Members Named to Federal Insurance Advisory Committee
Posted on Oct 28, 2015 in Insurance Regulation | Comments Off on Members Named to Federal Insurance Advisory Committee
The U.S. Department of the Treasury recently named twelve members to the Federal Advisory Committee on Insurance (FACI). FACI provides advice and recommendations directly to the Federal Insurance Office to assist that agency in carrying out its statutory authority. Half of the members are state insurance regulators, while the other half are industry executives, academics, and consumer...
U.S. House Committee Considers Strategies To Improve Vehicle Safety
Posted on Oct 22, 2015 in Insurance Regulation | Comments Off on U.S. House Committee Considers Strategies To Improve Vehicle Safety
At a hearing held by the U.S. House Committee on Energy and Commerce’s Subcommittee on Commerce, Manufacturing and Trade, Congressional members heard testimony on strategies to improve vehicle safety. The hearing, titled “Examining Ways to Improve Vehicle and Roadway Safety,” key issues included increased reporting requirements for the National Highway Traffic Safety Administration...
Auto Care Association Challenges Proposed Vehicle Cybersecurity Legislation
Posted on Oct 22, 2015 in Insurance Regulation | Comments Off on Auto Care Association Challenges Proposed Vehicle Cybersecurity Legislation
A U.S. House of Representatives subcommittee recently issued draft cybersecurity legislation including a provision for any person to access an “electronic unit (ECU) or critical system of a motor vehicle” without authentication. In a letter sent to the Subcommittee on Commerce, Manufacturing and Trade of the House Energy and Commerce Committee, the Auto care Association challenged the...
California Approves Insurance Plan for Lyft Drivers
Posted on Oct 13, 2015 in Insurance Regulation | Comments Off on California Approves Insurance Plan for Lyft Drivers
California Insurance Commissioner, Dave Jones recently approved a new product underwritten by MetLife Auto & Home, offering Lyft drivers personal auto coverage while passengers are in the car. This policy provides drivers with coverage at every stage of the ride sharing transaction. MetLife previously introduced the plan to Lyft drivers in Colorado, Illinois, Texas and Washington....
Rhode Island Department of Insurance Issues Bulletin Prohibiting Price Optimization
Posted on Sep 23, 2015 in Insurance Regulation | Comments Off on Rhode Island Department of Insurance Issues Bulletin Prohibiting Price Optimization
Rhode Island Superintendent of Insurance Joseph Torti III recently issued a bulletin advising Rhode Island personal line insurers that Rhode Island law prohibits the use of certain price optimization techniques in determining property/casualty rates. Under Rhode Island law, applicants for insurance with identical risk classification profiles must be charged the same premium. Any...
