Bill > H798

This bill aims to protect consumers by standardizing and increasing oversight of automobile insurance policies and bonds. It mandates that all motor vehicle liability policies, which are insurance policies covering damages from car accidents, must conform to a uniform policy text approved by the commissioner, ensuring that both compulsory and optional coverages are presented consistently. Furthermore, any changes to these policies, including coverage, conditions, or definitions, will require the commissioner's approval after public notice and a hearing, following a regulatory process similar to how general regulations are made. The bill also requires that the financial services committee of the General Court be notified of proposed changes at least twenty-one days before any public hearing. The commissioner must approve or disapprove policy forms in writing, specifying reasons for disapproval, and their decisions can be reviewed by the Supreme Judicial Court. The bill also prohibits policies from containing certain exceptions or exclusions for specific accidents or injuries and requires them to include specific provisions. These new rules will apply to all motor vehicle liability policies issued on or after the bill's effective date.