Insurance Commissioner Murphy appointed Mr. Olivieri to the CAR Governing Committee in July of this year
At CAR’s annual meeting last Wednesday, the Governing Committee elected M. John Olivieri, Jr., of the J.K. Olivieri Insurance Agency, as its new Chairman and David H. Cochrane of Mapfre/Commerce. Both the current Chairman and Vice Chairman of the Governing Committee did not stand for reelection. Mr. Olivieri replaces William J. Cahill, Jr., of the Hanover Insurance Company, who has been Chairman since 2010. Mr. Cochrane replaces Mr. Richard P. Jones, of the Leslie S. Ray Insurance Agency, Inc. In a meeting that lasted all of two minutes, the votes in favor of both Mr. Olivieri and Mr. Cochrane were unanimous.
For those unfamiliar with the Commonwealth Automobile Reinsurers, or CAR, it is the industry operated residual market and statistical agent for motor vehicle insurance in Massachusetts. The Governing Committee is the body “…responsible for the administration of CAR, including the preparation and filing of the Plan and Rules of Operation and the adoption and filing of any amendments to the Plan or Rules of Operation.” The Governing Committee is comprised of thirteen members appointed by the Commissioner of Insurance to serve a six-year term. Seven members are from insurance companies, with the remaining six spots appointed to associations representing Massachusetts insurance agents. Two of the six members representing insurance producers are assigned risk producers, or agents who do not have a voluntary contract.
A look at the new Chairman
Mr. Olivieri is a partner of the J.K. Olivieri Insurance Agency. Mr. Olivieri’s father, John K. Olivieri began the agency in 1979 in Brockton, eventually moving the company to its current location in Middleboro in 2004. Upon graduating from college, Mr. Olivieri joined the Lexington Insurance Company. In 1993, Mr. Olivieri entered the family firm, becoming a full-time employee of J.K. Olivieri in 1994. In 2003, both John and his brother Ken became partners in the agency. In addition to being a licensed broker, Mr. Olivieri is also a licensed advisor and has earned the insurance industry designations of Certified Insurance Counselor and Accredited Advisor in Insurance.
CAR’s Annual Report was also distributed at the meeting.
Aside from the election of the new Chairman and Vice Chairman of the Governing Committee, there was no other formal business conducted during this year’s annual meeting. Having begun at 10:30 a.m., the meeting adjourned at approximately 10:33 a.m.
The annual report for CAR for 2011, however, was made available during the meeting. An official copy is provided below.
View the CAR 2012 Annual Report here.
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John P. Tierney, FCAS, MAAA Reappointed to CAR Governing Committee
Sumner Gilman Reappointed to CAR Governing Committee
CAR’s Proposed Changes to Commission Payments For ARPs Approved
