At least six states will consider legislation to reform insurance rate setting processes this year, according to a legislative analysis by the National Association of Mutual Insurance Companies.
Neil Alldredge, NAMIC state advocacy director, said that Connecticut, Hawaii, Indiana, Iowa, Massachusetts and New York legislators will have such measures before them proposing what he termed more "competitive" rate setting practices.
The proposals, Mr. Alldredge said, will benefit consumers by removing "restrictive" rating practices, which will encourage more competition.
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