NAMIC submitted written testimony today to the Maryland Insurance Administration in reference to Bulletin 12-24 released by the MIA in the aftermath of Superstorm Sandy on Oct. 29, 2012.
Emphasizing the importance of peril percentage deductibles to a thriving homeowners’ market, NAMIC asked the MIA to reconsider its interpretation of the relevant statute through which it advises that insurers may not use percentage deductibles in the aftermath of the storm. NAMIC asserts that the MIA is taking a position beyond the scope of the bulletin itself (and the statute) to apply to percentage wind deductibles and not just hurricane deductibles.
“NAMIC has serious concerns about the bulletin. It provides overly onerous restrictions to the homeowners’ market that was not the intent of the law,” said Erin Collins, NAMIC state affairs manager. “Peril percentages are part of a thriving homeowners market in Maryland, and we do not believe it was the intention of the Legislature to restrict those tools that grant consumer lower premiums and increased choice in the market.”
Contact: Lisa Floreancig
Public Affairs Director - State & Policy Affairs
Posted: Tuesday, November 06, 2012 4:43:35 PM. Modified: Friday, November 30, 2012 11:54:49 AM.
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