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Insurers, agents clash over rebates and electronic notices at financial services hearing
Summary
Trade groups and insurance agents gave opposing testimony on House Bill 1233 (insurer rebates for risk mitigation) and a separate proposal to allow electronic cancellation notices; insurers argued rebates can fund tested mitigation products while some agents warned about undue inducements and consumer risk.
The Joint Committee on Financial Services heard opposing views on House Bill 1233 (insurance company rebates for risk‑mitigation devices) and on companion bills that would permit certain insurer communications electronically rather than by mailed hard copy.
Nick Contralakis of the Massachusetts Association of Insurance Agents told the committee he opposed HB1233 because inducements should remain inside the policy and…
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