Comments for Wolters Kluwer Financial Services — Insurance Compliance Solutions — Compliance Corner http://www.insurancecompliancecorner.com Thu, 29 Dec 2011 22:35:23 +0000 hourly 1 http://wordpress.org/?v= Comment on Credit Scoring Revisited? by Staying Anonymous http://www.insurancecompliancecorner.com/credit-scoring-revisited/comment-page-1/#comment-886 Staying Anonymous Fri, 16 Dec 2011 13:04:25 +0000 http://www.insurancecompliancecorner.com/?p=1417#comment-886 There is little doubt that using credit scoring is a valuable tool in predicting loss. A major problem with it is that several of the components that are used by scoring methods are already considered in other rating factors. I know of no one who has studied the effect of these double- dipping factors. The other major issue (which is closely tied to first one above) is that insurers over-use scoring. Several actuary types have stated they could use as much as 90% of their rating algorithms by scoring alone. Really? The two flaws on the other side (with the credit bureaus) are that there are still an extensive number of errors in the actual reports and even though there are ways to get your own credit score for free, most will charge you for what you should already own! The other is that the credit bureaus rely WAY too much on those reporting to them and don't allow enough "power" to the individuals to contest the content in the reports. They give you "100 words or less" to state your position in the dispute, however where is the dispute in the credit score? That alone should be enough to at least draw attention to the need for revewing public policy in rating again. There is little doubt that using credit scoring is a valuable tool in predicting loss. A major problem with it is that several of the components that are used by scoring methods are already considered in other rating factors. I know of no one who has studied the effect of these double- dipping factors. The other major issue (which is closely tied to first one above) is that insurers over-use scoring. Several actuary types have stated they could use as much as 90% of their rating algorithms by scoring alone. Really? The two flaws on the other side (with the credit bureaus) are that there are still an extensive number of errors in the actual reports and even though there are ways to get your own credit score for free, most will charge you for what you should already own! The other is that the credit bureaus rely WAY too much on those reporting to them and don’t allow enough “power” to the individuals to contest the content in the reports. They give you “100 words or less” to state your position in the dispute, however where is the dispute in the credit score? That alone should be enough to at least draw attention to the need for revewing public policy in rating again.

]]> Comment on Uninsured/Underinsured Motorist Coverage – A Year of Give and Take by Cynthia http://www.insurancecompliancecorner.com/uninsuredunderinsured-motorist-coverage-a-year-of-give-and-take/comment-page-1/#comment-871 Cynthia Wed, 16 Nov 2011 14:51:08 +0000 http://www.costbasisreporting.com/ComplianceCorner/?p=8#comment-871 When your UM has to responds to a NO FAULT claim on your part how does it affect future premiums when your record is otherwise excellent! When your UM has to responds to a NO FAULT claim on your part how does it affect future premiums when your record is otherwise excellent!

]]> Comment on Isn’t Life Grand? by Kaci Barreto http://www.insurancecompliancecorner.com/isnt-life-grand-2/comment-page-1/#comment-863 Kaci Barreto Wed, 26 Oct 2011 13:48:02 +0000 http://www.insurancecompliancecorner.com/?p=1343#comment-863 Great article and research Kathy! Great article and research Kathy!

]]> Comment on Exchanges: Issues to Consider…Sources to Ponder by Disgusted with Congress/WH http://www.insurancecompliancecorner.com/exchanges-issues-to-consider-sources-to-ponder/comment-page-1/#comment-781 Disgusted with Congress/WH Wed, 24 Aug 2011 11:50:10 +0000 http://www.insurancecompliancecorner.com/?p=1150#comment-781 The "Affordable Care Act of 2010" will not be affordable at all. The enactors were caught up in campaign sound bites touting guaranteed coverage, kids insured until they're 28, pre-existing condition coverage. The dollars and cents of the program, however, don't make sense. Employers will weight cost/benefit: $6,000 to insure an employee or $2,000 penalty. No brainer. Employers will cease offering the benefit, upending an entire insurance industry, employer-employee relationships and health care coverage as we know it. Employees who pay a fraction of the premium, if anything, with their employer offered plans will be thrown out into the individual insurance marketplace at a higher premium thus reducing their expendable income (if they can afford to buy the coverage at all). An if they don't buy it, the feds want to throw them in jail. We don't have enough jail space let alone the budget to feed that many people who can't afford to individually purchase the coverage This Act needs to be repealed and/or declared unconstitutional, but it has to go. The “Affordable Care Act of 2010″ will not be affordable at all. The enactors were caught up in campaign sound bites touting guaranteed coverage, kids insured until they’re 28, pre-existing condition coverage. The dollars and cents of the program, however, don’t make sense. Employers will weight cost/benefit: $6,000 to insure an employee or $2,000 penalty. No brainer. Employers will cease offering the benefit, upending an entire insurance industry, employer-employee relationships and health care coverage as we know it. Employees who pay a fraction of the premium, if anything, with their employer offered plans will be thrown out into the individual insurance marketplace at a higher premium thus reducing their expendable income (if they can afford to buy the coverage at all). An if they don’t buy it, the feds want to throw them in jail. We don’t have enough jail space let alone the budget to feed that many people who can’t afford to individually purchase the coverage This Act needs to be repealed and/or declared unconstitutional, but it has to go.

