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PIA Submits Comments to FIO Regarding Auto Insurance Affordability

On July 2, the Federal Insurance Office (FIO) issued a notice for comment on the FIO's proposed working definition of "affordability" in relation to personal auto insurance...
September 10, 2015

On July 2, the Federal Insurance Office (FIO) issued a notice for comment on the FIO's proposed working definition of "affordability" in relation to personal auto insurance. PIA submitted comments on August 28 in response to the FIO's request. The FIO was tasked with monitoring the affordability of auto insurance as it impacts traditionally underserved persons by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Since then, the FIO has taken steps to craft a defined matrix to measure affordability; however, PIA believes that it would be more impactful for the FIO to analyze affordability in terms of other non-insurance cost drivers and income-related factors. PIA's comments can be found here.

IRC: Auto Insurance Becoming More Affordable (Claims Journal 8/25/15)

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