Bill > S562

This bill establishes a special commission to investigate the feasibility of creating a county-managed property insurance entity, initially for Barnstable, Dukes, and Nantucket counties, but open to other interested counties. This commission will comprise various stakeholders, including representatives from the Division of Insurance, insurance associations like the Massachusetts Property Insurance Underwriting Association and the Massachusetts Interlocal Insurance Association, Inc., the mutual insurance industry, the Cape Cod Commission, county commissioners from the involved counties, a consumer advocacy group called Citizens for Homeowners Insurance Reform Inc., the Attorney General, and appointees from the Senate President and Speaker of the House. The commission's review will encompass a cost-benefit analysis, an examination of necessary legal and regulatory changes, a report on past property insurance pricing and loss ratios, an analysis of consumer prices versus the secondary insurance market, an assessment of potential benefits from collaboration with other counties, and an evaluation of whether such an initiative could help mitigate rising flood insurance rates. The commission is required to submit its findings and recommendations to the state legislature by May 1, 2016.