Currently, an MVR request costs $5 per record and approximately $3,000 for a full batch of MVRs. Some NAMIC companies may be purchasing the batch MVRs for their own use in reassessment on a monthly or even annual basis. The proposed rule would extend the $5 per record fee to the batch system, meaning Company A, with 100,000 policyholders, would go from a cost of $3,000 for the batch to $500,000 for the MVRs of their policyholders. This rule would obviously make reassessment a cost prohibitive practice.
NAMIC, on behalf of its members, has issued a petition for a hearing to the DOS, so that this rule, which would essentially prohibit this important tool, does not automatically take effect. NAMIC will keep its members apprised of subsequent hearings and actions by the DOS on this matter.
Direct questions to NAMIC State Affairs Manager Erin Collins.
Posted: Tuesday, November 10, 2009 12:00:00 AM. Modified: Tuesday, November 10, 2009 10:56:19 AM.
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