Gov. Racicot’s statement is below.
“Beginning April 1, we will see the most significant development in 30 years of auto insurance regulation in Massachusetts. The tightly regulated market in the Commonwealth that once precluded innovation and deprived consumers of many options and benefits has taken a backseat to new managed competition regulations.
“Thanks to Commissioner Burnes and the administration of Gov. Patrick, the new system will provide Bay State drivers the opportunity to share in the choice and benefits of competition like their neighbors in the rest of the country. For the first time in more than 30 years, automobile insurance companies are offering different products, prices and discounts for responsible drivers and consumers will finally have the ability to shop around and make their own choices.
“Competition is already off to a strong start. Over the last few months, insurance companies have been aggressively marketing their competitive rates and policy enhancements, while consumers have been checking web sites and being selective in the decisions they make. All of this points to a healthy and sustainable competitive environment providing consumers with meaningful choice of company, products and service.
“There has long been a desire in the Massachusetts market for competition from both consumers and insurers. I commend Commissioner Burnes and the Patrick Administration for their tireless efforts in making this shift to competition which is of historical proportions in Massachusetts public policy. Insurers are ready, willing and able to compete and we encourage consumers to embrace this opportunity to revitalize and modernize the auto insurance marketplace in the Commonwealth.
“The AIA and our member companies look forward to working with the Division to assure a smooth and successful transition to a competitive market for private passenger insurance in Massachusetts.”