Massachusetts H1263 aims to reduce racial and socioeconomic inequities in auto insurance premium pricing.
Massachusetts H1263 amends Chapter 175E of the General Laws to address racial and socioeconomic inequities in auto insurance premium pricing. The bill mandates that insurers file rates within 60 days of the bill's passage. It requires the Commissioner of Insurance to disapprove or suspend any rate filing that does not conform to the bill's provisions. Insurers must justify their rates with supporting information, including actuarial justification for territorial and statewide average loss cost indications.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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