State Rep. Steve Riggs, the current vice president of the National Conference of Insurance Legislators (NCOIL), said he is “extremely pleased” to see Kentucky rank among the top five states when it comes to having a strong and fair property/casualty insurance market.
“This is great news and further proof that Kentucky is doing everything right to make sure our citizens are protected and the insurance industry is strong and competitive,” said Riggs, a Louisville legislator who is vice-chairman of the House Banking and Insurance Committee and works in the insurance industry. “This recognizes Kentucky as a business friendly and personal-insurance friendly state when it comes to important protection of businesses, homes and vehicles. In one sense, you could say that Kentuckians are carrying less risk than citizens in most other states. ”
The 2015 Insurance Regulation Report Card is issued annually by the R Street Institute, a think tank that, according to its study, advocates for an “open and free insurance market (that) maximizes the effectiveness of competition and best serves consumers.” It grades each state’s regulatory system on principles of “limited, effective and efficient” government.
Each state’s letter grade is an average of its scores in 10 different areas, including consumer protections, clear regulations and competitive markets.
Only four other states besides Kentucky earned an “A:” Vermont, Utah, Iowa and Virginia. Nine states earned a “D” or “F,” including New York, Texas, Florida and California.
“What this study shows is that, when it comes to insurance, the state and the industry are maximizing each dollar they have to create a market that is fair for everyone involved,” Riggs said. “I’ve been proud to work on the laws that serve as the foundation for this success. Our lawmakers on the insurance committees and employees at the Department of Insurance should get a shout-out.”