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 the Board of Appeals in the Division of Insurance by […]
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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 Court decision that upheld the Commissioner’s denial of such commissions. […]
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 producers looking to maintain their property interests in such policies […]
