Bill
Bill > S703
MA S703
Relative to reducing racial and socioeconomic inequities in auto insurance premium pricing
summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd General Court
Bill Summary
For legislation relative to reduce racial and socioeconomic inequities in auto insurance premium pricing. Financial Services.
AI Summary
This bill aims to reduce racial and socioeconomic inequities in auto insurance premium pricing. It amends Chapter 175E of the General Laws to require auto insurance providers to limit the weight of territorial classifications in their rating plans to no more than 75% of the individual territorial loss cost indication, with the remaining 25% or more being based on the statewide average loss cost indication. This is intended to diminish the disparate impact of auto insurance rates and premiums on policyholders in different territories. The bill also grants the Commissioner of Insurance the authority to promulgate additional rules and regulations to further the intent and purpose of this legislation.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Accompanied a study order, see S2636 (on 02/12/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/193/S703 |
| BillText | https://malegislature.gov/Bills/193/S703.pdf |
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