N.J. Allows Some Auto Rate Hikes. (Briefing).The New Jersey Department of Banking and Insurance rejected and approved some auto insurers' rate-hike requests, while several others' requests remain pending. The New Jersey Commercial Automobile Insurance Plan, the state's insurer of last resort insurer of last resort An insurance plan that accepts 'uninsurable' persons who have expensive and/or chronic diseases, and cannot obtain coverage at market rates. See Blues. for commercial vehicles, received approval for a 9.8% rate increase. Selective Insurance Co., which insures about 130,000 cars in the Garden State, dropped its request for an 18.9% rate increase, said Bill Heine Bill Heine is a presenter on BBC Radio Oxford Monday to Friday. In October 2004, he had his time-slot changed from 11am–2pm to 4–7pm to exploit his success with the listeners fully. , a department spokesman. In place of the requested rate increase, the department approved Selective's request to modify its tier-rating system and implement revenue-neutral rate changes. "We resolved it in such a way that they won't won't Contraction of will not. won't will not won't will have to raise their rates," said Heine. "The pie stays the same--the amount of premium it takes in stays (Naut.) in the act or situation of staying, or going about from one tack to another. See also: Stay the same; the slice has changed. Some will pay more, some will pay less," he said. In a similar action, the department approved a tier-rating modification and revenue-neutral rate changes for Motor Club of America, which insures about 40,000 cars in New Jersey. Motor Club, a unit of Preserver Group Inc. is under administrative supervision until Dec. 31, 2001. The department denied Keystone key·stone n. 1. Architecture The central wedge-shaped stone of an arch that locks its parts together. Also called headstone. 2. The central supporting element of a whole. Group's request for a 17.2% rate increase on about 53,000 autos in its AAA Mid-Atlantic The not-for-profit AAA Mid-Atlantic, among the largest of the Clubs in the AAA National Federation, serves nearly four million members in a territory stretching from Northwest New Jersey to Richmond, Va. subsidiary, but it approved an 11.9% increase on 2,900 cars in its Keystone Insurance Co. unit. The department also denied rate-increase requests by Twin City Fire Insurance Co. and CGU CGU Conditions Générales d'Utilisation (French) CGU Claremont Graduate University (Claremont, CA) CGU Chang Gung University (Taiwan) CGU Canadian Geophysical Union Insurance Co. of New Jersey. Twin City, with 22,000 vehicles, had requested a 29.1% increase, while CGU, with 104,000 vehicles, had sought a 29.9% increase. N.J. Auto, Top Writers--2000 Insurers and the New Jersey insurance regulators continue to wrangle over rates. Company % Market Share State Farm 18.0 Liberty Mutual 10.8 Allstate 10.5 New Jersey Manufacturers 9.6 Prudential of America 6.8 Source: A.M. Best Statement and Competitive Analysis Research Products. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion