Insurer Report Card Rule on Hold
The insurer report card rule reportedly must go through the rulemaking process again if it is to move forward. The rule originally was scheduled to be presented for final adoption at a November Cabinet meeting, but it was deferred until the December 7 meeting. However, it was then withdrawn because the rulemaking process would have exceeding the permissible timeframe.
The Financial Services Commission still may decide to move forward with the rule. However, that would now entail reinitiating the rulemaking process and having another public hearing.
The rule has been a source of concern for residential insurers due to its scoring methodology for measuring consumer complaints and claims timelineness.