NU Online News Service, Dec. 28, 12:52 p.m. – The Massachusetts House is considering a bill that could change the rules for selling group life insurance in Massachusetts.
The bill, S.B. 748, would let group life insurers exclude or limit coverage for any group member “as to whom evidence of individual insurability is not satisfactory to the insurer,” according to the text of the bill.
But the bill would also require that the insurance commissioner find that any group life policy sold in Massachusetts “result in economies of acquisition or administration” and offer benefits that are “reasonable in relation to the premiums charged.”
Sen. Brian Joyce, D-Milton, is the lead sponsor.
A joint House and Senate insurance committee approved the bill Oct. 30, and the House Ways and Means Committee approved it Dec. 20.