Bill > S531

This bill amends existing Massachusetts General Laws 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 changes the requirement for continuous affidavits, which are sworn statements confirming certain details about the insurance placement. Previously, these affidavits had a set expiration date tied to the policy. The bill proposes that for insurance policies renewed, continued, or extended by the same insurance company, a special insurance broker will no longer need to complete a new affidavit if one has already been filed for that coverage. However, before renewing, continuing, or extending such a policy, the broker must verify that the insurance company is on the Division of Insurance's approved list of surplus lines insurers, and the existing affidavit must be kept on file and available for inspection by the Division of Insurance.