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Clearinghouse, agent appointments and rate adequacy frustrate Fair Plan depopulation efforts
Summary
Committee heard that statutory broker appointment rules, low clearinghouse participation and inadequate rates are major barriers to depopulating Fair Plan policies back to admitted carriers; Fair Plan said it will make broker training mandatory and pursue operational fixes.
Lawmakers and witnesses at the Assembly hearing focused on the clearinghouse established to help move policies from the Fair Plan back to admitted carriers and on broker behavior that can limit depopulation.
Victoria Roach said the legislature designed the clearinghouse so the broker (agent) retains the customer relationship, and that brokers who are not…
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