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Audit of insurance regulators finds lack of documentation for rate decisions

A report from the state auditor general released last week found that state insurance regulators don’t have proper documentation to back up their decisions on rate changes sought by property and casualty insurance companies.

The audit of the Office of Insurance Regulation found that “while Office staff documented responses to certain criteria when evaluating the reasonableness of a rate filing, Office policies and procedures did not require that Office staff document the reasoning, judgments, and calculations supporting those responses or the rate filing decisions made.”

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