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Re: OT--the Real Deal on Insurance!
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Posted by KCTractors on January 03, 2005 at 19:00:24 from (206.176.212.99):
In Reply to: Re: OT--the Real Deal on Insurance! posted by Mike (inWisc.) on January 03, 2005 at 10:58:58:
My wife has 35 years in the insurance business in Wisconsin. Here is her comments: I am an Audit Specialist for an insurance company and all insurance companies are regulated by the state insurance departments. Any insurance companies doing business in a state must be licensed to do so and must file all rates, rules and endorsements with the state departments of insurance(this is all 50 states). When a state wants to raise its rates, they must file the change of rates with the insurance department with justification of loss ratio. If the insurance department feels the increase is too much and the loss ratio doesn"t justify the increase, they will disapprove the rate change. Insurance companies are highly regulated by the states. Insurance Departments can come into insurance companies and audit them anytime. Right now we have 4 states in our office, Wisconsin, Illinois, Missouri and Colorado. Each state has anywhere from 2 to 6 auditors which we must pay their room and board, supplies, rental car, air travel, food and air travel home for the weekend.
Time they will audit anywhere from 1 month to 5 months. My job as an Audit Specialist is to self audit before the insurance departments come in and find errors.
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