What are the states with deregulated commercial insurance forms and rates?
Recently, there were 13 states that hopped on the deregulation bandwagon. According to the American Insurance Association (AIA), more states will join. For those of you that don’t know, deregulation means that insurance companies don’t have to file policy or rate changes with the state and don’t have to market all new products in each state. Here are the states with deregulated commercial insurance forms and rates:
- Arizona
- Arkansas
- Colorado
- Georgia
- Indiana
- Kansas
- Louisiana
- Maine
- Maryland
- Missouri
- New Hampshire
- Oklahoma
- Pennsylvania
- Rhode Island
- Texas
- Virginia
- Washington
John Marlow of AIA, says, We’ve had a lot of success with rate deregulation. We’ve had the best experience in states where the commissioner takes a fresh, progressive attitude toward regulation, where they view insurance as a market-based commodity that needs room in terms of innovation and competition. With the financial services act passed in Congress, all sorts of new marketing and product ideas are out there that can be implemented with deregulation.