]]> Comment on What’s Hot in Florida – Besides the Weather by Gina http://www.insurancecompliancecorner.com/whats-hot-in-florida-besides-the-weather/comment-page-1/#comment-758 Gina Wed, 20 Apr 2011 21:49:51 +0000 http://www.insurancecompliancecorner.com/?p=917#comment-758 Thanks for your comment, Katherine. I plan on tracking these bills, and if there is any movement, I will do a follow-up post on it in Compliance Corner. Thanks for your comment, Katherine. I plan on tracking these bills, and if there is any movement, I will do a follow-up post on it in Compliance Corner.

]]> Comment on What’s Hot in Florida – Besides the Weather by Katherine Thomas http://www.insurancecompliancecorner.com/whats-hot-in-florida-besides-the-weather/comment-page-1/#comment-757 Katherine Thomas Tue, 19 Apr 2011 18:12:14 +0000 http://www.insurancecompliancecorner.com/?p=917#comment-757 In the event SB 408 and SB 1592 pass, will you let us know? Many thanks and have a great week. In the event SB 408 and SB 1592 pass, will you let us know?
Many thanks and have a great week.

]]> Comment on California Takes On Homeowners Underinsurance by Dale Emerson http://www.insurancecompliancecorner.com/california-takes-on-homeowners-underinsurance/comment-page-1/#comment-739 Dale Emerson Mon, 14 Feb 2011 11:58:20 +0000 http://www.insurancecompliancecorner.com/?p=827#comment-739 Kathy, Hello again....your article is quite timely. I am in the middle of making sure of our compliance. This along with car sharing effective January 1, 2011 has made California quite busy for me. Thanks Dale Emerson Kathy,
Hello again….your article is quite timely. I am in the middle of making sure of our compliance. This along with car sharing effective January 1, 2011 has made California quite busy for me.
Thanks
Dale Emerson

]]> Comment on My Virtual Office Was Closed by Paul Holman http://www.insurancecompliancecorner.com/my-virtual-office-was-closed/comment-page-1/#comment-607 Paul Holman Fri, 14 Jan 2011 16:55:03 +0000 http://www.insurancecompliancecorner.com/?p=784#comment-607 Ahh memories of the past - typwriters with carbon paper for correcting mistakes rather than deleting and retyping. I have been to that Law Library as the books I needed were not avialable or someone had them out. Heaven responded with access to NILS - it is always there and access to what I want is keystrokes (not hours of reading through a book) away. Your service makes my life oh so much easier and pleasant. Now all I worry about is the electricity going out! Ahh memories of the past – typwriters with carbon paper for correcting mistakes rather than deleting and retyping. I have been to that Law Library as the books I needed were not avialable or someone had them out. Heaven responded with access to NILS – it is always there and access to what I want is keystrokes (not hours of reading through a book) away. Your service makes my life oh so much easier and pleasant. Now all I worry about is the electricity going out!

]]> Comment on Focus on Fraud by Kathy Donovan http://www.insurancecompliancecorner.com/focus-on-fraud/comment-page-1/#comment-561 Kathy Donovan Mon, 25 Oct 2010 21:06:31 +0000 http://www.insurancecompliancecorner.com/?p=559#comment-561 Thank you very much for your inquiry concerning the underlying citations for the recent developments in anti-fraud legislation. I have listed the enacted bill numbers and the affected citations below by state. Please let me know if you would like additional information. Thanks again. Arizona (HB 2463): 20-463.01 California (SB 156): 1879.1 Maine (HP 1102): 39A §105-A New York (A 1003): 405 Louisiana (HB 239): 22:572.1 Rhode Island (HB 7605; SB 2401): 27-54.1-1 through 27-54.1-6; 27-29.3-1 through 27-29.3-6 Thank you very much for your inquiry concerning the underlying citations for the recent developments in anti-fraud legislation. I have listed the enacted bill numbers and the affected citations below by state. Please let me know if you would like additional information. Thanks again.

Arizona (HB 2463): 20-463.01
California (SB 156): 1879.1
Maine (HP 1102): 39A §105-A
New York (A 1003): 405
Louisiana (HB 239): 22:572.1
Rhode Island (HB 7605; SB 2401): 27-54.1-1 through 27-54.1-6; 27-29.3-1 through 27-29.3-6

]]> Comment on Focus on Fraud by Kaci Barreto http://www.insurancecompliancecorner.com/focus-on-fraud/comment-page-1/#comment-557 Kaci Barreto Wed, 20 Oct 2010 18:09:19 +0000 http://www.insurancecompliancecorner.com/?p=559#comment-557 Could you please provide the citations that govern these regulations? Could you please provide the citations that govern these regulations?

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