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 Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to address racial and socioeconomic inequities in how auto insurance premiums are calculated in Massachusetts. It seeks to ensure that premium pricing is not unfairly influenced by factors like race or socioeconomic status, potentially leading to more equitable rates for drivers. The bill proposes to examine and potentially modify the current practices used by insurance companies to determine premiums. It’s intended to promote fairness and reduce disparities in the cost of auto insurance.
Key provisions
- Requires the Department of Insurance to study the impact of race and socioeconomic status on auto insurance premium pricing.
- Directs the Department of Insurance to develop recommendations for addressing identified inequities.
- May explore the use of alternative data points beyond traditional risk factors in premium calculations.
- Could potentially establish guidelines or standards for insurance companies regarding premium setting practices.
- Focuses specifically on auto insurance premiums, excluding other types of insurance.
Who is affected
- Massachusetts drivers
- Auto insurance companies
- The Department of Insurance
- Individuals from historically marginalized racial and socioeconomic groups
Notable changes
- The bill proposes a review of existing premium calculation methods.
Bill text
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Sponsors
Official sponsors from legislative records.
4 on record
Primary sponsor
Cosponsors
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