SECTION 1. Section 34O of Chapter 90 of the General Laws, as so appearing in the 2020

Official Edition, is hereby amended by striking out in line 17 the word “five” and inserting in

place thereof the word “twenty-five”.

SECTION 2. The commissioner of insurance is hereby directed to undertake a study, in consultation with representatives of the property and casualty industry and of the independent insurance agents, of the adequacy of the Commonwealth’s mandatory minimum policy limits for bodily injury and property damage motor vehicle liability and shall make recommendations on how best to update said limits in a way that minimizes the impact on auto insurance rates in the Commonwealth. Said study shall be undertaken every ten years. The study shall consider:

(i) the adequacy of the current limits to cover the costs of bodily injury and property claims;

(ii) the impact of increasing the current limits on auto premiums; and

(iii) a comparison of where Massachusetts’ minimum limits rank nationally in relation to other states.

The commissioner shall report to the general court the results of its investigation and study and its recommendations, together with drafts of legislation to the clerk of the house of representatives who shall forward the same to the joint committee on financial services and the house and senate committees on ways and means by the first of July, two thousand and twenty-five.

SECTION 3. Section 1 of this act shall take effect on January first, Two Thousand and Twenty-Five.