What does it mean when the Division of Insurance cannot state how much the rate increase will impact individual consumers?
Companies will provide the overall average rate impact of the changes it is making. Depending on the different rate factor changes, some consumers may only be impacted by reductions the company is making in certain factors while other consumers may be impacted by the rating factors that are being increased. Rate filings list the average rate impact and the minimum and maximum rate increase amounts. The Division of Insurance may receive general information about the distribution of the increases/deceases based on a range, but not by consumer name.
Related Questions
- Does the State Pension forecast assume an individual will pay (or be credited with) full rate National Insurance contributions up to State Pension age?
- How does the Division of Insurance decide whether to approve a requested rate increase?
- How does the Insurance Division decide whether to approve a requested rate increase?
