Maryland Insurance Administration (MIA) To Conduct Insurance Rate Review
The Maryland Insurance Administration (MIA) which review and approve the insurance company rate filings for Auto Insurance Rate Quotes,and Homeowners Insurance Rate Quotes is set to review the increase of the health insurance rates in line with the new federal regulations spelled out in the Affordable Care Act. The review will be conducted in accordance to the Effective Rate Review Program. The decision to review was arrived at by The Center of Consumer Information and Insurance Oversight (CCIIO), a faction of the Centers for Medicare and Medicaid Services (CMS) within the Department of Health and Human Services (HHS).
CCIIO will adopt MIA’s findings and recommendations regarding the small-business and individual health insurance within the region wholesale, and will not carry out an independent study on the proposed insurance rates hike in Maryland. Therese M. Goldsmith, who is the Insurance Commissioner, said “The MIA is committed to protecting consumers against unreasonable increases in health insurance rates,” she further stated “We are pleased with the federal government’s assessment of the effectiveness of our rate review process, and will continue to improve that process and to make it more transparent to consumers.”
The MIA hired Oliver Wyman Actuarial Consulting Inc., using grant monies from HHS, to come up with suggestions on how the agency could better carry out its health insurance rates review. The MIA is thought to be reviewing the recommendations together with suggestions from the public which were received during a recently held public hearing, a public brain storming session that sort ways of making the process more transparent, improve accountability, and give it oversight.
Maryland’s $26 billion insurance industry is regulated by the MIA, an independent state organization founded in 1872 as the Maryland Insurance Division. From its offices in downtown Baltimore, it exerts control over 110,000 producers and about 1,500 insurance carriers. Other than licensing the producers, it serves as a consumer watchdog, sets the insurance rates, audit and oversees the operations of the carriers including determining the solvency of an insurance firm and educates the public across the states on insurance matters.
In the State of Pennsylvania, InsureDirect.com’s home state and location of their Corporate Office; has a similar regulatory body as the Maryland Insurance Administration. The Pennsylvania Department of Insurance also watches over all the Insurance Carriers doing business is PA and is responsible for reviewing and approving all types of insurance products and rate quotes. Regardless of the state you live; there is a similar insurance regulatory body which insures the auto insurance rate quote you pay is reasonable and fair. InsureDirect.com maintains an insurance license in every state we market and has been approved by your state’s regulatory body to legally offer you all types of insurance products including auto insurance, homeowners insurance, renters insurance, motorcycle insurance and commercial truck Insurance. You can also instantly bind Health Insurance for both families and individuals through our website www.insuredirect.com or call us nationwide (800) 807-0762.