Archive for the ‘Massachusets Division of Insurance’ Category
New insurance rules putting agents out of work?
Posted by RossieReader in Competition, Legislation, Massachusets Division of Insurance, Massachusetts Insurance Agents on March 12th, 2009
The Boston Globe is reporting on the frustration of agents who specialize in high-risk drivers over the new rules effective April 1 which will, they say, cost them their jobs. The agents also fear that the new rules will leave many drivers without coverage. Insurance Commissioner Burnes countered with graphical evidence that there was a distribution of agents across the state who are not being picked up by insurance companies.
Is closing the auto appeals board right for Massachusetts?
Posted by Paul in Consumer Advocacy, Legislation, Massachusets Division of Insurance on February 4th, 2009
On its editorial pages,the Worcester Telegram & Gazette tackles the question of whether or not the auto appeals board is truly obsolete due to the introduction of managed competition in Massachusetts:
The system could be cumbersome, to be sure. However, it remains to be seen whether its replacement — an at-fault review process conducted by the insurer — will be more expeditious or consumer friendly.
One notable point is also stated by the Telegram & Gazette:
Ms. Burnes promises to monitor the change and “issue further guidance” as needed. If the company-driven reviews fail to meet expectations, a prompt return to the appeals system should be among the options in play.
It’s good to know that Insurance Commissioner Nonnie S. Burnes is open to reverting back to the old system and reestablish the appeals board, should this new approach fail. At MassDriver.org, we covered the end of the Massachusetts auto appeals board previously. Be sure to check back here for further updates!
Massachusetts Auto Insurance Appeals Board To Be Shuttered
Posted by Paul in Consumer Advocacy, Electric Insurance News, Legislation, Massachusets Division of Insurance, Massachusetts Insurance Agents, Progressive Insurance News, Traveler's Insurance News, Video on January 28th, 2009
NECN delivers a very important story for Massachusetts auto insurance consumers – if your insurance company raises your rates because of an accident and you think it’s unfair, you won’t be able to appeal it to the commonwealth beginning on April 1. Check out NECN’s reporting:
Here is a key point explained by NECN:
If you feel unfairly surcharged by your insurer, you can dump them and get a new insurer.
A glance back at the Massachusetts auto deregulation debate
Posted by Paul in Competition, Legislation, Massachusets Division of Insurance, Massachusetts Auto Insurance Rates on January 18th, 2009
This is a worthwhile article from the Providence Journal published in 2007 that goes through some of the common objections to the deregulation of Massachusetts Auto Insurance. For some politicians like Joan Menard, D-Somerset, the primary issue that caused most concern is how competing auto insurance companies in Massachusetts would set rates and what data is at their disposal in making those rates. This particularly articles gives a good early-stage view at how prevailing opinion has developed over time within Massachusetts car insurance circles.
Coakley alleges unfair rate increases for Massachusetts auto insurance customers
Posted by Paul in Competition, Consumer Advocacy, Legislation, Massachusets Division of Insurance, Traveler's Insurance News on November 24th, 2008
At the end of 2008, Massachusetts Attorney General Martha Coakley asked the Massachusetts state Division of Insurance to look at one insurance company, Premier (a subsidiary of Traveler’s Insurance), for alleged discrimination related to home ownsership. Coakley’s office alleges that Premier’s new rating system unfairly increases rates for Massachusetts Auto Insurance consumers who do not own homes. As readers of this blog already know, Massachusetts insurance regulations prevent auto insurance companies from basing rates on income, homeownership, among other factors that could be construed as indicators for income.
Coakley critical of Mass DOI insurance rate comparison site
Posted by Paul in Competition, Consumer Advocacy, Massachusets Division of Insurance, Massachusetts Auto Insurance Rates on April 1st, 2008
Massachusetts Attorney General Martha Coakley goes public with criticism of the Massachusetts Department of Insurance’s rate comparison site. According to Coakley, the site provides Massachusetts Auto Insurance consumers with inaccurate rates. It’s very important to note, however, that Coakley is not critical of comparison sites in general, but of the rates that the DOI displays.
‘The Web site as it is currently maintained is not only not helpful, it’s misleading,’ Coakley said at a news conference on the day the state switched to a system in which auto insurers, rather than the regulators, set rates for the first time in three decades.
The site advises consumers actual quotes from insurers ‘may differ significantly’ from the samples. Coakley said those warnings don’t make up for the fact that the sample quotes frequently don’t reflect the rate an insurer would actually offer an individual.
Thankfully, there are other additional comparison sites that area available for consumers to use for Massachusetts Auto Insurance purchases.
