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Results for content tagged as Rating plans

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Apr 21, 2016 - ... for schedule rating plans in commercial lines insurance. In a recent bulletin, the state's insurance department states that it will continue to limit the aggregate impact of premium credits or debits for...

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Dec 18, 2015 - The National Association of Insurance Commissioners recently posted on its website the Price Optimization White Paper completed in November by its Casualty and Actuarial (C) Task Force. Among other things, the 22-page document acknowledges that the term "price optimization" can have different meanings to different organizations, but that it generally involves formal inclusion of demand-related considerations in insurance ratemaking, in addition to loss and expense factors. Among its recommend...

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Sep 3, 2015 -

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Jun 8, 2015 - Oct. 21 UPDATE: As of this update, the updated AAIS by-peril loss costs have been filed and approved in all but two states. Updated loss costs are now being filed in most states for the AAIS Homeowners By-Peril Rating Plan (HOBP). To date, approvals have been received from five jurisdictions, and the loss costs are available for use in two more states where approval is not required. Additional approvals are pending. Introduced in 2010, the HOBP was the first bureau plan available to insurer...

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Feb 20, 2015 - ... optimization as "any method of taking into account an individual's or class's willingness to pay a higher premium relative to other individuals or classes." In recent years, some insurers have developed rating plans that include factors for predicting how much an insurance buyer might pay. For example, individuals who have not shopped around for coverage or made a complaint to...

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Feb 3, 2015 - [ACTION_PRINT_ARTICLE] Ohio recently became the second state, after Maryland, to explicitly prohibit the use of "price optimization" in the rating of property/casualty insurance policies. Insurers currently using price optimization in Ohio have until March 31, 2015 to submit filings through the System for Electronic Rate and Form Filings (SERFF) to comply with a recent bulletin from the Ohio Insurance Department. The directive has no impact on AAIS loss costs or other rating information on f...

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Dec 17, 2014 -

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Nov 5, 2014 - ... as "shopping with other carriers"); and  "The willingness of a policyholder to pay a higher premium compared to other policyholders." AAIS does not include any factors in its rating plans that would be considered "price optimization" under the bulletin. AAIS Advisory notices are posted periodically to announce AAIS product developments, and to provide news items that are relevant...

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Sep 22, 2014 - [ACTION_PRINT_ARTICLE] Rich Yocius, FCAS, MAAA, vice president of actuarial services and chief actuary of AAIS, will speak on "Innovations in Personal Lines Ratemaking" at the Fall 2014 meeting of the Midwestern Actuarial Forum, Sept. 26 in the Columbus, Ohio headquarters of Nationwide Insurance. The forum is an affiliate of the Casualty Actuarial Society. In his presentation, Rich will describe how refinements in personal lines rating plans make it imperative for all insurer...

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Sep 10, 2014 -