Expert Q&A
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Email to a FriendHow does an insurance carrier go about making a rate increase?
Related Topics: Auto Insurance, Life and Disability Insurance, Home Insurance, Other Insurance, Other Insurance, Other Insurance, Other Insurance, Other Insurance
Related Tags: Rate Increase, Insurance Carrier
By Larry Brown CLU - Larry Brown & Associates
Answered 12 months ago
All insurace companies are regulated by department of insurance in each state. Most insurance plans must have any rate review request approved by the DOI in each state. Insurance companies cannot pick and chose which insureds get a rate increase. DOI and carries work together to provide for the long term financial stability to provide the benefits promised in the contract.
