Bill > H926

This bill aims to increase transparency and fairness in homeowners' insurance rate filings, particularly those that include charges for potential hurricane losses. It requires insurance companies to prove that their hurricane models, used to calculate expected losses, are based on realistic historical hurricane data for Massachusetts and accurately reflect the vulnerability of local homes. Furthermore, if a company includes the cost of reinsurance, which is insurance for insurers, to cover these potential losses, they must clearly show the dollar amount of losses covered and how that amount was determined, with the reinsurance cost not exceeding 100% more than the expected losses. The bill also mandates that insurers offer discounts or reduced deductibles for homeowners who have implemented construction techniques or installed fixtures that strengthen their homes against windstorms, such as reinforced roofs or windows. Additionally, it grants the Attorney General and the Commissioner of Insurance the authority to initiate hearings on rate filings and allows parties in such hearings to access all relevant models and calculations, and empowers the Commissioner to order premium decreases if rates are found to be excessive, regardless of whether the insurance company has requested a reduction.