PA. EXPECTS $120M IN RATE CUTS:

Pennsylvania Gov. Ed Rendell said that findings from an auto insurance study would be used to cut premiums by at least $120 million over the next several months. Insurance Commissioner Diane Koken will use the findings to “hold the line on insurance rates,” according to Rendell. According to the department, examples of some of the $120 million in savings include: Progressive is reducing rates for their Philadelphia territories by approximately $1.5 million; Allstate filed to reduce rates by approximately $4.2 million; State Farm plans to reduce rates by approximately $83 million on a statewide basis; and Erie Insurance Company filed to reduce rates by approximately $30.9 million statewide.