Mass. FAIR Plan Rate Hike to be Heard Nov. 3
The Massachusetts Property Insurance Underwriting Association (MPIUA), also known as the FAIR Plan, has filed for rate increases for its multi-peril homeowners risks. The FAIR Plan is seeking a 4.5 percent increase in rates for HO Forms 2, 3 and 5; a 1.3 percent hike in HO6; and a decrease of 1 percent for HO 4.
The Division of Insurance has scheduled a hearing on the rate filing for Nov. 3.
For the first time, the FAIR Plan has included a provision for underwriting profit and contingencies. Its filing also includes a factor to account for potential hurricane losses.
The proposed effective date for each filing is Dec. 31, 2004.
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