FANews
FANews
RELATED CATEGORIES
Category Legal Affairs
SUB CATEGORIES General | 

“Widow’s penalty” prohibited in US state

06 October 2015 Norton Rose Fulbright

Pennsylvania motor insurers included in their policies a so-called “widow’s penalty” under which a widow or widower is charged a higher rate after the death of the spouse solely based on the change of her or his marital status.

Motor insurers produced statistics to the effect that single drivers incur higher claims costs on average than married drivers. In the absence of statistics that this applies to widows and widowers, the regulator refused to allow them to be included in the single driver category resulting in premium increases.

Pennsylvania has more than 200 companies providing motor cover and the regulator suggested that motorists shop around for a better deal if faced with this type of condition.

Thanks to GantDaily for this information.

First published by Financial Institutions Legal Snapshot.

Quick Polls

QUESTION

The South African authorities are hard at work to ensure the country is removed from the global Financial Action Task Force grey-list by February or June 2025. What do you think about their ongoing efforts?

ANSWER

But what about the BRICS?
Compliance burden remains, grey-list or not.
End-2025 exit is too optimistic.
Grey-list is the new normal.
Too little, too late.
fanews magazine
FAnews October 2024 Get the latest issue of FAnews

This month's headlines

The township economy: an overlooked insurance market
FSCA regulates crypto assets: a new era for investors
Building trust: one epic client experience at a time
Two-Pot System rollout underlines the value of financial advice
The future looks bright for construction
Subscribe now