The bulletins were issued based on a series of meetings with insurance companies, taxicab companies and the taxicab driver community. After a year of meetings with the insurance companies that provide coverage to taxicab drivers, it was decided that January 2006 would be the implementation date for the six-month policy provision of the rulemaking. DISB has allowed the insurers until July 2006 to develop a plan for offering the additional coverage required by the bulletins.
As a result of the changes, the insurance providers lowered their rates to stay competitive. Among the four taxicab insurance providers in the District-Amalgamated, Crown, Columbia Federal and Equitable Liability-three filed lower rates under the six-month policy than under the two-week policy (on a bi-weekly basis). Crown, as a captive insurance company, is not required to file rates and its rates remain the same.
"This is an important first step in reforming the industry," said Causton A. Toney, chair, the District of Columbia Taxicab Commission. "In the end, taxicab owners will see wider options for providing better coverage at an affordable rate."
Hampton added, "Taxicabs provide a vital service to the District's businesses, residents and tourists. As insurance regulators, we want to make sure our policy is in line with the changing needs of this important industry."
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