{"id":1680,"date":"2020-04-16T18:17:19","date_gmt":"2020-04-16T18:17:19","guid":{"rendered":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/?p=1680"},"modified":"2020-04-16T23:44:12","modified_gmt":"2020-04-16T23:44:12","slug":"covid-regulatory-response-cut-car-insurance-rates","status":"publish","type":"post","link":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/covid-regulatory-response-cut-car-insurance-rates\/","title":{"rendered":"COVID Regulatory Response: Cut Car Insurance Rates"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Which state regulator: California &nbsp;Insurance Commissioner<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The California Insurance Commissioner Order: <a href=\"http:\/\/www.insurance.ca.gov\/0400-news\/0100-press-releases\/2020\/upload\/nr038AutoPremiumRefundsCOVID04132020.pdf\">Bulletin 2020-3<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Why cut car insurance rates?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>projected loss exposures of many insurance policies have become overstated or misclassified.<\/li><li>rates are calculated on miles driven, and miles are not being driven<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Are other insurance lines also having rates cut in the order? Yes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Private passenger automobile insurance<\/li><li>Commercial automobile insurance<\/li><li>Workers\u2019 compensation insurance<\/li><li>Commercial multiple peril insurance<\/li><li>Commercial liability insurance<\/li><li>Medical malpractice insurance<\/li><li>Any other line of coverage where the measures of risk have become substantiallyoverstated as a result of the pandemic<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">What information will carriers need to report to the regulator?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Percentage of refund applied<\/li><li>Aggregate premium prior to, and subject to, application of refund<\/li><li>Aggregate premium refund<\/li><li>Average premium before and after refund<\/li><li>Average percentage of refund, applied to each policyholder<\/li><li>Number of in-force policies<\/li><li>Number of policyholders receiving refund<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.sacbee.com\/news\/business\/article241972921.html?\">Sacramento Bee | California orders car insurance rebates due to coronavirus. Many carriers already cut rates<\/a><br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Which state regulator: California &nbsp;Insurance Commissioner The California Insurance Commissioner Order: Bulletin 2020-3 Why cut car insurance rates? projected loss exposures of many insurance policies have become overstated or misclassified. rates are calculated on miles driven, and miles are not being driven Are other insurance lines also having rates cut in the order? Yes: Private [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1680","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/wp-json\/wp\/v2\/posts\/1680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/wp-json\/wp\/v2\/comments?post=1680"}],"version-history":[{"count":2,"href":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/wp-json\/wp\/v2\/posts\/1680\/revisions"}],"predecessor-version":[{"id":1682,"href":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/wp-json\/wp\/v2\/posts\/1680\/revisions\/1682"}],"wp:attachment":[{"href":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/wp-json\/wp\/v2\/media?parent=1680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/wp-json\/wp\/v2\/categories?post=1680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/informedintel.com\/account\/transportation\/wp-transportation\/wp-json\/wp\/v2\/tags?post=1680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}