Does Commissioners Bulletin No. B-0062-08, relating to underwriting actions for property and casualty coverages of disaster victims or evacuees, apply to new business?
For new business, an insurer may apply reasonable underwriting standards independent of the person’s relocation. The statement in the bulletin that “…it is not reasonable to change policyholders’ rating classifications or increase their insurance rates solely because they are victims or evacuees of Hurricane Ike” applies to in-force or renewal business. Moreover, the Department will not entertain the introduction of any classification or tiering system, whether for new, in-force, or renewal business, that directly utilizes the fact that the covered person was a victim or evacuee of Hurricane Ike.
Related Questions
- Does Commissioners Bulletin No. B-0062-08, relating to underwriting actions for property and casualty coverages of disaster victims or evacuees, apply to new business?
- Is there a comparable organization that covers property and casualty insurance contracts?
- How are rates determined for business property and casualty coverages?
