Trade Group Hails Report by National Insurance Regulator Group PRESS RELEASE, BOSTON:“The verdict is in and it is remarkable: Since the introduction of competition, consumers in Massachusetts have seen their auto insurance rates decline by the most of any state in the nation,” said James T. Harrington, the Executive Director of the Massachusetts Insurance Federation (MIF.) “Polling has been clear that competition is very popular with Massachusetts consumers but now we know, too, that industry regulators throughout the country agree that the remarkable decrease by an average 12.7% for auto…
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Massachusetts insurers banned from using credit score to price auto insurance, according to new law
A new law has passed in Massachusetts that will ban insurers from pricing auto insurance based upon socioeconomic factors. Governor Deval Patrick signed the associated bill into law this week and believes that it will afford consumers with more protections against insurers constantly on the lookout for extra money. The ban was already enacted in the state some months ago but existed only as an administrative regulation. The bill’s passage comes after months of legislative struggle and conflict between consumer advocacy groups and insurance companies. Insurers opposing the measure claim…
Read MoreMIF supports use of standard hurricane models in the Massachusetts homeowners insurance market
PRESS RELEASE: Massachusetts Insurance Federation Executive Director James T. Harrington refuted claims made by Attorney General Martha Coakley’s office in a letter to the State Rating Bureau of the Division of Insurance in which the Rating Bureau is requested to initiate proceedings to review homeowners’ insurance rates currently in effect. “We believe such proceedings would be unprecedented and are certainly not warranted by anything in the letter from the Attorney General’s office,” Harrington said. “Her claim that insurance companies in this state are using untested and unsupported hurricane models that…
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