Mass. Denies Hike in FAIR Plan Home Insurance Rates
East News • May 8, 2008
Massachusetts insurance officials have blocked a 13.2 percent statewide rate hike by the state's residual market home insurer.
The decision by Insurance Commissioner Nonnie S. Burnes also kills a ...
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Subject: Ma. Denies Fair Plan Hike & Wind Policy
Posted On: May 9, 2008, 6:23 am CDT
Posted By: Jane Logan
Comment:
The Fair Plan, in anticipation of this decision, sponsored a Bill for a separate wind policy which includes the cost of reinsurance not purchased.
House No. 1062 filed on BEHALF of the Fair Plan by the following: John F. Quinn, John Menard, Robert Koczera our own JEFFREY DAVIS PERRY (who has been on the Fair Plan's side all along) Stephen Canessa, Frank Hynes, Mark Pacheco and Elizabeth Poirier. It is my understanding this Bill is also supported by the Massachsuetts Association of Insurance Agents. Page two Section 3 Includes the following language regarding what costs they want included in the stand alone wind policy "and the cost of catastrophe reinsurance irrespective of actual purchase of reinsurance".
No matter who sponsored or wrote the Bill, it benefits the Fair Plan and hurts consumers and still seeks to include the cost of reinsurance even if not actually purchased.
Subject: Ma. Denies Fair Plan Hike & Wind Policy
House No. 1062 filed on BEHALF of the Fair Plan by the following: John F. Quinn, John Menard, Robert Koczera our own JEFFREY DAVIS PERRY (who has been on the Fair Plan's side all along) Stephen Canessa, Frank Hynes, Mark Pacheco and Elizabeth Poirier. It is my understanding this Bill is also supported by the Massachsuetts Association of Insurance Agents. Page two Section 3 Includes the following language regarding what costs they want included in the stand alone wind policy "and the cost of catastrophe reinsurance irrespective of actual purchase of reinsurance".
No matter who sponsored or wrote the Bill, it benefits the Fair Plan and hurts consumers and still seeks to include the cost of reinsurance even if not actually purchased.