Mass. Senate Approves Deregulation Bill
NU Online News Service, June 11, 2:43 p.m. EDT?The Massachusetts Senate has approved a bill to ease regulations of certain commercial insurance policies and remove the requirements for prior approval of rates when insurers are issuing policies to large commercial insurers. [@@]
The bill, HB 1700, was passed by the House in late March and was approved Wednesday by the state Senate.
Insurance industry representatives said approval of the bill is a positive move which they expect to further open up the state insurance market.
Massachusetts is one of the most heavily regulated insurance marketplaces, noted Roger Morris, spokesperson for the Property Casualty Insurers Association of America, based in Des Plaines, Ill.
Mr. Morris commented that during the previous process of rate approval inspectors could take several months to arrive at a decision before an insurer could move forward with policy issuance.
"The new bill removes the long wait to get approval for rates with larger accounts and it definitely makes Massachusetts a more attractive place to commercial insurers."
The bill is expected to be signed into law by Mass. Governor Mitt Romney.
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