Kenneth Levine, co-chair of the Insurance Corporate & Regulatory Group, discusses the misuse of assignment of benefit provisions in connection with homeowners policies in Best’s Review. Ken explains that rate increases are driven by the “rampant misuse of assignment of benefit (AOB) provisions in connection with homeowners policies.” Ken says, “AOBs must serve the public interest of providing loss remediation at a responsible cost. Without lasting reform, a manipulated market for these services will perpetuate the need for rate increases.”
To read the article in Best's Review December 2016 issue, click here.