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MEDIA RELEASEAugust 3, 2011FOR IMMEDIATE RELEASECONTACT: Jim Harrington 617-557-5538 MIF BLASTS INSURANCE AGENTS BALLOT PETITIONCalls Initiative Political stuntBOSTON:- The Massachusetts Insurance Federation (MIF), is calling a move by the Massachusetts Association of Insurance Agents (MAIA) to place a referendum question on the 2012 state ballot which would prohibit the use of a persons credit score in determining auto insurance rates, unnecessary, redundant and completely without merit. This is political grandstanding pure and simple, said James T. Harrington, executive director of the MIF, the trade association representing a majority of the companies writing auto insurance in Massachusetts. And nothing better establishes that than the fact that the MAIAs own parent organization, the Independent Insurance Agents of America (IIABA,) claims that regulation of credit information and credit based insurance scores are an effective , objectively verified and fair risk management tool. No one should misunderstand the agents agenda here; this is about a specific interest group that is unhappy that auto insurance competition has finally arrived in Massachusetts and even more unhappy that it is thriving, stated Harrington. As a regulatory matter, the Insurance Commissioner already bans the use of credit scores and other underwriting factors commonly used in other states. But this group wants a statutory Do Not Enter sign that sends the message to the industry nationally that Massachusetts is hostile to competition and dont bother to invest here. Harrington also noted that since the establishment of managed competition nearly four years ago, 13 companies have entered the Massachusetts market that previously refused to compete here. Consumers should be aware as well that the agents move to ban occupational and educational factors will end hundreds of group discounts that individual companies have used, which are actually marketed by many agents themselves, Harrington said. Massachusetts has finally got it right when it comes to auto insurance competition and now is the worst possible time to do anything that reduces competition or eliminates the discounts that are enjoyed by hundreds of thousands of consumers throughout the Commonwealth. By all measures, including numerous public opinion polls, consumers are pleased that good drivers have benefited from competition with more choices and better rates; to return to a system where good drivers unfairly subsidize bad drivers will be very unattractive to the public, said Harrington. ###
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