NY DFS Proposes New Reg for Auto Insurers
Posted on May 16, 2017 in Uncategorized | Comments Off on NY DFS Proposes New Reg for Auto Insurers
The New York State Department of Financial Services (DFS) has released a proposed regulation aimed at prohibiting the use of education and occupation as underwriting criteria. The proposal comes after a DFS investigation found some auto insurers in New York use a driver’s education level and/or occupational status as an underwriting factor, landing those drivers in a less-favorable...
Dealing with Uninsured Drivers
Posted on May 3, 2017 in Insurance Regulation | Comments Off on Dealing with Uninsured Drivers
The problem of uninsured motorists is one that has plagued states and insurers since the first financial responsibility laws were enacted. States have attempted to address this problem through legislation and enforcement, but those actions have had limited success. For example, one research study indicates that “no pay, no play” laws banning uninsured drivers from suing for...
The Question of Liability in Autonomous Vehicle Crashes
Posted on Apr 18, 2017 in Industry News, Insurance Regulation, Technology Impacting Auto Insurance | Comments Off on The Question of Liability in Autonomous Vehicle Crashes
Despite the ongoing development of autonomous vehicles, and the push to get autonomous vehicles on the road, there are still many questions about who can be held liable in the event of an accident. For example, while a consumer safety group believes that automakers should assume responsibility, automakers have argued that the issue is covered by state insurance laws determining...
New Book Recommends Regulators take a Proactive Approach to Driverless Cars
Posted on Jan 24, 2017 in Insurance Regulation | Comments Off on New Book Recommends Regulators take a Proactive Approach to Driverless Cars
In their new book, Driverless: Intelligent Cars and the Road Ahead, Hod Lipson and Melba Kurman state that government must expend considerable resources in crafting meaningful regulation: A driverless license is a good start, but a significant amount more research and exploration of regulatory oversight is needed. Ideally, the highest levels of the government should adopt a proactive,...
Pricing Car Insurance Based on Occupations
Posted on Nov 21, 2016 in Insurance Regulation | Comments Off on Pricing Car Insurance Based on Occupations
The New York Department of Financial Services (DFS) has recently requested information from some insurers about how they relate a customer’s education and occupation to driving, risk, and auto insurance pricing. Actuaries may use information about occupations to price data, and people with jobs that are associated with higher risk may pay more for their insurance. The DFS is...
