Bill > S739

This bill amends Section 117C of chapter 175 of the General Laws to enhance transparency in insurance rate reviews by requiring the insurance commissioner to take three specific actions: (1) create consumer-friendly summaries of proposed insurance rate changes that are written in plain, easy-to-understand language, (2) establish a defined advance notice period that gives consumers adequate time to review potential rate changes before they are implemented, and (3) establish official comment periods during which consumers can provide feedback and input on proposed rate changes. The bill aims to improve consumer understanding and participation in the insurance rate review process by mandating more accessible communication and opportunities for public engagement. These requirements apply across insurance types and supersede any existing laws that might conflict with these new transparency provisions.

Business and Industry

https://malegislature.gov/Bills/194/S739