Public Meeting Notice  Public Meeting Notice: Premium Finance Board October 13, 2020 meeting

This will be a meeting of the Premium Finance Board.

Agenda

PROCEDURAL ITEMS

1. Call to order
2. Opportunity for opening statements from members
3. Approval of minutes from prior meeting
4. Discussion of:
   1. Available data regarding rates and types of available insurance premium finance contracts
   2. Compiling available information discussed in the previous meeting, potentially including some or all of the following:
      1. The total dollar amount of premium financed and number of policyholders by coverage line
      2. The interest rates charged to policyholders and how these rates are determined
      3. The structure of the finance agreements (e.g., down payment percentage and number of installments)
      4. The extent to which premium finance companies are taking on unsecured risk
      5. Financial results relating to the past few years of premium finance transactions (e.g., revenue, costs and profits, assets, liabilities and surplus)
      6. A summary of arrangements with insurance producers and other financial institutions, if any, relating to premium finance transactions
      7. An indication of the number and percent of premium finance transactions on which premium finance companies lost money over the past few years. 
   3. Possible additional steps to obtain additional data
   4. Impact of the pandemic on premium financing in MA
5. Possible dates for next meeting

PRESENTATIONS/ACTIONS

1. Discussion of issues above; potential scheduling for next meeting

All Premium Finance Board meetings are accessible to participants with disabilities. To request a reasonable accommodation, please contact Chloe Williams at Chloe.williams@mass.gov or at (617)-963-2910. 

Note: this agenda has been prepared in advance and does not necessarily include all matters which may be taken up at this meeting.