Skip to content

A Big Win: Ownership of Expirations Bill Signed into Law

08/06/2010

The following was written by Donna McKenna, VP of Communications at MAIA and was originally printed this week in The Massachusetts Agent.

Governor Patrick Signs Ownership of Expirations Bill into Law

H-4476—An Act Relative to Exemptions in the Massachusetts Automobile Insurance Plan was signed into law on Wednesday, August 4th by Governor Deval Patrick. The new law permanently removes the sunset provision on agents’ ownership of expirations on assigned risk business taken out of the pool and written on a voluntary basis and eliminates the “two-year free ride” from assigned risk assignments for new entrants into the private passenger automobile insurance marketplace.

MAIA President and CEO, Francis A. Mancini, Esq., noted: “Earlier this year when the Massachusetts Supreme Judicial Court (SJC) ruled against MAIA’s effort to protect the ownership of expirations through litigation, we stated that, ‘MAIA will never allow a regulator, legislator or the executive branch to tinker with the ownership and value of your business without a fight.’ The signing of H-4476 brings this fight to a successful conclusion.”

Daniel J. Foley, Jr., Esq., MAIA’s Vice President of Government Affairs and General Counsel, said: “The Governor’s signing of the bill today represents a huge win for the American Agency System because the most valuable asset and lifeblood of an insurance agency — the ownership of the agency’s expirations and the agency/client relationship — is protected.”

 

Joining Governor Deval Patrick as he signed the “Ownership of Expirations” legislation were a number of independent insurance agents and MAIA representatives. From L to R: Linda Webster, Quentin Miles, Marie Armel Theodat, Andy Wening, Jason Calianos, Insurance Commissioner Joseph Murphy, House Assistant Majority Leader Ron Mariano, MAIA National Director Joe Leahy, Tom DePaulo, MAIA Vice President of Government Affairs & General Counsel Dan Foley, MAIA President & CEO Frank Mancini, Andre Devonish, MAIA Immediate Past Chairman John Olivieri and John’s wife Sarah and their daughter Celia.

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: