The board of the high risk auto insurance pool in Massachusetts has been granted an additional 30 days to finalize new rules for implementation of an assigned risk style plan.
Commonwealth Auto Reinsurers (CAR), under an April 29 order from Insurance Commissioner Julianne Bowler, to devise new rules, managed to complete some but not all rules for the transition by the first 30-day deadline
On June 7, Bowler agreed to CAR’s request for an additional 30 days to complete the job. CAR now has until June 30 to submit additional draft rule changes for Bowler’s review.
As expected, last week the governing committee of the high risk auto reinsurance facility in Massachusetts approved rules guiding the pool’s changeover to an assigned risk plan.
The assigned risk pan idea has been pushed by Governor Mitt Romney and Commissioner Julianne Bowler and supported by a consensus of agents and insurance company leaders in the state. They hope the move to an assigned risk plan along with other reforms will brig the state’s auto system more in line with those in other states and help grow the market of only 19 auto insurers now writing.