Resolved, That there shall be a special commission to review the feasibility of creating a county managed property insurance entity to serve the counties of Barnstable, Dukes and Nantucket, and any other county interested in pursuing this option. The commission shall consist of: the Commissioner of the Division of Insurance or a designee; a representative of the Massachusetts Property Insurance Underwriting Association; a representative of the Massachusetts Interlocal Insurance Association, Inc.; a representative of the mutual insurance industry of Massachusetts; the executive director of the Cape Cod commission or a designee; a Barnstable county commissioner or a designee; a Dukes county commissioner or a designee; a Nantucket county commissioner or a designee; a representative of Citizens for Homeowners Insurance Reform Inc., a consumer group with experience advocating for equitable property insurance rates in Massachusetts; the attorney general or a designee; a member appointed by the senate President; and a member appointed by the speaker of the house.
The commission’s review shall include, but not be limited to, the following:
(i) a cost-benefit analysis of a county-managed property insurance office providing service to property owners in Barnstable, Dukes, and Nantucket counties;
(ii) a report on the legal and regulatory changes needed to create a county property insurance entity, including review of best practices from other governmental entities;
(iii) a report on past property insurance pricing, including an analysis of loss ratios in various sectors of the market and Commonwealth;
(iv) an analysis of the relationship of consumer prices to the secondary insurance underwriting market and ways to improve pricing;
(v) an analysis of whether there would be benefits to Barnstable, Dukes and Nantucket in joining with other counties or areas around the Commonwealth to create a publicly managed property insurance office; and
(vi) an examination of whether such initiatives would mitigate rising flood insurance rates.
The commission shall file a report of its findings, including any legislative or regulatory recommendations, with the clerks of the house of representatives and the senate not later than May 1, 2016.
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