Alert Regarding Rate Increases

Earlier this year, the Delaware Department of Insurance was made aware that various members of the insurance industry have been responding to consumer inquires related to premium rate increases by claiming the Department of Insurance has required an insurer to raise premium rates.

In response, the department released a bulletin to reiterate that it is unlawful for all persons and companies engaged in the aspect of insurance to make any assertion, representation or statement with respect to the business of insurance which is untrue, deceptive or misleading.

Please refer to the bulletin above and Delaware Insurance Code 2304(2) for additional information.

While this Bulletin was issued by the Delaware Department of Insurance, the message is considered a best practice to follow everywhere.
 

 

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