The Division of Insurance’s Consumer Hotline Over The Years
FEB. 22, 2012 – A look at The Division of Insurance’s Consumer Hotline Statistics.
Consumer Trends Transforming Personal Lines Business Models says Conning
FEB. 22, 2012 – A new study by the research and consulting firm Conning, analyzes how the changes in insurance consumers and their shopping habits are changing the face of personal lines insurance.
The Top 12 Reasons For Insurance Consumer Complaints
FEB. 21, 2012 – Agency Checklists takes a look at The Division of Insurance facts and figures regarding written consumer complaints involving insurance.
Commerce Looks to Internet to Maintain and Grow Massachusetts Market Share
FEB. 16, 2012 – Commerce Discusses Its Plans for Increasing Its Market Share in Massachusetts.
The Insurer of Hollywood Announces The Riskiest Film of 2011
FEB. 16, 2012 – Fireman’s Fund, the insurer of Hollywood films for over 85 years, announced its pick of the riskiest film to insure for 2011.
Complaint Ratios for the Top 25 Homeowner’s Insurance Companies & The Mass Fair Plan
FEB. 16, 2012 – A look at the complaint ratios for the Top 25 Homeowner’s Insurance Companies and the Mass. FAIR Plan from 2006 through 2010.A look at the complaint ratios for the Top 25 Homeowner’s Insurance Companies and the Mass. FAIR Plan from 2006 through 2010.
Complaint Ratios for The Top 20 Private Passenger Automobile Insurance Companies in Massachusetts
FEB. 16, 2012 – A look at the complaint ratios for the Top 20 private passenger automobile insurers in Massachusetts.
Auto Insurance Tops List of Complaint Calls to Consumer Hotline for Insurance
FEB. 14, 2012 – A look at the facts and figures surrounding the Division of Insurance’s Consumer Hotline.
Mansfield-based Agencies C&S Insurance and Colonial Insurance To Merge
C&S Insurance Agency has announced its plans to acquire and merge with The Colonial Insurance of Mansfield.
Study Sees Rise In Insurance Companies Promotion of Call Centers Versus Agents
FEB. 9, 2012 – More Insurance Companies Are Asking Customers to File Auto Damage Claims Through Call Centers Rather than Agents Study Says
AM Best Downgrades New England Mutual Insurance Company
FEB. 8, 2012 – AM Best downgraded the financial strength rating of The New England Mutual Insurance Company after it was announced that it would be operating separately from The Quincy Mutual Group.
Big “I” and Swiss Re Bring Agents A New “E&O Happens” Website
FEB. 8, 2012 – A new website from the Big I and Swiss re will now offer new risk management information tools and resources to agents and policy holders of Swiss RE Corporate Solutions.
The Top 10 Life Insurance Companies in Massachusetts
A list of the top ten writers of life insurance in the Commonwealth of Massachusetts
Agents – Free Online Guide for Your MA Insureds and Their Teens
The Massachusetts Registry of Motor Vehicles announced a new free driving guide for MA Parents and Teens through a partnership with Safety Insurance and the Safe Roads Alliance.
Agency Compensation Expected to Increase in 2012 According to Ward Group
A new study by the benchmarking and best practices firm The Ward Group looks as the trends for contingent commission payouts as well as total agency compensation for 2012.
The Top Ten Writers of Workers’ Compensation Insurance in Massachusetts
A list of the Top 10 writers of Workers’ Compensation* companies in The Commonwealth of Massachusetts.
U.S Commercial Insurance Rates Expected To Rise in 2012
In its U.S. Insurance Market Report Marsh says it is likely the U.S. will see a rise in commercial insurance rates in 2012.
Now Serving – Dadgar Insurance’s Delectable Marketing Approach
Agency Checklists caught a television advertisement on NECN recently about the TV Diner’s Annual Platinum Plate Gala sponsored by Dadgar Insurance. Intrigued with the notion of an insurance agency sponsoring a foodie party, we decided to find out more. TV Diner, on NECN weeknights at …Read More
The Top 10 Homeowner’s Multi-Peril Insurance Companies in Massachusetts
A list of the top ten largest writers of homeowner’s multi-peril insurance in the Commonwealth of Massachusetts based on 2010 written premium.
Massachusetts Auto Insurance Premiums Show Largest Drop in The Nation
Massachusetts saw the largest drop in auto insurance premiums in a report by the National Association of Insurance Commissioners.
