CAMP HILL, Pa., May 5, 2016 /PRNewswire-USNewswire/ -- Insurance Commissioner Teresa Miller addressed a gathering of 150 insurance professionals today at the Central PA I Day meeting at the Radisson Camp Hill. Central PA I Day is a non-profit corporation that relies on volunteers to provide educational opportunities and professional networking for the insurance industry. The commissioner reiterated to the group today that consumer protection and outreach are top priorities of the Wolf Administration, and maintaining a vibrant, competitive market is important to provide consumers with ample choices when buying coverage.
"Within the last year, we have launched consumer education initiatives about the availability of private market flood insurance, the importance of renters insurance, and the illegal practice of price optimization," said Commissioner Miller. "I am proud of the outreach that we are doing and look forward to continuing these outreach efforts moving forward."
Commissioner Miller also said that she believes a robust, competitive insurance market is vital to the administration's consumer protection efforts, because such a market provides consumers with choices and helps keep premiums more affordable.
"We have more than 200 companies writing auto insurance and homeowners insurance in Pennsylvania, and this healthy competition is making various levels of coverage available to Pennsylvania consumers at competitive prices," Commissioner Miller said. She also noted a national study by GoBankingRate.com earlier this year ranked Pennsylvania as having the fifth lowest overall consumer cost for silver plans, the most popular health insurance plans purchased under the Affordable Care Act. The study said one factor that appeared to impact cost was a competitive market.
The Wolf Administration's other efforts to better inform consumers about insurance issues include the hiring of a consumer liaison, who is working with consumer groups, other state agencies, and schools to educate Pennsylvanians about why insurance is important and how to get the most for their insurance dollars. The Insurance Department has also created videos to help people buying health insurance, especially those buying coverage for the first time, better understand their coverage and how to use it.
The department also launched PA Insurance Insights, a monthly newsletter targeted at the insurance industry and other stakeholders in the insurance business. The newsletter highlights the department's activities and delves into relevant industry issues. Insurance professionals can sign up for the e-delivered newsletter at email@example.com.
"We buy insurance to protect our homes, our cars, and our possessions, but what we're really doing is protecting our loved ones, so if something bad happens, they don't suffer any unnecessary financial loss," Commissioner Miller said. "Therefore I will remain vigilant and will take aggressive action against any insurer or producer who violates Pennsylvania laws or regulations and harms consumers. At the same time, maintaining and growing the competitive insurance market in Pennsylvania is the best way to protect consumers, so that consumers have good choices for the insurance they need. My department will continue to work cooperatively with the insurance industry as the best way to accomplish this."
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SOURCE Pennsylvania Insurance Department