Connecticut aims to put price optimization to rest among homeowners insurance companies

Connecticut liability insurance

Homeowners insurance sector is attracting controversy due to the use of price optimization The Connecticut Department of Insurance has begun warning insurance companies against using a controversial pricing method that relies heavily on consumer buying habits. The insurance industry is meant to use actuarial or risk-based principles to price the coverage being provided, but many insurers have been found to be using price optimization, which could be placing consumers under a great degree of financial stress. Such practices have been found in various sectors of the insurance industry and more…

Read More

Health insurance mandates make coverage expensive in Connecticut

Connecticut health Insurance

Connecticut health insurance mandates could make coverage expensive through exchange In Connecticut, the state’s health insurance exchange, called Access Health CT, is set to begin open enrollment on October 1 of this year, with coverage to go into effect on January 1, 2014. Like other health insurance exchanges throughout the country, Connecticut’s system has been the subject of some controversy, but not for the reason that similar programs have been scrutinized. Where much of the criticism concerning health insurance exchanges has to do with the cost and ability for these…

Read More

Insurance Checkup campaign launches in Connecticut to help consumers understand their insurance policies

In an effort to raise consumer awareness of their insurance policies, the Connecticut Department of Insurance has launched a new campaign called “Insurance Checkup.” Many consumers understand what their insurance policies do and do not cover, but a significant number have no clue. This can lead to trouble when it times to file claims and policyholders meet with rejection because their policies do not cover a specific event. Insurance Commissioner Thomas Leonardi cites the disastrous 2011 as inspiration for the initiative. Last year, Connecticut residents fell victim to a number…

Read More

Connecticut Department of Insurance focus is on transparency and synergy with the insurance industry

The Connecticut insurance industry is entering a period of change, according to the state’s Department of Insurance, and state officials are looking to make the transition into new laws and regulations as smooth as possible. Regulators from the department have begun reaching out to other regulatory agencies and consumers in order to assist with issues arising from changes made to the industry. The changes come from both state and federal laws that seek to make insurance more accessible to a greater number of people whilst increasing consumer benefits. Speaking at…

Read More