The Alliance of American Insurers issued a bulletin praising the action of the Massachusetts Senate in eliminating a proposal to increase state revenues through what the Alliance termed “an onerous surcharge on homeowners and commercial liability insurance premiums” as part of the state’s fiscal year 2004 budget.
The National Association of Independent Insurers had also gone on record as opposing the budget proposal (See IJ Website May 29).
The Alliance “commends the Senate for looking at the facts about this $40 million tax on insurers doing business in the Commonwealth,” stated Alliance VP and New England Regional Manager Frank O’Brien. He noted that the organization had “worked diligently to have this proposal removed from the budget and the support of the governor and key lawmakers in this effort cannot be understated.”
O’Brien expressed the hope that the action would herald “the beginning of a new era of recognition that penalizing insurers, and ultimately, Massachusetts homeowners and businesses, hurts the state’s economy.”
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