Massachusetts Insurance Commissioner Julianne Bowler is expected to announce today, Dec. 15, her decision setting private passenger auto insurance rates for 2005.
The final briefs in the 2005 private passenger auto insurance rate case were filed the week before Thanksgiving. She has been given three competing recommendations for overall rates. The attorney general’s office has recommended that overall private passenger auto rates be reduced by 6.2 percent, while the State Rating Bureau (SRB), the consumer arm of the Division of Insurance, has recommended that rates go up just slightly, an average of one percent. These contrast with the request for a 9.2 percent increase filed by the industry’s Automobile Insurers Bureau (AIB). The AIB had originally asked for an average increase of 5.8 percent for insurers but revised that figure to reflect the request by agents for a 32 percent jump in average commission.
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