Bill > A11298

This bill requires insurers offering commercial property insurance, commercial general liability insurance, and personal residential property insurance to obtain prior approval from the superintendent of insurance before implementing new rates, meaning rates cannot be used until approved or a specific waiting period passes without disapproval. Additionally, for certain covered policies, insurers must provide a written explanation on the premium bill or declarations page detailing the amount of any premium increase and the primary rating factors or material changes that led to the increase. Furthermore, insurers that issue homeowners' insurance policies and have consistently high premiums and investment returns above benchmarks set by the superintendent will be required to refile their rates and, in certain circumstances, reduce them.