ND Flex proposal rating for the car owner advances

The North Dakota House Business and Industry Labour Legislative Committee unanimously approved this week, the implementation of a 5 percent flex band rating system for automobile and homeowners insurance. The bill SF in 2296 would also be another use and file system for commercial lines.

Flex rating systems enable insurers to implement modest changes within one percentage band without the consent of the regulatory authority. It ensures that major changes regulatory review before the entry into force. In the current system of prior authorisation, all prices, rules and rating plans must be submitted and approved before the entry into force. These insurance schemes are often less competitive market, it might be useful if, through a streamlined approach, as flex assessment of the Property Casualty Insurers Association of America (PCI).

“This bill is a step in the right direction,” said Ann Weber, Vice President and Regional Director for PCI. Flex-Rating is a rating system that less administrative burdens for insurers and supervisors, without the protection of consumers. The assured of a market environment characterized by a more healthy forces of competition and flexibility, while reducing the net system gyrations included in the price. ”

PCI testified in support of SF 2296 to emphasize that a number of countries have seen positive results after the abandonment of the prior laws. While the costs of loss or the average loss per insured vehicle, the driver largest insurance premiums, there is clearly a link between the rating systems and bonuses. According to NAIC for the year 2003, the average premium to the prior authorization of the State was 10.7% higher than the State Rating flexible laws.

Weber said that the number of insurers for business in a safe, it is an index for the health of the market place. “States in the implementation of evaluation plans flexible rule of new competitors. According to the NAIC, Pennsylvania saw an increase of 21 per cent in the number of insurers over a period of four years. ‘S South Carolina experience was spectacular, from 83 companies in 1997 to 150 in 2001, a 82 per cent ” , Said Weber.

In a recent interview Insurance Journal, North Dakota Jim Poolman said Commissioner, he argues that the legislature move flex rating. “Overall, we believe advantage of these legal changes, consumers in the end, we have in our market is more competitive,” said Poolman.

PCI is a national property / Professional Association accident insurance, composed of over 1000 member companies.

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