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Rhode Island Automobile Insurance Plan (RIAIP) to report assigned risk
Rhode Island has confirmed that, effective immediately, the Rhode Island Automobile Insurance Plan (RIAIP) will be responsible for reporting all assigned-risk automobile insurance policies directly to...
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Illinois Governor Patrick Quinn approved Bill 5692
Illinois Governor Patrick Quinn approved Bill 5692, also known as the Uninsured Motorist Verification Advisory Committee Act, on July 25, 2014. This bill called for the appointment of an advisory...
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Alabama encourages monthly book of business submission
On August 1, 2014, the Alabama Department of Revenue sent a bulletin encouraging insurers to submit a monthly book of business file. The submission will help ensure that Alabama’s Online Insurance...
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West Virginia insurance verification letter campaign
West Virginia announced that on August 18, 2014, the state kicked off its periodic insurance verification letter campaign. The state sends verification letters to a random sampling of registrants that...
View ArticleSocial Media Data Analytics: The Next Frontier for Property/Casualty Insurance
Historically the profitability of most property/casualty insurers has been heavily predicated on policyholders’ future behaviors, ranging from the propensity to become involved in an accident to the...
View ArticleISO and Verisk Staff to Speak at NAMIC and CAS Events in March
ISO and Verisk Analytics staff will be speaking at two conferences next month: the National Association of Mutual Insurance Companies (NAMIC) Commercial Lines Seminar (March 4–6 in Chicago, Illinois)...
View ArticleAAMVA MOVE Article Published
We’re happy to note that a recent article in the American Association of Motor Vehicle Administrators (AAMVA) MOVE magazine features how Verisk CV-ALIR helps the Virginia DMV comply with Automobile...
View ArticleLouisiana House Bill 638
Louisiana recently enacted House Bill 638. This legislation imposes the maximum fine of $525 on registrants who have not paid or resolved a notice of noncompliance with the state’s compulsory insurance...
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Louisiana Office of Debt Recovery takes control of lapse in coverage fines...
In October 2015, the Louisiana Office of Motor Vehicles (DMV) issued 1.2 million initial notices to current and former residents informing them of fines owed due to past lapses in insurance coverage on...
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Illinois registration changes: mailed renewal notices to cease
Due to a budget-saving measure, Illinois drivers will no longer receive vehicle registration renewal notices through the postal service. This will save the state $5.5 million annually, said Illinois...
View ArticleBlockchain, Smart Contracts, and Index Triggers: Count the Frictional Costs...
Is the insurance industry watching developments in blockchain technology? Some of our folks in the market are, but it’s pretty clear to me that the focus is the other way around. The blockchain...
View ArticleBlockchain, IoT, and Streamlined Claim Handling
At the Uniglobal Insurance Claims Management Conference, I heard a lot of doom and gloom about the future of claim handling—and the future of the insurance industry in general. New business models are...
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Idaho law will penalize insurers who don’t report personal auto policies
Idaho Gov. Butch Otter signed Senate Bill 1283 into law on March 23. The law authorizes the state to penalize insurers who don’t report new or renewed personal auto insurance policies to the state....
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Oklahoma House Bill 2473
Oklahoma Governor Mary Fallin signed House Bill 2473 into law on April 19. Under the new law, when a motorist is pulled over by a law enforcement official during a traffic stop, the officer must...
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Mississippi House Bill 525
Mississippi Governor Phil Bryant signed House Bill 525 into law on April 11. The law requires motorists who have had their licenses suspended to provide a certificate of insurance to the Department of...
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New law updates Maryland insurance identification card requirement
Maryland Governor Larry Hogan signed identical bills, Senate Bill 544 and House Bill 720, into law on May 10. The consolidated law requires an insured driver operating a vehicle registered in Maryland...
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Automatic license plate readers approved in Oklahoma
Oklahoma Governor Mary Fallin signed Senate Bill 359 into law on June 6. The new law permits the use of automatic license plate reader systems by law enforcement officials, who will also have access...
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Tennessee prepares to release EIVS error files
Tennessee is gearing up for the release of Electronic Insurance Verification System (EIVS) error files to insurers who previously submitted their book of business (BoB) with the state. Business...
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Tennessee making final push for full implementation of EIVS
Tennessee announced progress in its goal to have all carriers submit their Book of Business (BoB) files to its Electronic Insurance Verification System (EIVS) by Oct. 1, 2016. The state established the...
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Mississippi names MSVIVS administrator
The Mississippi Insurance Department announced HDI Solutions, LLC (HDI) as the administrator of its new Vehicle Insurance Verification System (MSVIVS). The contract was awarded on May 25, according to...
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