Bill > H915

This bill aims to reform how automobile insurance rates are set by prohibiting the use of certain factors in determining those rates. Specifically, it amends existing laws to prevent insurance commissioners from grouping risks based on sex, marital status, or geographical location when fixing insurance rates, although it allows for age-based rate reductions for individuals 65 years or older. The bill defines "geographical location" broadly to include any area within the commonwealth, even those identified by zip code, and explicitly states that private passenger motor vehicle insurance rates, premiums, or risk classifications cannot be based, in whole or in part, on such locations. Additionally, it introduces provisions for classification credits to encourage insurance companies to voluntarily write policies for certain risk groups that might otherwise be disproportionately represented in an insurance plan, ensuring no single classification is unfairly burdened. The bill also removes references to "territories" in relation to insurance rate setting and classification.