We have been closely following the progress of a Massachusetts bill that would realign the Commonwealth’s reinsurance regulations to make them more consistent with the increasingly global nature of insurance and reinsurance markets. We previously reviewed the substance of the bill, An Act Relative to Reinsurance Requirements
, and we blogged about its favorable report from the Massachusetts Legislature’s Joint Committee on Financial Services last month here
We previously noted that the bill is now pending before the Massachusetts House Committee on Ways and Means. Yesterday, that committee assigned the proposed act a new bill number (HB 4030) and concurred in the Financial Services Committee’s minor amendment to the text of the bill, which has the support of the Commissioner of the Division of Insurance. The bill remains in committee, and awaits a further report to the full House.
We will continue to monitor and report.