MA H1097

Insurers must submit hurricane loss projection models, software, data, and methodologies to the Attorney General's office at least 90 days before using them in rate proceedings, with trade secrets kept confidential

Homeowners can request reduced coverage amounts if the insurer's offer exceeds the property's municipal assessed value or appraised market value by more than 10%, with a floor at assessed value plus 10%

Insurers must submit their homeowners insurance rate methods, models, and formulas annually to the Division of Insurance and Attorney General for approval

The Massachusetts Property Insurance Underwriting Association (FAIR Plan) board expands to 18 directors, adding 6 public members (4 appointed by Insurance Commissioner, 2 by Attorney General) with at least 2 from coastal counties (Bristol, Plymouth, Barnstable, Dukes, or Nantucket)

The FAIR Plan association must offer premium installment payment plans of at least 10 payments to all eligible applicants