[ad_1]
CONCORD, NH (November 28, 2023) – The New Hampshire Insurance coverage Division (NHID) has formally responded to the Federal Insurance coverage Workplace’s (FIO) request for feedback on its initiative for a national information name on writers of non-public strains householders’ protection. Within the letter addressed to the FIO, Commissioner Bettencourt expresses appreciation for the chance to remark whereas elevating important considerations in regards to the proposed plan.
“White we share the Federal Insurance coverage Workplace’s dedication to understanding the impacts of local weather change on householders, it’s essential that we harmonize our efforts,” stated New Hampshire Insurance coverage Commissioner DJ Bettencourt. “Collaboration with state regulators via the Nationwide Affiliation of Insurance coverage Commissioners is essential to avoiding duplication and making certain a complete understanding of the challenges confronted by householders.”
The Division’s letter highlights considerations about potential duplicative efforts, because the FIO’s proposed information name overlaps with ongoing initiatives by the NAIC and state regulators. The letter factors out that the NAIC has been working diligently during the last six months to develop a focused information name for a similar objective.
Moreover, the letter underscores the potential violation of the FIO’s Responsibility to Coordinate, as outlined in 31 U.S.C. §313 (e) (4). The statute mandates coordination with the NAIC and state regulators earlier than issuing a knowledge name on to insurers.
Moreover, the letter addresses potential limitations within the FIO’s sampling method, estimating that solely 54% of the New Hampshire householders’ market could be included. This exclusion would overlook contributions from native and regional carriers and raises particular considerations in regards to the omission of sure forms of houses, resembling cellular houses. House owners of cellular houses in New Hampshire are primarily serviced by just a few carriers not assembly the FIO’s inclusion threshold, probably leaving this weak phase of the inhabitants out of the FIO’s evaluation.
Issues are additionally raised in regards to the FIO’s method to accumulating each premium and loss information. The NHID suggests aligning loss information with earned premium for correct evaluation and specializing in premium and renewal developments, as mentioned throughout NAIC led preparations.
“Our objective is a strong, inclusive evaluation that encompasses all elements of our numerous insurance coverage market, leaving no home-owner or kind of dwelling neglected in our pursuit of efficient climate-related options,” concluded Commissioner Bettencourt.
Supply: NHID
[ad_2]
