Bill > H2950

This bill aims to reform the homeowners insurance market in several ways: 1. It requires insurers to submit all hurricane models, software, methods, data, and other relevant information to the Office of the Attorney General for review at least 90 days before using them in a rate proceeding before the Commissioner of Insurance. This is to ensure transparency and allow the Attorney General to review the models. 2. It allows homeowners to request that their homeowners insurance coverage be reduced to an amount not lower than 110% of the municipally assessed value of their property, if the original coverage amount exceeded this by more than 10%. This gives homeowners more flexibility in choosing coverage limits. 3. It changes the governance structure of the Massachusetts Property Insurance Underwriting Association (the "FAIR Plan"), which provides insurance for high-risk properties. The bill increases the number of directors appointed from the general public, with requirements that some reside in certain coastal counties. 4. It requires the FAIR Plan to offer a premium installment payment option with 10 payments. 5. It requires insurers offering homeowners insurance to submit the methods, models, and formulas used to determine replacement costs for approval to the Division of Insurance annually.

Business and Industry

https://malegislature.gov/Bills/190/H2950