D.C. Department of Insurance to Hold Public Hearing on Insurance Premiums
On January 30, 2018, the D.C. Department of Insurance, Securities, and Banking is expected to hold a public hearing to cover a variety of issues impacting private auto insurance, including topics like price optimization and the use of credit scores in underwriting. More broadly, the hearing is intended to examine the causes of recent increases in auto insurance premium rates in D.C., and to identify ways to improve costs, provide greater transparency, and increase the availability of auto insurance. The Department also aims to hear comments regarding price optimization and rating models. According to Commissioner Stephen C. Taylor, the Department believes that “public input” will “enable the Department to balance the interests of consumers and industry in its review of the appropriateness of insurance rates.”
