State Insurance Regulation - Rate Approval Processes
Insurance rate review processes by state
Note: While the U.S. Treasury Department's Federal Insurance Office (FIO) has categorized New York as a "prior approval" state, the New York Department of Financial Services (DFS) has acknowledged that residential property insurance rates "are not subject to DFS's prior approval but rather to the national standard of 'file and use.'" According to New York Acting Superintendent of Financial Services Kaitlin Asrow, "Insurers typically wait for DFS's approval of these rates before implementing them." That may explain why FIO classified New York as a "prior approval" state. We have chosen to list New York as a “file-and-use” state, not a “prior approval” state.
Chart: Kenny Stancil, Revolving Door Project