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BOSTON – Mass. Division of Insurance Commissioner Joseph G. Murphy issued an order this month rejecting the Massachusetts Property Insurance Underwriters Association proposed rate filings for home insurance policies across the state through the FAIR Plan.
According to a news release, the FAIR Plan submitted a filing for a 7.2 percent statewide average rate increase on Nov. 10, 2011 for home, condominium and dwelling fire and extended coverage. The filing proposed a 6.7 percent increase on the Cape and the Islands, and 9.9 percent increases in areas such as New Bedford, Worcester, and Springfield.
The commissioner said that the association failed to meet its statutory burden of proof by demonstrating that its filing met the applicable statutory and regulatory standards. The disapproval was requested by the Division of Insurance’s State Rating Bureau and the Mass. Attorney General’s Office.
The FAIR Plan is made up of all of the state’s home-insurance companies, and is open to consumers who are unable to get insurance through the private market. •