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 the announcement it states that the Governing Committee is seeking […]
Commonwealth Automobile Reinsurers
The latest news about the Commonwealth Automobile Reinsurers for the Massachusetts insurance industry
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 the Board of Appeals in the Division of Insurance by […]
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 regulations to induce new automobile insurance carriers to enter the […]
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 […]
