That\’s not all that\’s wrong with rating bureaus, according to Hunter. \”Rate bureaus, of course, must bias their projections to the high side to be sure that the resulting rates or loss costs are high enough to cover the needs of the least efficient, worst underwriting insurer member or subscriber to the service,\” he said.
But, but each insurance company supplies its own loss cost multiplier to determine its rate when using prospective loss costs from ISO or other rating organizations.
An important argument for the repeal of the antitrust exemption is that insurance regulation will be simplified. We won’t need a ton of lawyers to interpret it. We won’t have to worry about differences from state to state. There will be increased competition and lower costs. The ISO tasks will also be simplified.
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That\’s not all that\’s wrong with rating bureaus, according to Hunter. \”Rate bureaus, of course, must bias their projections to the high side to be sure that the resulting rates or loss costs are high enough to cover the needs of the least efficient, worst underwriting insurer member or subscriber to the service,\” he said.
But, but each insurance company supplies its own loss cost multiplier to determine its rate when using prospective loss costs from ISO or other rating organizations.
An important argument for the repeal of the antitrust exemption is that insurance regulation will be simplified. We won’t need a ton of lawyers to interpret it. We won’t have to worry about differences from state to state. There will be increased competition and lower costs. The ISO tasks will also be simplified.