Massachusetts insurance agents withdraw ballot initiative to ban the use of credit score to price insurance

In September, the Massachusetts Association of Insurance Agents (MAIA) launched a campaign to ban the use of credit score and other socioeconomic factors in determine the price of insurance coverage. The campaign was endorsed by Attorney General Martha Coakley, and MAIA had a goal of gathering some 70,000 signatures to ensure the issue was on the ballot for the next legislative session. Faced with mounting legal costs and pleas from legislators, MAIA has withdrawn its ballot initiative and will pursue an alternative method of bringing the issue before the Legislature.…

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Massachusetts insurance agents rally against use of socioeconomic factors to price insurance coverage

Massachusetts insurance agents have come together to oppose the use of credit score and other socioeconomic factors when determine the cost of auto insurance. The Massachusetts Association of Insurance Agents (MAIA) will be campaigning to bring the matter before Congress, where the group hopes legislators will ban what they call a “discriminatory practice.” More than 1,400 agencies representing MAIA are currently mobilized to gather signatures from registered voters for a petition that will bear their concerns to lawmakers. The campaign has won the support of Attorney General Martha Coakley, who…

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MAIA proposes 2012 referendum ballot to stop socioeconomic factors from impacting auto insurance premiums

The Massachusetts Association of Insurance Agents (MAIA), a group based in Milford, has put forth a proposal for the 2012 election for a ballot referendum that would stop auto insurers from becoming able to use socioeconomic factors to underwrite their insurance. This practice is already banned by the state, but the MAIA is seeking to continue making it illegal to use information such as a person’s education, job type, and credit score for determining an individual’s auto insurance premiums. That said, organizations that represent auto insurers are arguing for the…

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