Bill > H962

This bill modernizes the Massachusetts insurer's insolvency fund. Key provisions include: - Expanding the types of insurance covered by the fund to include "cybersecurity insurance" that provides first and third party coverage for data privacy breaches, network security incidents, and related exposures. - Increasing the claim limits covered by the fund to $500,000 per claimant and $1 million for first party property claims from a single occurrence. - Allowing the fund to take actions to recover amounts paid on claims, including from high net worth insureds, and enabling the fund to obtain essential claims information from representatives of insolvent insurers. - Granting the fund legal immunities for actions taken in performing its duties and allowing it to coordinate with other state guaranty funds. - Providing the state insurance commissioner additional oversight and enforcement authorities over the fund and its member insurers. Overall, the bill aims to modernize and strengthen the insolvency fund to better protect policyholders in the event of an insurance company insolvency, particularly in emerging areas like cybersecurity insurance.

Budget and Finance, Business and Industry, Health and Social Services

https://malegislature.gov/Bills/193/H962