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When you buy insurance, you pay for coverage and good service if and when you file a claim. Good claim service includes estimating the extent and value of your claim fairly and promptly. Insurance company claim adjusters often bring in outside experts to inspect and give their opinions. There's been much written by our organization and others about problems that arise when adjusters bring in outside experts who are too cozy with them and inclined to underestimate damage or find an excluded cause of loss. This can happen where the expert is motivated to please...Read More
The business of insurance is primarily regulated by individual states with a minimal amount of oversight by the Federal Government. State regulators coordinate with each other through an organization called The National Association of Insurance Commissioners. Three times a year, the NAIC hosts a conference that lasts 4 days. Each day is jam packed with meetings starting at 7:30 am on everything from regulating insurers' finances to marketplace oversight to health care reform implementation and a thousand other issues. In closed door and open meetings, regulators and their...Read More
Most people pay their home, business and renters insurance premiums for years and years without ever having a loss or using the policy they’re paying for. Yet even people who’ve had a long claim-free record are finding that after they do suffer a loss and file a claim, they get dropped (non-renewed). This has been happening more and more as insurers base their business decisions on data-mining and information technology. People are finding that when they use their insurance, they lose their insurance. And it can be very hard to find another insurance company to...Read More
Superstorm Sandy hit New York City's many low-lying areas hard, and was a wake up call for residents and public officials. Flooding is a serious risk in the entire New York Metropolitcan area, and most people are not prepared. Mandating more people to buy flood insurance and increasing flood insurance premiums won't work for many low-moderate income households. And knowing what we know about the National Flood Insurance Program in its current state makes it even more imperative that we find alternative ways to promote economic preparedness for flooding...Read More
Public Hearing: Minnesota Department of Commerce - Long-Term Care - Rate Increases and Policyholder Protections
In late August, 2015, the Minnesota Department of Commerce convened a hearing to assist the Department’s fact-finding effort on long-term care insurance industry issues. The hearing provided consumers, insurance companies, and other interested parties the opportunity to share statements or testimony about the state of the long-term care insurance industry including issues related to rate...Read More