Updated: MS Legislature Considering Labor Rate Restrictions
Posted on Feb 22, 2016 in Insurance Regulation | Comments Off on Updated: MS Legislature Considering Labor Rate Restrictions
The Mississippi State Senate is considering a bill that would prohibit auto repair shops from charging labor rates above the average national rates charged for like-kind work without the express approval of the Commissioner of Insurance. The bill, SB 2187, was introduced by Senator Videt Carmichael (R-Meridian) earlier this month, and has been referred to the Insurance Committee. ...
Michigan Considering Future of Tax Credit for Auto Insurers
Posted on Feb 11, 2016 in Insurance Regulation | Comments Off on Michigan Considering Future of Tax Credit for Auto Insurers
Lawmakers in Michigan have discovered that an administrative change in the way the state’s assigned claims program is funded is costing the state tax revenue. The assigned claims program covers medical care of people injured in auto accidents where there is no insurance coverage. Insurers doing business in Michigan are required to pay into the program to cover these claims. Because of...
Price Optimization Remains Key Focus of Regulators
Posted on Jan 27, 2016 in Insurance Regulation | Comments Off on Price Optimization Remains Key Focus of Regulators
2015 was an active year for price optimization among regulators, as nearly one-third of states issued guidance to P&C insurers on the practice. (Within the last two months alone, Connecticut, Missouri, and Alaska have issued bulletins on price optimization.) The National Association of Insurance Commissioners (NAIC) also approved a highly anticipated white paper on price...
New York Parts Bill Redux
Posted on Jan 26, 2016 in Industry News, Insurance Regulation | Comments Off on New York Parts Bill Redux
An old bill that aims to alter collision parts replacement laws in New York has been revived in the State Assembly. The proposed law requires vehicle owners to provide a signed consent form that describes the replacement parts to be used in the repairs. The bill also mandates that repair shops use only original equipment manufacturer (OEM) parts on vehicles during their first years of...
Pennsylvania House Passes Appraiser Act
Posted on Jan 11, 2016 in Industry News, Insurance Regulation | Comments Off on Pennsylvania House Passes Appraiser Act
The Pennsylvania House of Representatives has passed House Bill 1638, which amends a 1972 law removing a requirement that insurance appraisers be present for all auto inspections. The bill specifies that customers will still possess the right to choose how they want their vehicles inspected, paving the way for virtual inspections. The bill is currently before the Pennsylvania...
US Regulators Seek To Upgrade Crash Safety Ratings and Test Dummies
Posted on Dec 10, 2015 in Industry News, Insurance Regulation, Technology Impacting Auto Insurance | Comments Off on US Regulators Seek To Upgrade Crash Safety Ratings and Test Dummies
The National Highway Traffic Safety Administration (“NHTSA”) has recently proposed to update its five-star crash-test rating system to account for changes in technology. The proposal was motivated in part by an increase in highway fatalities—despite a general decrease in such deaths over the past decade, the fatality rate rose by 8.1% in the first half of 2015. The NHTSA proposal...
