|
|
|
WHO'S WATCHING THE INSURANCE COMPANIES?
Who's watching the insurance companies?
With few exceptions, your insurance company does not set its own rates (unless you live in Illinois). It request the right to charge appropriate rates from your state's insurance department, which responds with legal approval and authorization, provided the requested rates are fair.
Every state has some sort of department, administration or agency that regulates and monitors every insurer operating within the state's borders. In addition to approving rates, your state's insurance department is involved in all insurance matters on behalf of private citizens and businesses. It also issues operating licenses to insurance companies and agents, based on their ability to meet the state's requirements for conduct and knowledge about insurance issues.
Your insurance company works closely with your state's insurance department to make sure you are getting the best and fairest possible service within the state's guidelines. Contact your state's insurance department (listed at the end of this guide) if you wish to know more about how it serves your interests.
« BACK
» Car insurance guide:
 Why do I need car insurance?
What are the different types of policies & what cover?
Why and how are policies priced for different drivers?
How does where I live affect my premium?
What is "no-fault" insurance?
Do all states require some kind of liability insurance?
Why would my insurer cancel my policy?
How do I keep my insurance company from canceling my policy?
What steps can I take to reduce my rates?
How does adding drivers to my policy affect my rates?
Who's watching the insurance companies?
Do I always need to buy insurance when I rent a car?
What happens when I loan my car to someone?
Am I covered for natural disasters or "Acts of God"?
What actually happens when I report an accident?
Do I need special insurance for a classic car?
|
|
|
