30 March 2009

State Rejects Bids for prince hikes in carinsurance


NewYork (AP) the New
York State Superintendent of
Insurance announced yesterday
that he has rejected 100 automobile insurance rate increase
applications because a 1977 law
limiting liability payments is succeeding in keeping costs down.
Albert B . Lewis said that the
new law has "stoped the rip
off by doctors , hospitals , lawyers
and claimants " against the insurance companies .
He added that his rejection of
the increases will stand pending
two public hearings next month
and that no new rate increases
will take effect for the remainder
of 1978 .
He praised the 1977 Automobile Insurance Reform Act and
said that since it was enacted
payments to claimants have decreased .
Lewis said his department
found that during the second
quarter of this year , April through
June, the Empire and Allcity
Insurance companies -two companies they were monitoring
had the lowest loss expenditure figures
in the last 2 1/2 years . "