Life Agent Loses $1,500,000 Appeal on Misrepresentation Suit over Policy Sold to Uncle; SJC Makes First Ruling on Life and Annuity Rescission Statute
January 13, 2012 – The Supreme Judicial Court has affirmed the award of damages, prejudgment interest, punitive damages, attorney’s fees and costs totaling over $1.5m against a Massachusetts life insurance agent, Frederick V. McMenimen, III. The court also reversed the judgment dismissing the G.L. c. …Read More
Calianos Agency loses breach of contract claim against Commerce on changeover to MAIP
January 11, 2012 – The insurance agency headed by the president of the Massachusetts Urban Agents Association, Jason Calianos, has lost a bid to have the Superior Court rule that the agency’s ERP contract with Commerce Insurance continued in force after the establishment of the …Read More
Auto Insurance Carries Personal Line Ratings for 2012 – Commercial Lines to Struggle – A.M. Best
January 9, 2012- Today, A.M. Best Co. released its general outlook for 2012 U.S. property/casualty ratings. The good news was company balance sheets are still strong but, as everyone has learned over the last four years, at risk to sudden weakening based upon some unexpected …Read More
Massachusetts Property and Casualty Breakdown by Lines of Business
January 5, 2012 – First of a series (2009-2011) The Massachusetts property and casualty industry enjoyed a $10 billion market for calendar year 2009. This $10 billion was split between personal lines and commercial lines with $5.2 billion or 52% in favor of personal lines …Read More
Defense of MCAD Claim Covered under Norfolk and Dedham’s Special Business Owners Policy
January 3, 2012 – Cleary Consultants, a Boston placement firm received an early Christmas present from the Massachusetts Appeals Court on December 16th. The placement firm won a decision against Norfolk and Dedham that established that Norfolk and Dedham had the duty to defend the …Read More
Fixed Rate For Auto Commissions Expiring April 1, 2012
December 27, 2011 – On April 1, 2012, the second paragraph of Massachusetts General Laws c.175 §162E will expire by its terms. With the expiration of this part of c.175 §162E, the right that independent agents have had to receive the statutorily required commission rate enjoyed since …Read More
The Top Ten Auto Insurance Companies in Massachusetts
#10. Progressive Direct Insurance Company (NH) 2010 Written Premium: $28,563,937.00 2010 Market Share: 3.4% 2009 Written Premium: $118,928,475.00 2009 Market Share of 3.34%. Position last year: 10 #9. Citizens Insurance Company of America (Hanover) (MI). 2010 Written Premium: $124,133,260.00 2010 Market Share: 3.4% 2009 …Read More
National Flood Insurance Program Extended to May 31, 2012
The IIABA today commended the U.S. House of Representatives for passing H.R. 2055 entitled the “Consolidated Appropriations Act,” ) or the “minibus” which effectively extends the National Flood Insurance Program until May 31, 2012. The IIABA also stated that it is expected that the Senate …Read More
National Transportation Safety Board Calls on States To Ban Driver Use of Electronic Devices
Despite recent passage of a texting-while-driving ban in Massachusetts, anyone who spends even a short time on the Bay State’s roads will see drivers using increasingly common and sophisticated cell and smart phones while behind the wheel. The national conversation over the safety issues associated …Read More
Division of Insurance Fines Progressive Insurance
The Division of Insurance announced today a financial settlement with Progressive Direct Insurance Company for $125,000 dollars. The Division of Insurance says that the company “…erroneously informed some Massachusetts consumers that they had used credit information to determine their automobile insurance rate through its website.” …Read More
Another Short Reprieve for the NFIP?
The beleaguered National Flood Insurance Program lingers on in limbo. In a bipartisan vote, the Senate voted to extend S.1958 until May 31, 2012. Senator David Vitter (R-La.) sponsored the legislation. In order to be extended to the May 31st date, however, S. 1958 now …Read More
Auto Repair Ballot Question Passes Another Hurdle
While the MAIA’s Credit Scoring Ban has been signed into law, another proposal filed at the same time as the MAIA’s ballot intiative moves once step closer to being placed on the 2012 ballot. The State House News Service provides the latest: Backers of a …Read More
WTPhelan Acquires The Garrett Insurance Agency
The WTPhelan Insurance Agency announced this week that it has acquired The Garrett Insurance Agency of Somerville. The acquisition was complete as of December 1, 2011. The Garrett Insurance Agency was founded in 1985 by Ralph and Ellen Garrett in the Davis Square section of Somerville. …Read More
Mass. Commissioner: Law Banning Credit Scoring Will Benefit Consumers
Reprinted with the Permission of Jeff Jeffrey, Best News Service BOSTON – Massachusetts Insurance Commissioner Joseph Murphy told Best’s News Service the recently enacted law banning credit-based insurance scoring in automobile insurance underwriting and rating in the state was more than the “non-issue” some industry …Read More
Commissioner Murphy Makes His Television Debut
This week The Division of Insurance and the National Association of Insurance Commissioners unveiled a new public service announcement called “The Right Fit.” The advertisement takes a comedic approach in encouraging consumers to ensure that their insurance policies fit their specific needs.
Governor Patrick Signs Credit Scoring Bill Into Law
H-3795 “An Act Prohibiting The Use of Credit in Underwriting and Rating Private Passenger Motor Vehicle Insurance” is now Massachusetts law. On November 22, 2011 Governor Patrick signed the bill which will now be known as Chapter 195 of the Acts of 2011. The measure …Read More
Motorcyclists Claim Optional Helmet Law Will Provide Economic Lift
By Kyle Cheney State House, November 30, 2011…Advocates for motorcyclists, long stymied in their bid to make helmets optional for riders, invoked the Legislature’s change of heart on casino gambling – and the economic arguments that led to its recent passage – in a renewed …Read More
Meet The Winner Of Our iPad2 Raffle
Barbara Krebs, of Twinbrook Insurance Brokerage, Inc., was the winner of our iPad2 Raffle at The Big Event. Agency Checklists traveled to Twinbrook’s Holbrook office to deliver her prize and take a snap of the happy winner. Ms. Krebs entered the insurance business straight out …Read More
Brownstone Revamps Its Dedicated Broker Site to Offer Cutting-Edge Services
Brownstone Insurance rolled out its re-designed broker dedicated website last week, www.brownstoneinsurancebrokers.com. For those not familiar with Brownstone, the company provides master insurance for condos, apartments, multi-family homes and townhouses. The company has been insuring multi-unit buildings since 1982 and writes policies in Massachusetts, Rhode …Read More
Quincy Mutual and A.I.M. Make The Boston Globe’s Top Places To Work 2011
In this annual survey, The Boston Globe seeks to honor “…employers who care for their most valuable resource: The people who work for them.” Coming in at #24 was The Quincy Mutual Fire Insurance Company, which has been a Cooperative/Mutual Company headquartered in the birthplace …Read More
House Passes MAIA’s Bill To Ban Use of Credit Scores in Auto Rates
The Massachusetts House of Representatives voted yesterday afternoon to ban the use of credit scores when underwriting and rating private passenger motor vehicle insurance. The Bill quickly passed through the House without much debate. Representative Michael Costello, a Democrat from Newburyport, called the ban on …Read More
National Flood Program to Expire in 72 Hours – Then What?
