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Old 10-12-2006, 08:05 PM
 
Location: Living in Paradise
5,702 posts, read 22,236,769 times
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State law allows insurance companies to collect higher rates before getting approval from state insurance regulators. Should the increase be rejected, companies must refund the difference.

My question, Should this part of the state law be revoke? Your opinion is appreciated
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Old 10-17-2006, 05:27 PM
 
251 posts, read 806,906 times
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Hi Sunrico,
According to the Office Of Insurance Regulations Website (they are the ones who approve/dis-approve increases) there has only been two times since 1996 that requested rate increases have been denied. It appears to me that telling people if they don't get approval they will get a refund is a big smoke-screen for the fact they just about always get the rate increases they want.
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