Bill > S578

This bill amends Chapter 175 of the General Laws to require insurers to provide 45-day written notice to the first-named insured and the insurance producer of record before implementing any premium increase exceeding 15% or any coverage elimination, reduction, diminution, or increased deductible not at the request of the insured. If the insurer fails to provide such notice, the coverage will remain in effect until notice is provided or the insured obtains replacement coverage. The bill also outlines the calculation of any pro-rata earned premium if the insured elects not to renew, and specifies that the notice requirement does not apply to changes based on the altered nature or extent of the risk insured or to insurance producers who are employees or exclusive agents of the insurer.

Business and Industry

https://malegislature.gov/Bills/190/S578