The Rhode Island Department of Business Regulation (DBR) has approved a Beacon Mutual Insurance Co. proposal to reduce rate levels on average by 5.9 percent.
The company said the average rate reduction will save its 14,000 policyholders an estimated $7.5 million in premium.
The new rates will be effective for policies issued or renewed effective October 1, 2007.
This is the second consecutive year Beacon has implemented a rate reduction. Last year the DBR approved a rate reduction of 16 percent, which went into effect October 1, 2006.
DBR held a hearing on the rate reduction proposal on June 27and announced the decision to approve Beacon’s proposed rate reduction in an order dated July 13, 2007.
Source: Beacon Mutual
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