The Property Casualty Insurers Association of America issued a press release today urging Congress to extend the National Flood Insurance Program (NFIP) before the November 18th deadline (which is the day after tomorrow.) If Congress does not act, the PCI warns that many communities across …Read More
Independent Agents Most Trustworthy According to Small Business Owners
In a recent study commissioned by The Hanover Insurance Company, The Pert Group, interviewed 501 small business owners with less than 30 employees to find out what are the evolving needs of small businesses. Overall, the study found that independent agents and carriers are perceived …Read More
House Advances Ban on Use of Credit Scores in Auto Rates
The MAIA’s Legislative Bill to ban the used of credit scores when setting policy premiums received initial approval by the House last week. The Bill was filed earlier this year as Senate Bill No. 461 entitled An Act banning the use of certain socio-economic factors …Read More
Farrell Backlund Solidifies Its Status In Southeastern MA With Latest Acquisition
Both the Taunton Gazette and the Insurance Journal reported this week that the Richardson-Cuddy Agency of Attleboro has merged with Farell Backlund, of Taunton, MA. This merger is poised to make Farrell Backlund one of the largest agencies in southeastern Massachusetts, according to both publications. …Read More
Insurance Industry Lost 7,000 jobs from August to September of 2011
NU Online News Service, Nov. 9, 12:00 p.m. EST The latest U.S. Labor Department’s Bureau of Labor Statistics have come out and an analysis by the Insurance Information Institute President Robert Hartwig shows that the insurance industry lost 7,400 jobs from August to September. This …Read More
We Have A Winner!
In our shameless bid to win over new readers to our site, we held a raffle at The MAIA’s Big Event in which the winner would receive a shiny, new iPad2. Our Editor-in-Chief, Julia Ybarra, picked the winner this morning at our offices. And the …Read More
Independent Contractor Law Leaves Lawmakers Juggling Job, Benefit Concerns
BY Colleen Quinn, State House News Service BOSTON, STATE HOUSE, NOV. 3, 2011…Dozens of self-employed workers urged lawmakers Thursday to change the state’s independent contractor law, arguing it prevents them from getting work in an already tough economy. The 2004 independent contractor law – aimed …Read More
Five Things To Think About Before The Big Event
Agency Checklists wanted to take a minute to give you five suggestions on how to get the most out of The Big Event 2011. While this is Agency Checklists’ first foray into exhibiting at The Big Event, its Editor-in-Chief (and the author of this article) …Read More
Liberty Mutual, Chubb Execs Among Those Named to Federal Advisory Committee on Insurance
The U.S Department of the Treasury announced today the appointment of 15 individuals to the Federal Advisory Committee on Insurance. This committee will provide advice to the Treasury’s Federal Insurance Office (“FIO”) created by The Dodd-Frank Wall Street Reform and Consumer Protection Act. The FIO …Read More
MAIA Drops 2012 Ballot Initiative As Its Legislative Bill Advances
By Colleen Quinn STATE HOUSE NEWS SERVICE STATE HOUSE, BOSTON, OCT. 26, 2011….Insurance agents pushing to ban insurance companies from using credit scores, educational background and other socioeconomic factors when setting auto insurance premiums have dropped their plans to pursue a 2012 ballot question after …Read More
Discussing Flood Insurance With Your Insureds
It seems that flood insurance has been one area neglected by a majority of insurance agents in the Commonwealth. According to The Federal Emergency Management Association, or FEMA, destructive flooding regularly occurs throughout Massachusetts and yet only two percent (2%) of residents and business owner’s …Read More
U.S. Worker’s Comp Results Drop Again, A.M. Best Reports
From The NU Online News Service, Oct. 13, 3:11p.m. A.M. Best is out with its “Best’s Special Report” which confirms that the workers compensation line still faced a number of challenges through 2010. The workers’ comp line is among the largest in the U.S. property …Read More
The Right To Repair Coalition Has Gathered 50,000 Signatures for Proposed 2012 Ballot Question
STATE HOUSE NEWS SERVICE – Using a mixture of volunteers and paid signature gatherers, the coalition planning to place on the 2012 ballot a proposal aimed at ensuring that auto repair shops have access to all non-proprietary information needed for repairs says it’s gathered 50,000 …Read More
Motorcycle Owners to Receive Additional $5.6 million in Insurance Refunds
The following chart outlines which insurance companies have paid what so far in the settlements with The Attorney General. The Office of the Attorney General entered into settlements with three additional insurance companies this week that will result in an additional $5.6 million in refunds …Read More
House Comes Through with NFIP Extension to Nov.; Real Work Begins Now
NU Online News Service, Oct. 4, 2011 2:56p.m. EDT The House today overwhelmingly passed legislation that includes a provision extending the National Flood Insurance Program until Nov. 18. The provision reauthorizing the program until Nov. 18 passed the House 352-66, just before 2:30 p.m.Lobbyists for …Read More
Chubb Exec Sees D&O Growth Opportunities for Agents
