Archive for July, 2007

Credit scoring and insurance

uspirg.org, July 26, 2007 — An article critical of reports that support the use of credit scores to deny consumers insurance or to place consumers in higher-risk (higher-cost) product pools.

What’s driving the new auto insurance plan

The Boston Globe, July 26, 2007 — When Insurance Commissioner Nonnie Burnes released her decision last week to change the way auto insurance is sold in Massachusetts, insurance companies popped the proverbial corks after reading the fine print …

Letter from the Commissioner of Insurance seeking input

Mass.gov, July 23, 2007 — Letter from Commissioner Burnes seeking input in creating the framework under which the new system will operate.

Massachusetts Works to Install Competitive Auto Insurance Market

InsureMe.com, July 20, 2007 — With the highest auto insurance claim rate in the U.S., the state of Massachusetts is hard at work trying to replace its currently overregulated market with a new system in which insurance companies establish their own competitive rates based on driving records.

Dukakis: Car owners need true insurance reform

southofboston.com, July 19, 2007 — Citing his own disastrous experience with managed competition when he introduced it in 1977, former governor Michael Dukakis discusses his concernes, especially the effect of the new system on Massachusetts motorists in older urban communities such as Quincy and Brockton.

Car insurers: Competition should work

Boston.com, July 18, 2007 — Insurance Commissioner Nonnie S. Burnes’s decision to introduce “managed” auto insurance competition next year won strong industry support yesterday, even from companies that have opposed competition in the past.

Editorial: Putting competition back into Massachusetts auto insurance

Gatehouse News Service, July 18, 2007 — It’s no coincidence that Massachusetts, the only state that sets insurance rates, is one of the few states where some of the nation’s biggest auto insurers won’t sell policies. If you can’t compete by offering customers lower prices, why bother?

Agencies brace for auto insurance changes

Newburyportnews.com, July 18, 2007 — Local agencies are bracing for some sort of change as a result of the state’s decision to reduce regulation of auto insurance rates, but they aren’t sure what that change will be.

Though it’s too early to tell how to interpret Monday’s announcement by Massachusetts Insurance Commissioner Nonnie Burnes, deregulation could be good for local drivers, said Jay Howlett, the owner of Chase and Lunt Insurance in Newburyport …

Patrick: Auto insurance plan balances market, state control

Boston.com, July 17, 2007 — Gov. Deval Patrick said a new plan to increase competition in the regulated Massachusetts auto insurance market strikes a fine balance between the free market and government control.

Competition Has Arrived in Massachusetts, Says PCI

Insurancenewsnet.com, July 17, 2007 — The decision to make Massachusetts’ auto insurance marketplace more competitive is the single most important regulatory change on this issue in the past 30 years, according to the Property Casualty Insurers Association of America (PCI).