30 March 2009

State Rejects Bids for prince hikes in carinsurance

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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 . "


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