The Division of Insurance has rescheduled the FAIR Plan Rate Hearing that was to have taken place on December 19, 2011. The new hearing date is January 19, 2012 at 10:00 a.m. at the offices of the Division of Insurance and will consider whether to approve the Massachusetts Property Insurance Underwriting Association’s rating filings for property it insures.
The DOI says that the MPIUA has submitted rate, rule and form revisions for the following:
- Homeowners Mutli-Peril Insurance – +7.2 percent
- Dwelling Fire and Extended Coverage – +6.0 percent
- Commercial Fire and Allied Lines – 0.0 percent
The proposed effective date for these new rates is December 31, 2011 and the filings can be reviewed anytime during the DOI’s normal business hours.
Unfortunately, those dates to notify the DOI of a person’s intention to exercise their statutory right to intervene ended on November 23rd, however, “…any person who wishes to make an oral statement on January 19, 2012, is asked to submit a Notice of Intent to Make a Statement on or before January 13, 2012.” The DOI says all other persons will be heard after those who submit such notice.
