Bill > H922

This bill aims to improve homeowners' insurance in several ways: 1. It requires insurance companies to submit their hurricane loss projection models and related information to the Office of the Attorney General for review at least 90 days before using them in a rate proceeding. This is to ensure transparency and prevent the use of trade secrets that could unfairly impact rates. 2. It allows homeowners to request a reduction in the amount of coverage offered by an insurer if it exceeds the municipally assessed value of the property plus 10% or the market value, as determined by a licensed appraiser. Homeowners can appeal to the Office of the Attorney General if the insurer fails to comply. 3. It modifies the governance structure of the Massachusetts Property Insurance Underwriting Association (the "FAIR Plan") by increasing the number of directors appointed from the general public and requiring that some of them reside in coastal counties. 4. It requires the FAIR Plan to offer a premium installment payment option with 10 payments. 5. It requires insurers to submit the methods, models, and formulas used to determine replacement costs for homeowners insurance to the Division of Insurance and the Office of the Attorney General for approval at least annually.

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https://malegislature.gov/Bills/191/H922