Is the State comfortable with the assumptions made by the insurance companies in their rates filings?
One of the statutory responsibilities of the Indiana Department of Insurance is the analysis and approval of insurance rates submitted by all types of insurance carriers. The Department has a staff of professional analysts and actuaries who regularly review numerous rate filings. In the reviews they develop a broad perspective of projections and assumptions prepared by insurance companies. From this perspective, they can identify and question assumptions that inconsistent or out of normal range.