One day after Massachusetts Insurance Commissioner Nonnie Burnes announced she would implement competitive rating for private pasenger auto insurance next year, the state attorney general urged caution.
Attorney General Martha Coakley said she will await the details of the Burnes plan but has “concerns about whether the market in Massachusetts is prepared for rates to be set by competitive pricing at this time.”
The Democrat vowed that her office would be active in the regulatory process to “ensure that the regulations protect consumers” by advocating for consumers on an “insurer-by-insurer basis” as carriers submit their proposed rates to the state for approval. Under the current system, the attorney general has advocated for a lower standard rate for all carriers on an industry-wide basis.
“We are committed to carefully reviewing each of these submissions and taking action as needed to protect consumers and ensure that all drivers have access to affordable and adequate insurance coverage,” Coakley said.