U-Bahn-NEWS New Jersey letter designated car insurer, to borrow some gains
Citing a law on auto insurance affordable, maintain in New Jersey, the state of play yesterday ordered two companies return $ 1.7 million in gains of nearly 60000 policyholders.
The state Department of Banking ordered Liberty Mutual Fire Insurance Company of Williamsport, Pennsylvania, again to pay $ 1.5 million of its customers 55000 auto insurance and Electric Insurance Company of Beverly, Massachusetts, to return over 200000 dollars to about 3000 Clients, said Winnie Comfort, a department spokesman.
A spokesman for Liberty Mutual, Betsy Bottino said that the company has no objection against the order of repayment.
1983 Under a law on government officials to evaluate each year the average profits of self-insurance during the last three years, said comfort. If three years averaged over 6 per cent of revenue from companies after taxes, the surplus is divided between policyholders, “said comfort.
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