A regulator's decision to approve a big premium hike for coastal property owners by Massachusetts' public insurer of last resort has been approved by the state's highest court.
The Monday decision by Massachusetts Supreme Judicial Court was a defeat for State Attorney General Martha Coakley, who had challenged the rates as excessive.
Former State Insurance Commissioner Julianne Bowler in 2006 had approved rate increases of 25 percent on Cape Cod, the nearby islands and in other coastal areas, and 12.4 percent elsewhere for the Massachusetts Property Insurance Underwriting Association (MPIUA), the state's Fair Plan.
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