Bill > H949

This bill amends the laws related to homeowners' insurance in Massachusetts. It requires insurance companies to submit their hurricane loss projection models and other data to the Office of the Attorney General for review before using them in rate proceedings. The bill also allows homeowners to request a reduction in the amount of coverage offered if it exceeds the assessed or market value of the property by more than 10%. Additionally, it changes the governance of the Massachusetts Property Insurance Underwriting Association, which provides coverage for high-risk properties, by increasing the number of directors from the general public and requiring them to have no affiliation with the insurance industry. The bill also requires insurers to offer a 10-payment premium installment option and to submit their homeowners' insurance rate-setting methods, models, and formulas to the Division of Insurance and the Office of the Attorney General for approval annually.

Business and Industry

https://malegislature.gov/Bills/193/H949