From the NU Online News Service, Sept 28 12:42 p.m. EDT During the Advisen Management Liability Insights Conference in New York this week, the global D&O product manager for Chubb, Tony Galban had a one-on-one discussion with David Bradford, president, research, and editorial group for …Read More
Division of Insurance Approves Judson as New CAR President
Here is the Special Notice from the CAR website: Commonwealth Automobile Reinsurers is pleased to announce that Mr. Daniel R. Judson has been approved by the Division of Insurance to Assume the Position of CAR’s President. He plans to be on board as of November …Read More
New Homeowner Oil Heating Safety Law Opens Window for New Insurance Coverages
Agents may want to make sure that their insureds who heat with oil are of this new requirement that has gone into effect. Homeowners that heat with oil should be aware that a new requirement under the Massachusetts Homeowner Heating Safety Law “…mandates that all …Read More
Active Duty License Plates Proposed
A bill filed Monday by Senate Minority Leader Bruce Tarr (R-Gloucester) and Rep. James Vallee (D-Franklin) seeks to allow active duty servicemen and women to buy specially designated license plates. Under the proposed bill, any military personnel could request a distinctive emblem from the Registry …Read More
Hub International Expands in MA With Acquisition of William Palumbo Insurance Agency
Hub International has acquired the William Palumbo Insurance Agency, headquartered in Medfield. Palumbo, founded in 1932, is a full-service insurance brokerage offering property and casualty, personal lines, employee benefits and life insurance products and services. The company currently operates out of six locations in Massachusetts …Read More
See The List of Property Casualty Companies That Made The Grade and Do Business in MA
The Ward Group published its annual list of the Top 50 property casualty insurance companies earlier this summer. But with vacations and the like, Agency Checklists thought it might be interesting to revisit this list after Labor Day, when most are more focused on the …Read More
AG Certifies MAIA’s Petition for November 2012 Ballot
The Attorney General completed its review of the 31 initiative petition submitted for the 2012 ballot yesterday, approving all but eight of the 31 petitions which included 30 proposed laws and one proposed constitutional amendment. Among those ballot initiatives approved was No. 11-13, entitled An …Read More
A Q&A With Reference Librarian Sarah Hart About the Insurance Library’s Education Fair
This Thursday, September 8, 2011, the Insurance Library of Boston will hold its Education Fair beginning at 3p.m. While most of you have probably received the email alert about this event, Agency Checklists’ thought it might be interesting to hear why the Library Staff think …Read More
The Independent Agents’ Opportunity to Take Back Personal Lines
Jeff Yates, Executive Director of the Agents Council for Technology has written a great article that all MA Agents should read. He has kindly let Agency Checklists reprint it here. Enjoy! Sometimes an opportunity is staring you in the face, but it is invisible to …Read More
MPIUA Activates Two New Numbers and Institutes Coverage Limitation for Hurricane Irene
In accordance with its catastrophe plan, The Massachusetts Property Insurance Underwriting Association (MPIUA) has activated a special telephone number, 1-866-384-3803, for new claim submissions as a result of Hurricane Irene. The MPIUA says that use of this number will substantially increase the organization’s efficiency in responding …Read More
Agent Information To Help Clients Dealing With Damage from Hurricane Irene
Earlier today the Attorney General provided some tips for homeowner’s affected by the storm. Agency Checklists thought that these might be good idea for agents to pass on to their clients dealing with the aftermath of Irene. Reach out to clients and offer to help …Read More
Worst Drivers Could Lose Licenses For Life Under Proposed “Road Menace” Bill
By Matt Murphy STATE HOUSE NEWS SERVICE STATE HOUSE, BOSTON, AUG. 16, 2011….In response to a fatal hit-and-run accident in Taunton two weeks ago, House and Senate Republicans offered a proposal Tuesday that would allow the Registry of Motor Vehicles to permanently revoke the licenses …Read More
Communication During Property Claims Process Crucial to Claims Experience
In the wake of the extensive natural catastrophic losses which have occurred throughout the United States in the first half of 2011, J.D. Power and Associates decided to conduct a study to examine how the communication practices of insurance providers factors in customer satisfaction throughout …Read More
Agency Employees & Past Criminal Convictions
Helping out someone with a criminal record might be a good deed that could cause a serious problem for an agency. Under the federal “Violent Crime Control and Law Enforcement Act of 1994,” it is a federal crime for a person to engage or participate …Read More
Top 10 Stolen Vehicles in the U.S. and in Massachusetts
The NCIB or the National Insurance Crime Bureau released Hot Wheels 2011 this week – its annual list of the vehicles stolen most often nationwide. With one exception the National and Massachusetts Top 10 lists are identical. Agency Checklists created this side-by-side comparison to figure out which one differed. Can you spot it?
