The Arizona Department of Insurance has adjusted the threshold amount of property damages insurers may use to non-renew private passenger auto policies to $2,400.
According to the DOI, A.R.S. 20-1631(E) governs the limits on an insurer’s ability to cancel or non-renew a personal automobile policy after it has been in effect for 60 days, and A.R.S. 20-1631(E) lists additional conditions and limitations for cancellations and non-renewals, including a provision that: “An insurer shall not fail to renew more than one-half of 1 percent of its policies annually.”
For accidents occurring after Jan. 2, 2000, the ADOI must annually adjust and publish the threshold amount. Because the U.S. Department of Labor Bureau of Labor Statistics Consumer Price Index for urban consumers is 1.6 percent, ADOI has increased the threshold.
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Monday, 14 February 2011 19:43
Arizona Insurance Department Increases Property Damage Threshold for Autos Featured
Written by Staff/Insurance Journal-
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