|MAIA President & CEO Nick Fyntrilakis (center) testifying on the Fair & Accurate Quotes Bill at the Massachusetts State House in 2019.|
MAIA’s persistence pays off! Bill H.4643, An Act Relative to Fair and Accurate Motor Vehicle Insurance Quotes, has jumped all but the final hurdle before it becomes law. It was incorporated into the Economic Development Bill that hit Governor Baker’s desk just as the Legislative Session came to a close last week. “It still needs the Governor’s signature,” said MAIA President and CEO Nick Fyntrilakis, “but we are very excited about this major win for our members! We will continue to advocate with the Governor’s office until it is 100% official.” Upon passage of the law, the bait-and-switch tactics that some direct writers have employed (bind without running the record, then change the pricing after reviewing driving history) can no longer occur.
MAIA proposed the Fair and Accurate Quotes Bill a few years ago, after fielding complaints from members who were losing business to direct writers due to unfair practices. While independent agents were required to run the driving record before binding an auto policy, direct writers were not. For the past few years, MAIA has tirelessly engaged in discussions with legislators, regulators, and industry stakeholders, updating and revising the language until reaching a compromise that all key parties found acceptable.
A victory for MA consumers and independent agents alike, the new law will require every insurer doing business in MA to run the customer’s MA driving record before taking payment or issuing a policy.
We continue to advocate for this legislation and will provide updates accordingly.
MAIA’s Fyntrilakis Testifies on Beacon Hill for Fair & Accurate Quote Bill, Posted by MAIA on October 1, 2019
2017-2018 Legislative Session Report, Posted by MAIA on August 23, 2018