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Massachusetts AG Wants New Regulations for Insurers, Agents Insurance Journal

28.05.10

Coakley's office will hold two public hearings next month on the regulations , which include specific items that ban the use of credit scores to determine premiums and codify rules for statements that insurers make when they advertise their prices.

The proposal is being met with skepticism from the industry.

Paul Tetrault, Northeast state affairs manager for the National Association of Mutual Insurance companies called the regulations "unnecessary and ill-advised, to say the least.

"The underlying premises of the regulations, and the report issued by Attorney General Coakley's office, are that consumers are not faring well under managed competition and that consumers are not protected adequately under existing regulations. Nothing could be further from the truth: the increased competition has resulted in most consumers saving money and having meaningful choices in the marketplace for the first time in decades," Tetrault added.

Frank Mancini, president and CEO of the Massachusetts Association of Insurance Agents, said that one of the new regulations in particular – a requirement that agents quote an insured with every single carrier they represent – might cause a lot of headaches for agents in the state.

Source:

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