Warning: Creating default object from empty value in /home3/inspo77/public_html/wp-includes/ms-load.php on line 113
Taking heat is part of the job for state insurance chief

Taking heat is part of the job for state insurance chief

Taking heat is part of the job for state insurance chief
News from Boston.com:

In recent months, insurers jacked up home insurance rates across Massachusetts. Auto insurance rates are increasing for at least the third consecutive year. And Liberty Mutual, one of the state’s largest insurance companies, disclosed that it paid its top executive roughly $ 50 million a year, rather than returning money to the policyholders who own it.

The response of the Massachusetts Division of Insurance? Critics say not much.

This apparent lack of action has sparked criticism from Attorney General Martha Coakley and consumer advocates, who argue that Insurance Commissioner Joseph G. Murphy and his agency have not aggressively challenged rate increases and executive pay.

“This is a serious issue,” said Paula Aschettino, founder of Citizens for Homeowners Insurance Reform, a nonprofit advocacy group seeking lower home insurance rates in the state, especially along the coast, where insurance can be difficult and expensive to obtain. “The commissioner of insurance is not using the powers of his office to protect citizens from excessive rates.”

At issue is the role of the division, and whether it should actively use its powers to reject rate increase…………… continues on Boston.com

… Read the full article


Related News: