Here’s the latest from CAR:
Governing Committee Panel:
The Governing Committee held its first meeting after the summer break and tackled the following:
Actuarial Committee Report
On a vote of ten in favor and two opposed, the Governing Committee approved the adoption of the proposed amendments to Rule 37 – Commissions as modified to clarify the voluntary contract.
Compliance Audit Committee Report
The Committee’s recommendation that CAR engage PwC for the fiscal year 2012, issuing a qualified financial opinion only, was discussed by the Governing Committee. CAR’s President, Daniel Judson recommended keeping the practice of an unqualified financial/reserve opinion for fiscal year 2012 based on the Division of Insurance’s request for more time to review the issue of whether a qualified financial opinion only, is sufficient. The Governing Committee unanimously voted to maintain the practice of having an unqualified financial/reserve opinion for fiscal year 2012.
Governing Committee Review Panel Report
The Panel unanimously voted to uphold the decision of the Market Review Committee to terminate the Calianos Insurance Agency’s taxi and commercial automobile Servicing Carrier agreement with Safety Insurance Company. A motion made at the Governing Committee meeting to amend the decision of the Panel to allow the agency 45 days to service in force policies failed on a vote of seven opposed, four in favor, and two recused.
Budget Committee Report
The Governing Committee unanimously approved CAR’s 2013 Budget Proposal as presented.
Voluntary Rate Availability:
CAR says that the MAIP Policy Application is now updated and will provides access to the assigned company’s voluntary rate as of September 1, 2012. This change was implemented pursuant to the July 3, 2012 amendments to Rules 28, 30 and 31.
Private Passenger Residual Market Rate Pages Available
CAR wants all to know that the rate pages are now available which outline the final rates on file with the Division of Insurance on July 9, 2012.