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APCIA urges modernization bill to exempt specialty commercial lines from rate and form filings
Summary
The American Property Casualty Insurance Association told the Joint Committee on Financial Services that House Bill 1105 would modernize business-to-business insurance transactions by exempting certain specialty commercial lines from routine rate and form filing requirements, arguing the change would spur competition and innovation.
Jonathan Treiber, representing the American Property Casualty Insurance Association (APCIA), testified in support of House Bill 1105, a proposal to modernize treatment of certain business-to-business insurance transactions by exempting specialty commercial lines from routine state rate and form filings.
Treiber said H 1105 builds on section 224 of chapter 175, which already exempts certain large-commercial purchasers from filing requirements, and would expand that principle to additional specialty lines. He told the committee the bill would not apply to medical-malpractice insurance and that the Division of Insurance would retain oversight authority to request underwriting files, statistical premium and loss data, and to reinstate filing requirements for any exempted line lacking adequate competition.
Proponents said the exemption would encourage specialty insurers to offer more products in Massachusetts and allow insurers to react more quickly to technological or market changes; APCIA argued the division could thus focus its resources on personal lines regulatory oversight. The committee took testimony and did not vote.
