An official copy of the DOI’s Bulletin No. 2014-08 can be accessed below
The Massachusetts Division of Insurance has issued the following Bulletin outlining the Policy Term Requirements for Insurance Policy Premium Quotes. The purpose of the bulletin, which is to promote and effect greater transparency and competition within the Massachusetts private passenger automobile insurance marketplace, goes into effect on February 15, 2015.
The following is the relevant information from Bulletin No. 2014-08:
A copy to the official bulletin can be viewed by clicking on the image above
In order to promote greater transparency and healthy competition in the Massachusetts private passenger motor vehicle and personal property insurance markets, the Division of Insurance (“Division”) expects that all insurance companies and insurance producers selling products in these markets shall prominently display the policy term associated with any premium quote produced for an applicant’s consideration prior to the applicant’s decision to purchase a new policy. This information is essential to an insurance consumer’s ability to accurately compare both coverage and price.
Any coverage information or policy premium quote for a policy period that is different from a one year period that an applicant may view electronically via website or e-mail, as well as any copy of a premium quote for a policy that is different from a one year period that an applicant may print or electronically store from a website or e-mail or that is printed for the applicant by an insurance producer, shall meet the following criteria:
If a monthly premium is quoted, the policy premium for the total policy term associated with that quote, and the total duration of the policy term, shall also be prominently displayed next to[1] the monthly premium.
The full policy premium quote for the entire policy term, and the total duration of the policy term, shall be prominently displayed on any coverage documents associated with the quote in the top half of the page as viewed or printed.
By what date do Massachusetts private passenger insurance companies need to comply with this 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 with questions, Mathew Mancini, Director of the State Rating Bureau can be contacted either at (617) 521-7459 or matthew.mancini@state.ma.us.
[pullquote]The Division expects to see these disclosure requirements implemented in all sales information that is customized and provided to a consumer for further consideration throughout the private passenger motor vehicle and personal property insurance markets by no later than March 15, 2015. [/pullquote]The Division expects to see these disclosure requirements implemented in all sales information that is customized and provided to a consumer for further consideration throughout the private passenger motor vehicle and personal property insurance markets by no later than March 15, 2015.
View an official copy of the Division of Insurance Bulletin 2014-08 here:
