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New Law Will Give More Low-Income Motorists Access to Innovative Insurance Program; Most Participants In Program Were Previously Uninsured Drivers SANTA MONICA, Calif., Oct. 3, 2011 /PRNewswire-USNewswire/ -- Low- income motorists with good driving records will be able to purchase California's innovative Low-Cost Auto Insurance Program online with the enactment of AB 1024 (Hueso), which was signed by Governor Jerry Brown this weekend. Under the new law, California's Department of Insurance will work with the California Automobile Assigned Risk Plan (CAARP), which runs the Low-Cost program, to develop rules for selling the special low-limits auto insurance policy through the website www.MyLowCostAuto.com as well as other approved sites managed by certified insurance agents.
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Notice is hereby given to employers providing workers' compensation insurance under the Workers' Compensation Act and to the public that National Council on Compensation Insurance, Inc. ("Applicant"), on behalf of its member insurers, has applied to the State Corporation Commission ("Commission") for approval of certain changes applicable to voluntary market advisory loss costs and assigned risk rates and rating values for new and renewal workers' compensation insurance policies becoming effective on and after April 1, 2011. Applicant proposes advisory loss costs that Applicant's members may use along with their own expenses and profit and contingency factors in establishing the members' rates for policies written in the voluntary market. The proposed advisory loss costs would produce a...
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Notice is hereby given to employers providing workers' compensation insurance under the Workers' Compensation Act and to the public that National Council on Compensation Insurance, Inc. ("Applicant"), on behalf of its member insurers, has applied to the State Corporation Commission ("Commission") for approval of certain changes applicable to voluntary market advisory loss costs and assigned risk rates and rating values for new and renewal workers' compensation insurance policies becoming effective on and after April 1, 2011. Applicant proposes advisory loss costs that Applicant's members may use along with their own expenses and profit and contingency factors in establishing the members' rates for policies written in the voluntary market. The proposed advisory loss costs would produce a...
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The proposed changes would shift Massachusetts from its current flexible formula to an "assigned risk" plan, where so-called "high risk" drivers are assigned to insurance companies based on the companies' proportion of the auto insurance market. The shift to an assigned risk plan I think is going to have a negative effect on low-income, minority and urban drivers," he told the Banner. "Under the current system, you may know a company doesn't pay claims or has better discounts. So you get to choose. But under an assigned-risk plan, high risk drivers don't choose. "The governor has said that no one should be compromised in terms of their rates based on where they live if we change the formula," said Christopher Geotcheus, spokesman for the Division of Insurance. "So subsidies for territ...
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OneBeacon Insurance Group has reached a deal to sell Melville- based AutoOne, which specializes in insuring high-risk drivers, to Interboro Holdings for an undisclosed sum. Minnetonka, Minn-based OneBeacon founded AutoOne in 2001, to provide services to the assigned risk markets in New York and New Jersey. AutoOne employs 103 in Melville.