MAIA Files 2012 Ballot Initiative to Limit Socio-Economic Rating Factors in Auto Insurance Rates
The Massachusetts Association of Insurance Agents was one of 22 groups yesterday to make the deadline for filing a petition for the November 2012 ballot. Petition No. 11-18 “An Initiative Petition for An Act Banning the Use of Certain Socio-Economic Factors for Insurance Underwriting and …Read More
Fight Over Auto Repair Information Could Land on 2012 Ballot
Courtesy of Kyle Cheney, State House News Service STATE HOUSE, BOSTON, AUG. 3, 2011…..Backers of legislation aimed at boosting independent vehicle repair shops who say they’ve been deprived critical repair information and codes by large auto manufacturers are hoping to settle the hard-fought issue – …Read More
The 2011 Insurance Professional of the Year
2011 with be a year of firsts for the Insurance Professional of the Year Award Ceremony. Although celebrating its tenth anniversary, this year marks the first time that the annual award presented by the Insurance Library Association of Boston will be awarded to an insurance …Read More
The Divide Between Expectations and Reality is Growing for Insurers and Consumers Across the Globe
Accenture, the global management and consulting firm conducted a recent study by surveying owners of life and/or property casualty insurance policies from around the globe. In conducting the online survey, the company interviewed 7,010 respondents which included 1,000 from the U.S., 502 each from China, …Read More
Insurance Tops Google’s Adwords as its Most Expensive Keyword
Larry Kim of WordStream, a Boston-based Search Engine Marketing Firm published an interesting blog post entitled “The Most Expensive Keywords in Google Adwords (And How to Target Them in Your Search Campaigns.) Here is what he had to say: On the heels of Google’s blow-out …Read More
New Requirement for MA Motor Vehicle Insurance Policies
In the interest of promoting transparency to affected consumers, the DOI has announced that all insurers shall be required to include specific language as to the determination of the actual cash value of a damaged motor vehicle as set forth in 211 CMR 133.05(1), or …Read More
Special DOI Bulletin on Insurance Issues for Tornado Victims
The Division of Insurance published Bulletin 2011-13 yesterday for all Property and Casualty Insurers dealing with Emergency Procedures related to the tornado and storm damage that affected Central and Western Massachusetts on June 1st. As a result of President Obama’s approval of Governor Patrick’s Emergency …Read More
Why We Still Get a D- on the 2011 Property Casualty Insurance Report Card
The Heartland Institute published the results of its fourth annual study into the nation’s property casualty regulatory environment. This year Massachusetts again continued to grace the Top 10 Worst States on the classical liberal organization’s list but, unlike past years in which the organization gave …Read More
Narragansett Bay Agrees to Take Over Homeowners Insurance Renewals for State Auto in R.I. & MA
The Narragansett Bay Insurance Company announced last week that it will offer home insurance renewal policies to State Auto Customers in Massachusetts and Rhode Island. State Auto had recently announced to its Massachusetts and Rhode Island independent agents that it would continue to write business …Read More
Combat Cybercrime and Protect Your Agency With Simple Security Steps by Danielle Johnson
This article first appeared on the IIABA’s Agents Council for Technology website and has been reprinted with the permission of ACT and Ms. Johnson. The ACT website provides practical technology information for independent agents, brokers and the industry. What is Cybercrime? Like traditional crime, cybercrime …Read More
New Tornado Figures & Free Legal Advice for Residents of Central & Western Mass on June 22nd
As Insurance Commissioner Murphy mentioned in his Tuesday speech to the Metro South Independent Agents Association (SMIIAA) and as the Division of Insurance made official yesterday, insurance claims resulting from the tornado earlier this month which struck Central and Western Massachusetts now total a whopping …Read More
The Young Agents Committee Summer Kick-Off Event
The MAIA’s Young Agents Committee had their summer kick-off event last night at Bar Louie, Patriots Place in Foxboro (or Foxborough for the old school people.) Agency Checklists was there and met with Melissa Murphy who is the staff liaison to the Young Agents Council …Read More
Insurance Commissioner Connects with Metro South Agents
Insurance Commissioner Joseph Murphy was the keynote speaker at this year’s Metro South Independent Insurance Agents Association Luncheon. The annual event took place yesterday at The Shaw Center in Brockton, MA. Commissioner Murphy gave a brief speech on the state of the insurance industry in …Read More
Further Information Agents Can Provide Clients Affected by the MA Tornado
With the Massachusetts Division of Insurance now estimating the initial property damage claims for last week’s tornado in Western and Central Massachusetts at possibly $90million, here are some further tips from the Office of the Attorney General, the Division of Insurance and other state agencies …Read More
DOI To Go After Non-Compliant Agents
The Massachusetts Division of Insurance recently issued Bulletin 2011-12 giving all licensed resident insurance producers until December 31st of this year to complete their outstanding Continuing Education requirements in order to avoid the suspension of their license or monetary fines. In Review of Continuing Education …Read More
New Study Says A Majority of New Policy Sales Come From Online Insurance Quote Applications
According to the results of the J.D. Power and Associates 2011 U.S. Insurance Shopping Study, for the first time since the study’s inception five years ago, a majority of new auto insurance buyers initiated their policy purchase by applying for a rate quote online. In …Read More
PCI Offers Tornado and Severe Weather Tips for Massachusetts
Massachusetts Agents – if you or any of your clients have been affected by the tornadoes in central and western Massachusetts, The Property Casualty Insurers Association is offering the following recovery information for affected homeowners, renters and business owners. Most tornado, windstorm, hail and similar …Read More
Division of Insurance Issues Revised Bulletin Regarding Private Passenger Group Marketing Plans
On May 19, 2011, the Division of Insurance issued Bulletin 2011-09 which replaces Bulletin 2007-13 regarding the Filing Requirements and Procedures for Private Passenger Motor Vehicle and Homeowners Insurance Group Marketing Plans Pursuant to M.G.L. c. 174 §193R. Like the original Bulletin, this revised version …Read More
MA Chiefs of Police Want to Add $2-$2.50 Surchage to Auto Policies to Fund Training
“We don’t want a crisis and that’s what it’s coming to,” Northborough Police Chief and President of the Massachusetts Chiefs of Police Association, Mark Leahy told the Public Safety Committee late last week while promoting an auto insurance surcharge as the solution to the problem. …Read More
Should Failure to Have Workman’s Comp Insurance be a Felony? The MA AG Thinks So.
