Bill > H1049

This bill aims to enhance transparency and consumer protection in the homeowners' insurance industry in Massachusetts. Key provisions include: 1. Requiring insurers to submit hurricane loss projection models and related data to the Attorney General's office for review prior to using them in rate proceedings before the Insurance Commissioner. This ensures independent scrutiny of the models used to justify rate increases. 2. Allowing homeowners to request insurers to reduce the coverage amount offered if it exceeds the assessed or market value of the property by more than 10%, preventing over-insurance. 3. Expanding the governing board of the Massachusetts Property Insurance Underwriting Association (FAIR Plan) to include more representatives from the public, and requiring that at least two public directors reside in coastal counties. 4. Mandating the FAIR Plan to offer a 10-payment premium installment option to all eligible applicants. 5. Requiring insurers to submit the methods, models, and formulas used to determine homeowners' insurance rates to the state's Division of Insurance and the Attorney General's office for approval on an annual basis.

Business and Industry

https://malegislature.gov/Bills/192/H1049