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  #21  
Old 08-24-2019, 03:15 PM
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Vorian Atreides Vorian Atreides is offline
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Originally Posted by jerrytuttle View Post
By the way, has anyone had a rate filing disapproved on the grounds that the requested rates were in the department's opinion, too low?
Not so much disapproved as having a significant rate decrease "held up" because a third party watchdog organization wanted to intervene.

Wasn't the DOI's decision, the law states that this organization had a right to intervene . . . and they exercised that right.
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  #22  
Old 08-24-2019, 10:09 PM
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Maphisto's Sidekick Maphisto's Sidekick is offline
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By the way, has anyone had a rate filing disapproved on the grounds that the requested rates were in the department's opinion, too low?
Yes.

On one occasion, we were filing to compete against an MGA owned by kin to a senior insurance person. Our lowest rates were apparently too low, in the opinion of the authorities.

On another occasion, I had to prepare and defend a filing where an Important Person in the company wanted to go admitted in a difficult state on a product we had been writing on a surplus lines basis countrywide. The individual reviewing my filing claimed a desk-drawer rule requiring us to base our rates primarily on in-state data. Our in-state data was noncredible...and ultimately I ended up doing a me-too of a similar product filed by a competitor, giving us rates that were higher by a significant amount.
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  #23  
Old 08-26-2019, 12:43 AM
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By the way, has anyone had a rate filing disapproved on the grounds that the requested rates were in the department's opinion, too low?
Yes. Many many years ago my company filed +25% for a black car program in NY, but also told the regulator that we were going to start withdrawing coverage. The regulator pushed really hard for something like +40%, saying they thought wed get it, and maybe reconsider withdrawing, and they disapproved the filing. It wasnt my line, but it was surreal listening to my friend negotiating with them. Eventually we took the increase but dumped the program anyway.
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