Appearing before the Committee on Labor and Workforce Development last Thursday, Attorney General Martha Coakley testified before lawmakers telling them that failure to carry worker’s compensation insurance for employees should carry the same penalty as worker’s compensation fraud. That is, it should be a felony. …Read More
Encompass Insurance Receives $6million in Massachusetts Superior Court Case Against Chiropractors
Encompass Insurance, a subsidiary of Allstate, announced today that The Superior Court of Massachusetts entered civil judgments against Alan and Marc Cohen and has ordered them to pay Encompass $1,155,129 in damages. Encompass was one of four insurers to sue the Cohens and their chiropractic …Read More
New Northeast Regional President for The Hanover
The Hanover Insurance Group announced today that Kelly J. Stacy has joined the company. He will be the regional president of the Northeast Region which includes Massachusetts, Maine, New Hampshire, Connecticut, New York, New Jersey, Rhode Island, and Eastern Pennsylvannia. He replaces Dick Lavey, who …Read More
CAR Extends RFP to June 1, 2011
Commonwealth Automobile Reinsurers has extended the deadline for Executive Recruiting Services proposals until 5pm on June 1, 2011. CAR is looking for recruiter/search firms with a high degree of expertise in order to organize and recruit candidates for the replacement of outgoing President Ralph Iannaco. …Read More
Attorney General Martha Coakley Asks for Suspension of Rule 29D Governing the MAIP
The Attorney General of Massachusetts, Martha Coakley, sent a letter to the Massachusetts Commissioner of Insurance Joseph Murphy today asking him to suspend Rule 29D which governs the state’s residual market system, the MAIP (The Massachusetts Auto Insurance Plan.) Rule 29D reads as follows D. …Read More
Andover Companies Receive Negative Outlook from A.M. Best
A.M. Best Co. announced today its decision to downgrade the Andover Companies Pool and its members outlook from stable to negative and affirmed the issuer credit rating of “aa.” A.M. Best did not revise the financial strength rating of the companies, however, which remains at …Read More
A Crash Course for Police, Insurance Agents by Alison McCall
GRAFTON — “Are you ready to see some car crashes and some car burning?” accident reconstructionist Michael Merolli yells into his microphone as hundreds of people stand and sit expectantly in front of him. A few minutes later, a gray minivan with a bright red …Read More
Student Project Evolves Into Serious Plan to Lower Driving Permit Age
By Matt Murphy STATE HOUSE NEWS SERVICE STATE HOUSE, BOSTON, MAY 10, 2011….When it came time to testify on behalf of his legislation to lower the minimum eligibility age for a driver’s permit, freshman Rep. Steven Levy decided to hand over the duties to a …Read More
The Dangers of Producer Commission Disputes
Massachusetts Agents or Brokers – Do you own your own Massachusetts insurance agency? If so, take heed when contracting with a producer for your agency. While labor and wage disputes are an unfortunate part of running any business, producer commission disputes, more than any other …Read More
Massachusetts Reigns as Most Affordable for Auto Insurance
The 2011 Car Affordability Index was released today with Massachusetts keeping its crown as the most affordable state in which to insure a vehicle. The Index was released by InsWeb, a leading online insurance comparison provider. To compile the list of the top 10 and …Read More
Massachusetts Division of Insurance Revokes Agent’s License and Fines Him $3000
In a Summary Decision issued yesterday, the Massachusetts Division of Insurance Hearing Officer revoked all insurance producer licenses issued to James Timothy Shelnut in Massachusetts. The Division of Insurance also fined Mr. Shelnut $3,000 and prohibited him from directly or indirectly transacting or acquiring any …Read More
One Way to Avoid Large Fines for You & Your Agency
Massachusetts agents, brokers and insurance companies who pay or are paid commissions should always make sure that all their licenses, and the licenses of those who work for them are always up –to-date. Paying commissions to an individual or entity who does not have an …Read More
CAR to Hire Executive Recruiting Services to Find Replacement for Iannaco
Commonwealth Automobile Reinsurers announced that is now accepting Request for Proposals for Executive Recruiting Services to assist the Governing Committee in the selection of a candidate to succeed CAR’s outgoing President Ralph Iannaco. Mr. Iannaco announced his retirement earlier this year effective June 30th. In …Read More
Occidental, GEICO and Bankers Standard Insurance Co. Now Eligible for MAIP Assignments
At the April 20, 2011 CAR Governing Committee Meeting, CAR President Ralph Iannaco announced that three new carriers are now eligible for assignments through the MAIP, the Massachusetts Automobile Insurance Plan. Occidental Fire and Casualty, Geico and Bankers Standard Insurance Company are now eligible for …Read More
Massachusetts Attorney General Coakley Will Not Promulgate Auto Regulations
The Massachusetts Association of Insurance Agents announced on its website today that the Attorney General has decided not to promulgate her proposed auto insurance regulations, 940 CMR 28.00. “Rather she will take a fresh look at ways to protect consumers in today’s competitive automobile insurance …Read More
