(WASHINGTON, DC) – The District of Columbia Department of Insurance, Securities and Banking (DISB) announced today that it will hold a public hearing to review private passenger (noncommercial) automobile insurance premiums in the District of Columbia on January 30, 2018.
The purpose of the hearing is to review the causes and impact of recent large increases in the premium rates for automobile insurance in the District of Columbia. The Department also wants to gain insight into the current automobile insurance market, and identify areas for changes to improve the cost, availability and transparency of private passenger automobile insurance. The Department also hopes to receive comments on other elements of automobile insurance premiums, including a review of price optimization, rating models and the use and impact of credit scores in underwriting.
DISB is holding the hearing to allow drivers, consumer advocates and insurance companies to participate in a discussion about the cost of auto insurance in the District. “Public input into the issues impacting auto insurance rates will enable the Department to balance the interests of consumers and industry in its review of the appropriateness of auto insurance rates,” said Commissioner Stephen C. Taylor.
What: Public hearing to discuss the factors that impact the cost of auto insurance in the District and to provide insight into the current automobile insurance market and identify any areas for changes to improve the cost, availability and transparency of private passenger automobile insurance.
When: January 30, 2018. The hearing will convene at 1:30 p.m. EST and will conclude at 5 p.m.
Where: One Judiciary Square, 441 4th Street, NW, Washington, DC 20001 in the Old Council Chambers
How: All persons wanting to speak at the public hearing are encouraged to register in advance by contacting the Department via email at [email protected] or at (202) 442-7754, by 5:00 p.m. on Friday, January 26, 2018, to have their names added to the witness list. Also, written statements can be sent to the same email address. For more information or to RSVP for the hearing, visit DISB’s website: disb.dc.gov
View the Public Hearing on Private Passenger Automobile Insurance Premiums and Rating Factors HERE
District of Columbia Department of Insurance, Securities and Banking | Office of Communications
1050 First Street, NE, Suite 801, Washington, DC 20002 | Office: 202-727-8000 | Fax: 202-576-7989
Web: disb.dc.gov | Email: [email protected] | Follow us on Twitter @DCDISB
The mission of the Department of Insurance, Securities, and Banking is two-fold: (1) protect consumers by providing equitable, thorough, efficient, and prompt regulatory supervision of the financial services companies, firms, and individuals operating in the District of Columbia; and (2) develop and improve market conditions to attract and retain financial services firms to the District of Columbia.