The private passenger announcement was made in CAR Bulletin NO. 1040
The Commonwealth Automobile Reinsurer’s (CAR), announced this week in Bulletin No. 1040 that the Division has placed CAR’s Private Passenger Residual Market Rates and Rating manual on file. The new base rates were amended resulting in an overall rate increase of 4.6% and are for policies effective as of February 1, 2018.
According to the law governing the establishment of these base rates, outlined in G.L. c. 175, §113H, these amended rates may only be charged to consumers in circumstances involving rates, not exceeding “…the premium charges, which would be used by each risk’s Servicing Carrier for that risk if such risk were written on a voluntary basis.”
For those individuals interested in reviewing the newly approved Rate Pages, Rating Factor Tables, as well as implementation notes, all of these documents are now available by accessing Manuals under the MAIP Company and Producer pages of CAR’s website. (Please note that both a valid user-id and password is required for access).
CAR also suggests referring to the Memorandum of Changes for a more detailed list of all relevant changes, please refer to the Memorandum of Changes. Member Companies may also access and review the approved filing upon submitting a request to CAR. All requests should be directed to Shannon Chiu at email@example.com.
CAR Commercial Rates Placed on File Effective February 1, 2018
Also On October 30, 2017, CAR announced the Division of Insurance had placed on file the Commercial Automobile Insurance Manual Rates applicable to commercial policies with effective dates of February 1, 2018 and subsequent that are ceded to CAR. In addition to the change in effective date, the approved filing was also modified to remove proposed changes to the primary classification liability rating factors for zone rated airport, inter-city, charter, and sightseeing buses.
The CAR commercial rates placed on File October 27, 2017, are effective February 1, 2018. See CAR will
The Commercial Automobile Insurance Manual Rules, Rates, Experience Rating Plan, and Implementation Instructions are available on the Manuals page of CAR’s website.