Massachusetts Workers Comp Rates Will Hold Steady Until September 2012
Worker’s compensation rates will hold steady in the Commonwealth throughout at least September 2012. The Commission of Insurance, Joseph G. Murphy signed the agreement yesterday guaranteeing the rate freeze and savings of approximately $65 million for Massachusetts businesses. The Workers’ Compensation Rating and Inspection Bureau …Read More
Auto Insurance Reform Turns Three
On April 1st managed competition in the Massachusetts automobile insurance marketplace turned three. This change ended the prior fixed and established system under which the Commonwealth set auto insurance rates. The new system, implemented in 2008, created a marketplace that allows companies to compete for …Read More
Mass DOI Cautions Agents on Modifying Certificates of Insurance
The Massachusetts Division of Insurance issued a new bulletin today on the alleged abuses regarding Certificate of Insurances in order to highlight their purpose and correct use. In the bulletin, the Division of Insurance states that it “…has been informed, however, that some insurance companies …Read More
Sites We Like for Agents – The Insurance Library Association of Boston
To better serve the independent insurance agents, brokers, and professionals in the Commonwealth of Massachusetts, Agency Checklists has started a new section of our website entitled “Sites We Like for Agents.” Our goal is to reach out to various insurance groups and associations in the …Read More
Tom Hanks and Rita Wilson Sue Former Insurance Broker
The Claims Journal reported this week that Actor Tom Hanks and his wife, Rita Wilson have filed suit against their former insurance broker for an unspecified amount of damages. The website TMZ was the first to pick up on the story, stating that the J. …Read More
AUTO REPAIR BILL SUPPORTERS CLAIM GROWING RANKS, PUBLIC BACKING
By Kyle Cheney STATE HOUSE NEWS SERVICE STATE HOUSE, BOSTON, MARCH 10, 2011…..Independent auto repair shops, stung by last year’s failure of legislation intended to force BMW, Chrysler, Ford, General Motors and other major manufacturers to share their vehicle repair information, are mounting a renewed …Read More
Sumner Gilman To Return to CAR Governing Committee
Sumner Gilman, President of Economy Insurance Agency, was tapped yesterday to become the newest member of Commonwealth Automobile Reinsurers Governing Committee. Commonwealth Automobile Reinsurers is the industry operated residual market and statistical agent for motor vehicle insurance in the Commonwealth. The Governing Committee is the …Read More
Proposed Amendment to Performance Standards for Payment & Handling of Private Passenger Motor Vehicle Claims
On Tuesday, March 8, 2011 at 10:00 a.m., the Massachusetts Division of Insurance will hold a hearing regarding the proposed amendments to the Performance Standards for the Handling and Payment of Private Passenger Claims by Servicing Carriers. Commonwealth Automobile Reinsurers or CAR adopted these standards …Read More
Proposed $65 Million Rate Hike in Workers Compensation Insurance Blocked
In a joint effort announced today, the Attorney General for Massachusetts, Martha Coakley and the State Rating Bureau of the Massachusetts Division of Insurance, announced that they have brokered an agreement with insurers in the Commonwealth to ensure that worker’s compensation rates will remain flat …Read More
New MAIP Producer Profile Application on CAR Website
As of January 26, 2011, Commonwealth Automobile Reinsurers now offers agents a Producer Profile Application. This new service provides the ability for an agency to view its contact and licensing on file at CAR. The service also allows an agent access to a detailed analysis …Read More
Massachusetts Attorney General Opposes Progressive’s Rate Hike Proposal for Commercial Vehicles
The Attorney General of Massachusetts, Martha Coakley, has made it clear that her office is opposing Progressive Insurance Company’s rate increase of 23.5% for its commercial auto insurance in the Commonwealth. In a letter sent to the Massachusetts Division of Insurance, Attorney General Coakley asked …Read More
And now insurance for iPads
Personal property insurance provider Worth Ave Group has announced that it now provides personal property insurance for iPads. The company, based in Stillwater, OK, has been specializing in personal property insurance for laptops, cell phones and MacBooks since 1971 and is affiliated with National Student …Read More
Arbella topped Donors List to Patrick Inauguration
The State House News Service reported that Arbella topped this year’s list of donors to Governor Patrick’s Inaugural Committee giving $50,000 to the event. In total, Governor Patrick’s Inaugural Committee raised $717,500. The Second Inauguration of Governor Patrick was a more somber affair, held inside …Read More
AG Looking to Make Failure to have Workers’ Compensation Insurance a Felony
On January 27, 2011, Attorney General Martha Coakley announced her office’s legislative agenda for the coming year which will include filing nine new bills tackling subjects as varied as Manslaughter to Second Metals Dealing. The Attorney General noted that ” These bills tackle a number …Read More
CAR Preliminary Sceening Committee Gets to Work
