Bill > H1262

This bill proposes several modifications to Chapter 176X of Massachusetts General Laws regarding dental insurance regulations. The bill updates market group size definitions to include individual, small groups (2-50 employees), and large groups (over 50 employees), and introduces new provisions for calculating Risk-Based Capital (RBC), which is a method insurers use to ensure they have adequate financial resources. Specifically, the bill requires life insurers and multi-line carriers to not exceed 700% of their Company Action Level (CAL) when calculating their RBC, while Massachusetts-based health and dental-only carriers will use a different RBC model. The bill also removes a previous provision about carrier contributions to surplus and grants the insurance commissioner the ability to waive specific reporting requirements for carriers unable to provide required information, with the caveat that the commissioner must provide written notice of any such waiver to relevant legislative committees. These changes appear aimed at providing more flexibility in insurance reporting and ensuring appropriate financial standards for different types of insurance carriers.

Business and Industry

https://malegislature.gov/Bills/194/H1262