N.J. Says Reforms Let State Farm Drop Rate
NU Online News Service, March 2, 4:04 p.m. EST?New Jersey's regulators are again touting the benefits of their insurance reform legislation after a major auto insurer there dropped rates for the second time in less than six months.[@@]
Banking and Insurance Commissioner Holly C. Bakke said that State Farm Indemnity has filed for a second voluntary rate reduction for its policyholders. The reduction, which would become effective May 1, would result in an overall decrease of 5.1 percent statewide. The reduction would apply an average 4.2 percent accident-free discount to qualified policyholders and a .9 percent decrease for comprehensive coverage.
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