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Aug 30, 2008 5:55 pm US/Eastern

Private Insurers Protest Lower MAIF Rates

BALTIMORE (AP) ―

The private auto insurance industry is objecting to a rate-lowering proposal from the state's insurer of last resort.

Industry representatives told Insurance Commissioner Ralph Tyler at a hearing Friday that the Maryland Automobile Insurance Fund's plan to make coverage more affordable puts the private sector and the state at risk.

The state-controlled fund was created to provide auto insurance to drivers rejected by private companies.

As gas and food prices rise, it wants to reduce rates by an average of about $120 per policy.

The average MAIF policy is about $2,400 a year. Tyler delayed his decision after the hearing to give both sides more time to provide written information.

Tyler's decision is expected in several weeks.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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