Bill > H2194

This bill aims to address homeowners' insurance rate filings in Massachusetts that include charges for expected hurricane losses or other catastrophes. The key provisions are: 1. Insurance companies must demonstrate that the hurricane frequency and damage projections in their models accurately reflect the historical data and the vulnerabilities of Massachusetts homes. 2. Insurance companies must provide detailed information on the expected hurricane or catastrophe losses covered by their reinsurance and ensure that the reinsurance charges do not exceed 100% of those expected losses. 3. Insurance companies must offer reasonable discounts, credits, or other rate adjustments for homes with fixtures or construction techniques that can reduce windstorm damage. 4. The Commissioner of Insurance is given the authority to order specific decreases in already effective premiums if they are deemed excessive, regardless of whether the insurance company has filed for a decrease. The bill aims to increase transparency and accountability in how insurance companies calculate and justify homeowners' rates related to hurricane and catastrophe risks in Massachusetts.

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https://malegislature.gov/Bills/190/H2194