An Act relative to reducing racial and socioeconomic inequities in auto insurance premium pricing
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to address potential racial and socioeconomic inequities in how auto insurance premiums are calculated in Massachusetts. It directs the Department of Insurance to study and propose changes to ensure that premium pricing is not unfairly influenced by factors like race or zip code. The goal is to promote fairer and more equitable insurance rates for all drivers in the state.
Key provisions
- Requires the Department of Insurance to study the impact of race and socioeconomic status on auto insurance premium pricing.
- Directs the Department to propose changes to insurance regulations to mitigate identified inequities.
- The study must examine the use of data in premium calculations and identify potential biases.
- The Department of Insurance will consider best practices from other states.
- The study will include an analysis of the impact of redlining and other discriminatory practices.
Who is affected
- Massachusetts drivers
- Auto insurance companies
- The Department of Insurance
Notable changes
- The bill mandates a formal study of potential biases in auto insurance pricing.
- It seeks to establish a framework for more equitable premium calculations.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
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