What is concurrent causation in property insurance and why should you care? To sum up this longer definition from IRMI, concurrent causation in property insurance is when covered and uncovered perils occur either at the same time or in sequence and result in a loss.Read More
One of the most common challenges that compliance professionals face is how to justify rates for a new program or coverage to the state insurance department’s satisfaction.Read More
UPDATE: The Washington Office of the Insurance Commissioner (OIC) held a hearing on September 25, 2012, for comments on its proposed rate stability rules. The only difference between these rules and the version proposed in April is the removal of the policyholder disclosure requirement by insurers. Due to the continued concerns expressed by insurers that this requirement would be unduly burdensome even after a template notice was provided for insurers to use, the OIC decided to remove the disclosure rules altogether.Read More
Last week we gave you the results of the multiple choice questions on our recent Customer Satisfaction Survey. Now we would like to talk about some of the comments that you left when we asked you, “Do you have any suggestions for improving our products/services?” We got 65 responses to this question, and while most were favorable (thank you!), there were some that pointed out areas where we can do better and one person who even thought we should just disappear (!).
There were some common areas of concern, so we asked our managers to take a look at your comments and create a plan to make improvements. Your thoughts and suggestions are now part of our work orders and are being addressed. Some of these items are:Read More
Over the first week of August, WSRB conducted a survey of you, our customers, to see how we were doing meeting your needs. We received 198 responses and we want to thank everyone who participated for their candor and help. The survey was composed of 11 multiple choice questions and a comment section. Next week we will post some of the comments, discuss the common themes, and let you know how we plan to address your concerns. For now, here are your responses to our questions. Thanks again!Read More
The Washington Office of the Insurance Commissioner (OIC) canceled the April 24, 2012, hearing on its proposed rate stability rules. In its place, the OIC held a stakeholder meeting where a draft revision to the proposed rules was introduced.
According to the OIC, it received several comments in the weeks leading up to the scheduled rule hearing which caused it to reconsider the originally proposed policyholder disclosure requirements in the rule and make revisions. Some insurers stated that requiring them to produce a different, custom form for each policyholder would be unduly burdensome. Therefore, the OIC amended the disclosure section in the rule to now include a template notice that insurers may provide to each policyholder affected by premium capping rules.Read More
Rate stability rules, also known as “rate capping” or “transition rating” rules, have become increasingly popular in recent years primarily due to advanced predictive modeling methods. When an insurer implements revised rating plans that utilize the output from those sophisticated methods, it can produce significant premium changes for its book of business. Similar disruptions may also occur when a book of business is moved from one insurer to another. To mitigate the impact on policyholders, insurers often propose rating rules or formulas that reduce the magnitude of the premium changes for certain policyholders.Read More