Low Insurance Rate Approved

Issue 11 and Volume 110.

Low Insurance Rate Approved The New York State superintendent of insurance has upheld as adequate the rates on dwelling houses filed by the Insurance Company of North America. The rate schedule is estimated at 7 to 10 per cent under premiums charged by most other stock insurance companies operating in the state. As a representative ot those companies, the New York Fire Insurance Rating Organization contested North American’s right to base its rates on its own expense of doing business rather than on the industry-wide experience in that regard. In ruling on the matter Superintendent Leffert Holtz said in part, “There is nothing in the law which says that the rating bureaus shall be paramount. To hold otherwise would not be in the public interest. As a matter of fact, competition in the public interest is encouraged.”

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