Citizens for Homeowners Insurance Reform


Click below to read the 3 recent Boston Globe Articles
on Liberty Mutual from April 11, 18, 20, 2012

  • Soaring greed at Liberty Mutual
  • Liberty Mutual critics decry pay package
  • Mass. regulators should probe Liberty Mutual CEO’s pay
    Paula's email to legislators:

     

    Dear Legislators,
    After reading the 3 recent Globe Articles on April 11, 18, 20, 2012 we have great concerns that the Commissioner of Insurance, Joseph Murphy, is not doing his job to protect MA consumers in insurance rate filings.
    According to the Globe, Liberty Mutual has received a $ 46.5 million tax break from the Commonwealth for giving 600 jobs. Are we buying jobs these days? With cities and towns around the state losing state revenue it is unconscionable to give a tax break to a rich company like Liberty Mutual. 
     
    Liberty Mutual CEO Mr. Kelly received a salary of about $ 50 million- a- year- for the past 4 years.
     
    This payment is grossly excessive and most likely raises premiums to policyholders. I have a call in to the DOI to see how many rate hikes Liberty Mutual received over the past 5 years.
     
    Commissioner Murphy's comments in the April 20th article stating " It's not our role to tell companies how to run their business" is so wrong and an indication that he does not believe the DOI has any responsibility in making sure consumers are not being ripped off. No wonder we are seeing any progress with rates.
     
    The MA DOI should be denying rate filings from insurance companies who pay outrageous salaries, add lobbying costs into the numbers and accrue any other excessive expense. 
     
    The definition of an insurance commissioner according to Blacks Law Dictionary is a : Public officer in several of the states, whose duty is to supervise  the business of insurance as conducted in the state ----, for the protection and benefit of policyholders,.... ( not insurance companies).
     
    We are asking the MA DOI to do an investigation into the past 5 years on any rate increases for Liberty Mutual. If it is found that there have been excessive expenses added into rate filings, we want a rebate for all policyholders.
     
    We want proof that the DOI has done this review and will ask the AG to investigate as well.
     
    Policyholders in Mutual Companies are " members"of the company. Were  policyholders aware of this kind of spending?
     
    We are asking the Governors Office for answers on who and why Liberty Mutual received a $ 46.5 million Tax break from the Commonwealth.  Where is the written documents discussing this transaction?
    Is this a political favor?
     
    We need your help on these matters. Citizens are all done with sitting back, we want answers especially before elections.
     
    Thank You,
    Paula Aschettino. 
    Chair/Founder
    Citizens for Homeowners Insurance Reform 
    508-240-5231
     

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