Bill > H1085

This bill amends Section 102D of Chapter 175A of the Massachusetts General Laws by requiring the insurance commissioner to conduct a biennial (every two years) investigation into flood insurance rates established by the National Flood Insurance Program (NFIP). The investigation will specifically examine three key aspects: the affordability of flood insurance for homeowners and business owners, the overall sustainability of the flood insurance program, and whether the insurance premiums accurately represent the actual risk of potential flood losses. After completing each investigation, the commissioner must make the report publicly available and submit it to the clerks of both the Massachusetts House of Representatives and the Senate. This requirement aims to increase transparency and provide regular oversight of flood insurance pricing and program effectiveness.

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https://malegislature.gov/Bills/194/H1085