Introduced
by
To empower state insurance regulators to cancel auto insurance policies they deem to be excessive, inadequate, unfairly discriminatory, or unlawful. In considering whether rates meet this standard this regulators would be explicitly prohibited from considering whether state policies diminish the amount of market completion between insurance companies, and would instead make judgements based on the profitability of the insurer, barring rates for coverage that they assert would generate “a profit that exceeds 8%”.
Referred to the Committee on Insurance
