State Rating Bureau
The SRB is responsible for reviewing property and casualty (liability) insurance policies and rates, including private passenger automobile, commercial automobile, homeowners, workers’ compensation and medical malpractice rates, as well as workers compensation preferred provider arrangement applications and automobile insurance direct payment plans for compliance with applicable laws and regulations. The SRB also collects and analyzes statistical data to provide technical advice to the Commissioner on oversight of the auto, workers' compensation, home, medical malpractice, and transportation network insurance markets.
The SRB also serves as a consumer representative in statutorily required hearings on the appropriateness of rates as needed.
Policy Form Review
The Policy Form Review Section is responsible for reviewing property and casualty, life and annuity, and individual accident and sickness filings made by insurance companies to ensure they are consistent with Massachusetts laws. This review process includes ensuring that policy provisions are reviewed to determine that they are not misleading, deceptive or not in the public interest as well as evaluating proposed rates to confirm that they are reasonable, adequate, not excessive, nor unfairly discriminatory.