“AIA recognizes that the evolution from a “fix and establish” system and culture to one where competition will be encouraged requires a measured approach. We believe that the proposed regulations, on the whole, achieve the necessary balance for a successful transition to competition,” said John Murphy, AIA vice president, northeast region, in written testimony.
“AIA supports the decision, consistent with the approach used in other states, to specifically identify which rating and underwriting factors will be prohibited rather than listing only those factors that can be utilized. This promotes maximum flexibility and innovation by companies as they develop products and pricing,” added Murphy.
The American Insurance Association represents approximately 350 major insurance companies that provide all lines of property and casualty insurance and write more than $123 billion annually in premiums. The association is headquartered in Washington, D.C. and has representatives in every state.