Pursuant to the provisions of M.G. L. c. 30A, and in accordance with the authority granted to the Commissioner under M.G.L. c. 175A and c. 175E, the Division of Insurance will hold a public hearing at 10:00 a.m. on September 20, 2007 at the offices of the Division of Insurance, Fifth Floor, One South Station, Boston, MA 02110-2208.
The purpose of this hearing is to afford all interested parties an opportunity to provide oral and/or written testimony regarding a new regulation, 211 CMR 79.00, Private Passenger Motor Vehicle Insurance Rates . The regulation addresses procedures relating to the filing and review of rates and premium charges for all types of coverages under private passenger motor vehicle insurance policies, including, but not limited to, the form and content of rate and advisory filings for the voluntary market; residual market rate filings; the prohibition of certain rating factors; permissible activities of rating organizations; and the conduct of hearings and related proceedings applicable to such filings under G.L. c. 175A and G.L. c. 175E. The purposes of the regulation are: to promote the public welfare by regulating insurance rates so that they are not excessive, inadequate or unfairly discriminatory; to promote the accuracy and fairness of private passenger motor vehicle insurance rates; to protect the interests of policyholders during the transition from a Fixed-and-Established Market to a Competitive Market; to promote price competition among Insurers so as to provide insurance rates that are responsive to Competitive Market conditions; to prohibit price-fixing agreements and other anticompetitive behavior by Insurers; to provide regulatory procedures for the maintenance of appropriate data reporting systems; to authorize essential cooperative action among Insurers in the ratemaking process and to regulate such activity to prevent practices that tend to lessen competition substantially or to create a monopoly; and to provide price and other information to consumers to enable them to purchase insurance suitable for their needs.
Any person who wishes to testify about this regulation is requested to file a Notice of Intent to Testify with the Division on or before September 17, 2007. All other persons who wish to testify will be heard after those who notify the Division in advance. Written comments may be submitted until the record of the hearing is closed. All submissions must be sent to: Docket Clerk, Hearings and Appeals, Division of Insurance, One South Station, Boston, Massachusetts, 02110-2208, and must refer to Docket No. G2007-07. Copies of the proposed new regulation may be obtained by contacting the Docket Clerk at the Division or through the Division website: http://www.mass.gov/doi. Enter 211 CMR 79.00 in the search box.
Dated: August 28, 2007
Nonnie S. Burnes
Commissioner of Insurance