The District of Columbia Department of Insurance, Securities and Banking (DISB) announced recently 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.
Public hearing will 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.
The hearing will convene on January 30 at 1:30 p.m. EST and will conclude at 5 p.m. at One Judiciary Square, 441 4th Street, NW, Washington, DC in the Old Council Chambers.
All persons wanting to speak at the public hearing are encouraged to register in advance by contacting the Department via email at firstname.lastname@example.org 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.