Quote:
Originally Posted by David70
I don't believe Ohio has this and I think fraud, state being involved with rates and your much higher risk are your problems. Get government out of setting rates, companies would come back, at a higher price overall (some higher, likely some lower), some would think twice about where they live based on the rates.
https://insurance.ohio.gov/wps/wcm/c...ially%20sound. |
The state of FL sets Citizens' rates because it is a state entity, created to fill the void of insurance companies that don't want to write policies in some areas. There is no one else to set its rates so the state will always set the rates for Citizens, somewhat like FEMA setting federal flood insurance rates.
As for other insurers, FL does not set the rates for them. It exercises regulatory oversight / approval to ensure compliance with actuarial standards and statutory provisions, similar to other states like Ohio.