The Commonwealth Automobile Reinsurer’s website posted a special notice on Friday January 28, 2011 regarding its search for a new President after the announcement of current President, Ralph [Buddy] Iannaco’s retirement scheduled for later this year. “The Chairman of the Governing Committee, William Cahill, pursuant …Read More
Waltham Man Indicted on Fraudulent Unemployment and Insurance Claims Totalling $40,000
The Attorney General’s office announced on Friday that John Toyias, age 45, of Waltham, MA was charged with 55 counts of Unemployment Fraud, two counts of Motor Vehicle Insurance Fraud, two counts of Larceny over $250 and Attempted Larceny. Attorney General Coakley said that, “Insurance …Read More
CAR’s President to Retire in June 2011
On January 14, 2011 the Commonwealth Automobile Reinsurer’s website announced the intent of longtime President, Ralph (Buddy) Iannaco, to retire effective June 30, 2011. According to the Insurance Library Association of Boston, Mr. Iannaco began his career in 1964 when he was named Secretary of …Read More
The Hazards of Inaccurate Applications and Signing the Insured’s Name
The dangers of failing to provide truthful answers in insurance applications, and of not getting the applicant’s own signature, were vividly illustrated in a recent decision by a Massachusetts Federal Court Judge. In the case of RLI Insurance Co. v. Santos, __F. Supp. 2d__(D. Mass. …Read More
MA Division of Insurance Issues Guidelines for Alien Unauthorized Insurers Wanting to Write Excess & Surplis Lines
M.G.L. c. 175 § 168A now allows alien insurers, or those insurers formed and operating outside of the United States, to write insurance on an excess and surplus basis. On September 27, 2010, the Massachusetts Division of Insurance published the following Alien Unauthorized Insurer Application …Read More
Alien Insurers Allowed to Write in Massachusetts Excess & Surplus Market
Last month President Barack Obama signed into law The Wall Street Reform Bill. The new law which overhauls the financial regulatory system in the U.S., has also created new opportunities for foreign insurers in the Commonwealth. Previously, the law governing the Massachusetts excess and surplus …Read More
December 31st Deadline For Two Year Assigned Risk Exemption
The Massachusetts Commissioner of Insurance has given new auto insurance carriers until December 31, 2010 to obtain their two year assigned risk exemption. After Massachusetts changed to a competitive rating of personal lines automobile insurance on April 1, 2008, the Commissioner of Insurance issued new …Read More
Governor Patrick Signs Assigned Risk Commission Bill Into Law
Governor Patrick has signed into law a bill granting producers in the Massachusetts Auto Insurance Plan (MAIP) commissions on assigned risk policies written voluntarily by assigned risk carriers. The signing of the bill overrules the Commissioner of Insurance’s decision not to allow producers these commissions …Read More
Legislature Approves Assigned Risk Commission Bill and Sends to Governor
The Legislature passed and sent to Governor Patrick a bill overruling the Commissioner of Insurance’s fourth decision not to allow producers commissions on assigned risk policies written voluntarily by assigned risk carriers. The bill, if signed by the Governor, would also reverse the Supreme Judicial …Read More
Commissioner Disapproves Assigned Risk Commission Rule Again
The Commissioner of Insurance has disapproved for the fourth and probably final time a change to the Massachusetts Auto Insurance Plan (MAIP) that would have allowed producers to be paid commissions on policies voluntary written under the take-out rules of the MAIP. The focus of …Read More
MAIA Speaks Out Against AG Coakley’s Proposed Auto Insurance Regulations
Massachusetts Attorney General Martha Coakley Proposes Comprehensive New Regulations for Chapter 93A that Will Affect the Practices of Massachusetts Agents and Insurers.
Looking at the Massachusetts Independent Contractor Law
Insurance agencies in Massachusetts, for purposes of their own employment practices and those of their customers (e.g. employment benefits clients, workers compensation insureds) need to be mindful of the current law concerning employment classification. Many Massachusetts employers believe that simply issuing one of their workers …Read More
MA Auto Rates Most Affordable in US
In its 2010 Car Insurance Affordability Index, InsWeb Corp. awarded Massachusetts the top spot in a comparison of the most affordable automobile insurance rates in the United States. The June 16, 2010 report can be viewed here. The good news comes only two years after …Read More
Massachusetts AG Martha Coakley Proposes New Uses of 93A in Mass Auto Insurance
On May 27, 2010, Attorney General Martha Coakley proposed comprehensive new regulations that could potentially have far reaching consequences for the Massachusetts Automobile insurance marketplace and those agents who represent it. The proposed regulations fall under 940 CMR 28.00: Automobile Insurance Regulations and can also …Read More
Your guide to running your Massachusetts insurance agency
Agency Checklists.com is an agent’s one-stop shop for all the legal information an agent needs to properly run one’s insurance agency. This website provides the important legal points an agent needs to know during the life-cycle of their insurance agency. Our comprehensive checklists cover all …Read More