Insurance Journal recently reported that Pennsylvania Insurance Commissioner Teresa Miller has issued an official notice warning the state’s insurers that they are prohibited from using price optimization techniques in property/casualty insurance rates.
The Pennsylvania Insurance Department’s official notice, titled “Price Optimization; Notice 2015-06,” was published in the August 22nd issue of the Pennsylvania Bulletin, the state’s official publication for information and rulemaking.
So far, a number of states, including Maryland, Ohio, California, Florida and Indiana, have issued a formal prohibition on the use of price optimization in P/C insurance rates.
Miller’s announcement has been applauded by the Consumer Federation of America and the Center for Economic Justice, consumer advocacy groups that have been urging regulators around the country to stop insurers from using price optimization.
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