Posted on Nov 16, 2015 in
Insurance Regulation |
Comments Off on Minnesota the Latest State to Join the Price Optimization Bandwagon
The Minnesota Department of Commerce has issued Administrative Bulletin 2015-3, barring the use of price optimization in ratemaking by property and casualty insurers. The Bulletin states that “[p]rice optimization is not an actuarial estimate based on expected losses, expenses, and the degree of risk,” and it therefore concludes that the use of price optimization is unfairly...