Bill > H904

This bill modifies existing Massachusetts law concerning special insurance brokers, who are licensed to place insurance with companies not authorized to do business in the state, often referred to as surplus lines insurance. Specifically, it amends Section 168 of Chapter 175 of the General Laws to eliminate the requirement for a special insurance broker to file a new affidavit every year or upon policy expiration for insurance policies that are renewed, continued, or extended by the same insurance company. Instead, if the broker has already filed an affidavit for a particular policy, they will not need to file another one for subsequent renewals, provided they confirm that the insurance company is on the Division of Insurance's approved list of surplus lines insurers before the renewal. The original affidavit must still be kept on file by the broker and made available for inspection by the Division of Insurance.