WBZ NEWSRADIO 1030 - Insurance commissioner denies rate increase

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02:59am EDT, 05/12/08

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Posted: Thursday, 08 May 2008 4:20PM

Insurance commissioner denies rate increase

D.H.

Boston (AP) -- The state Insurance Commissioner has rejected a request for a sharp rate increase by the state's home insurer of last resort.

The FAIR plan had requested a 13.2 percent statewide increase, including a 25 percent increase for coastal homeowners.

Commissioner Nonnie Burnes found the request wasn't backed by timely or accurate data.

She said the FAIR plan filed for new rates before it carefully analyzed its own needs for reinsurance, which it buys in case it must pay large numbers of claims after a catastrophe.

The plan instead estimated its reinsurance expense, but Burnes said that wasn't adequate.

Burnes also said the FAIR plan used old data in its request.

The FAIR plan is a state-created insurer for cases where private insurers decline coverage.

More than 150,000 homeowners participate.

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