The Massachusetts Property Insurance Underwriting Association (MPIUA), also known as the FAIR Plan, has filed for rate increases for its multi-peril homeowners risks. The FAIR Plan is seeking a 4.5 percent increase in rates for HO Forms 2, 3 and 5; a 1.3 percent hike in HO6; and a decrease of 1 percent for HO 4.
The Division of Insurance has scheduled a hearing on the rate filing for Nov. 3.
For the first time, the FAIR Plan has included a provision for underwriting profit and contingencies. Its filing also includes a factor to account for potential hurricane losses.
The proposed effective date for each filing is Dec. 31, 2004.
Was this article valuable?
Here are more articles you may enjoy.
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
Trump’s EPA Rollbacks Will Reverberate for ‘Decades’ 
Preparing for an AI Native Future 
Kansas Man Sentenced for Insurance Fraud, Forgery 
