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Industry: Email Alert RSS FeedAetna gets okay to sue to leave Mass. auto market.
National Underwriter Property & Casualty-Risk & Benefits Management, January, 1991
AETNA GETS OKAY TO SUE TO LEAVE MASS. AUTO MARKET Aetna Life & Casualty is free to pursue its suit against the Massachusetts Insurance Commissioner and Commonwealth Automobile Reinsurers, the state's high risk facility, a federal district judge has ruled. The district judge turned down the defendants' request that Aetna's suit be dismissed.
Aetna seeks to leave the automobile insurance business in the state while continuing to write other lines. Under current regulations, to do so would require the company to pay deficit assessments to CAR for eight years, the cost of which could reach $150 million. Aetna seeks to overturn that regulation. Massachusetts has seen 14 insurers leave its auto market in the past six years. If Aetna is successful, it is...
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