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The primary mission of the Division of Insurance is to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products.
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Responding directly to concerns raised by the small business community, Governor Deval Patrick directed the Division of Insurance to investigate potential solutions to escalating premiums. The Division will hold hearings to examine small business premium increases, focusing specifically on work insurers are currently doing to reduce costs and future steps that may be necessary to eliminate the substantial increases impacting the small-group market. Click here to see hearing schedules and other related announcements.
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Regulatory Information
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On April 1, 2008, the Massachusetts Division of Insurance inaugurated the change to a more competitive auto insurance market. In doing so, the state transformed from a fixed rate setting by state regulators to "managed competition." Massachusetts is the last state in the country to move from state-set auto insurance rates to a competitive rating system.
To read the executive summary of the report, please click here
Report to the Joint Committee on Financial Services of Efforts Made to Facilitate the Transition of Exclusive Representative Producers to Voluntary Agents
Chapter Nine of the Acts of 2009, An Act Relative to an Appeal of Insurance Premium Surcharges under Managed Competition (the Act), became law on April 15, 2009. Section Three of the Act states that the Commissioner of Insurance (the Commissioner) shall file a report with the joint committee on financial services regarding her efforts "to facilitate the transition of exclusive representative producers to voluntary agents and the outcome of those efforts…" The Act also states that the Commissioner shall report on insurance premium payment plans and requisite down payments in the voluntary and residual private passenger automobile insurance markets. This Report details my, and my staff's, extensive efforts to meet these goals.
To read the report, please click here
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