An official copy of the DOI’s Bulletin No. 2014-08 can be viewed here
On October 20, 2014 the Massachusetts Division of Insurance issued Bulletin 2014-08 entitled “Policy Term Disclosure Requirements for Insurance Policy Premium Quotes Issued on or After February 15, 2015.” After reporting on this latest Bulletin from the DOI (“Mass. DOI Issues Bulletin On Policy Term Disclosure Requirements“), Agency Checklists asked the Division of Insurance for the reasons behind the issuance of this Bulletin and why at this particular time. Here is what the Division has to say:
Massachusetts’ evolution to managed competition in auto insurance has generated widespread innovation and saved millions of dollars for the state’s drivers. Many insurers, especially those newly drawn to the Massachusetts market, rely heavily or even exclusively on web-based marketing and sales, allowing drivers the opportunity to comparison shop for insurance coverage from anywhere at any time. The Division applauds this expansion in consumer choice and has strongly encouraged consumers to identify savings opportunities by regularly checking prices from a range of carriers.
Bulletin 2014-08 reminds the industry that while carriers are free to offer policy quotes for terms of less than one year, they must clearly identify to consumers the actual term of the policy associated with a monthly policy quote to allow for full and fair comparisons between carriers. The Bulletin further reminds carriers that policy coverage and cost information which is provided electronically (on a computer or mobile device screen) must prominently display the details of term and price, both on screen and if the consumer downloads or prints the quote.
If you have further issues or questions about this latest Bulletin
While the Division of insurance states that Bulletin No. 2014-08 goes into effect as of February 15, 2014, it asked insurers to implement these disclosure requirements no later than March 15, 2015. For those insurance companies or insurance professionals who may have additional issues or further questions, the Division asks that you contact Mathew Mancini, Director of the State Rating Bureau at (617) 521-7459 or firstname.lastname@example.org.