Fair Auto Insurance Rates Act

Fair Auto Insurance Rates Act - Expresses the findings of Congress and declares that the benefits resulting from participation by motorists in gasoline conservation efforts should be returned to the motorists rather than kept by the insurers as "windfall profits".

Directs the Commissioner of the District of Columbia to issue such orders: (1) to reduce, effective as of January 1, 1974, the premium rates for motor vehicle insurance in the District of Columbia by 10 percent; (2) to provide for a refund of amounts paid for such insurance prior to this Act which are in excess of the maximum amount allowable; (3) to conduct, at least every sixty days, a study to determine changes in the rates of motor vehicle accidents, and in the numbers and amounts of payments made by insurers until no appreciable changes occur for one hundred and twenty days; and (4) to adjust the premium rates for insurance after the reduction so as to maintain levels consistent with the determinations made pursuant to this Act.