s included: Auto Insurance made simple What s included: How to read your Allstate Auto Policy Declarations Understanding auto insurance: Coverages Deductibles Coverage limits What to do in case of an accident Frequently

More information

Model Regulation Service January 2006 DISCLOSURE FOR SMALL FACE AMOUNT LIFE INSURANCE POLICIES MODEL ACT

Model Regulation Service January 2006 DISCLOSURE FOR SMALL FACE AMOUNT LIFE INSURANCE POLICIES MODEL ACT Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 1. Model Regulation Service January 2006 Purpose Definition Exemptions Disclosure Requirements Insurer Duties

More information