What is the minimum advance written notice an insurer must give if they are going to increase the premium at the time of renewal?

The minimum advance written notice an insurer must provide in the event of a premium increase at renewal is 20 days. This requirement is in place to ensure that policyholders have sufficient time to review the changes to their coverage and financial obligations. By giving a 20-day notice, insurers allow their customers to consider their options, which may include shopping around for better rates or coverage alternatives.

This regulation is designed to promote transparency and fairness in the insurance process, giving consumers an opportunity to make informed decisions regarding their insurance policies. As a crucial consumer protection measure, it ensures that policyholders are not caught off guard by sudden changes in their insurance costs.