H3947
An Act relative to the examination of insurance company mergers
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- Passed House
- Passed Senate
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Bill overview
This bill requires the state to examine insurance company mergers more closely. It aims to ensure that these mergers don't negatively impact consumers or the stability of the insurance market. The bill mandates a thorough review process by the state’s insurance regulators before any merger can be finalized. This increased scrutiny is intended to protect policyholders and maintain a healthy insurance industry.
Key provisions
- Requires the Department of Rates and Insurance to conduct examinations of proposed insurance company mergers.
- Specifies the factors the Department should consider during these examinations.
- Mandates the Department to report its findings to the Legislature.
- Establishes a process for addressing potential concerns raised during the examination.
- Requires the Department to assess the impact of mergers on policyholders.
- Focuses on ensuring mergers do not compromise consumer protections.
- Addresses potential risks to the stability of the insurance market.
Who is affected
- Insurance companies
- Policyholders
- The Department of Rates and Insurance
- The Massachusetts Legislature
- The insurance industry
Notable changes
- Increases regulatory oversight of insurance mergers.
- Adds a requirement for a more comprehensive review process.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Jr. John J. Lawn
Cosponsor
Jr. John J. Lawn
Arguments in favor
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Bill H.3947 194th (Current)
An Act relative to the examination of insurance company mergers
By Representative Lawn of Watertown, a petition (accompanied by bill, House, No. 3947) of John J. Lawn, Jr., relative to the examination of insurance company mergers. Financial Services.
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Bill Information
Bill Information
Presenter: John J. Lawn, Jr. Status: Referred to House Committee on Ways and Means
Tabs
Bill History Petitioners Committee Summary Hearing Attendance
Bill History
Displaying 7 actions for Bill H.3947
| Date | Branch | Action |
| 3/31/2025 | House | Referred to the committee on Financial Services |
| 4/3/2025 | Senate | Senate concurred |
| 10/27/2025 | Joint | Hearing scheduled for 11/04/2025 from 10:30 AM-01:30 PM in A-2 |
| 1/15/2026 | House | Accompanied a study order, see H4931 |
| 1/15/2026 | House | Reported from the committee on House Rules |
| 1/15/2026 | House | Reported on a part of H4931 |
| 1/15/2026 | House | Bill reported favorably by committee and referred to the committee on House Ways and Means |
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