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HD 5247

A communication from the Division of Insurance (see Section 117C of Chapter 175 of the General Laws) submitting its Credit Insurance report for calendar year 2024

194th Legislature (2025-2026)

Massachusetts Division of Insurance files required 2024 annual report on credit insurance market regulation and compliance to state legislature.

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Bill Summary · HD 5247

Legislative bill overview

HD 5247 is a reporting requirement where the Massachusetts Division of Insurance submits its annual Credit Insurance report for 2024 to the state legislature. This is a routine regulatory filing mandated by state law (Chapter 175, Section 117C) that documents the Division's oversight and monitoring of credit insurance products sold in Massachusetts.

Why is this important

Credit insurance—which covers loan repayment if a borrower dies, becomes disabled, or faces job loss—directly affects consumer finances and protections. Annual reports ensure legislative oversight of whether insurers are complying with regulations, whether products are fairly priced, and whether consumers are being adequately protected from predatory practices in this often-opaque market.

Potential points of contention

  • Transparency of findings: The report may reveal concerning practices (overcharging, unnecessary coverage, poor claim denial rates) that could prompt stricter regulation, facing pushback from insurance industry stakeholders
  • Enforcement gaps: The report might document regulatory violations or inadequate Division resources, potentially embarrassing state oversight or requiring budget increases
  • Consumer protection vs. market freedom: Depending on findings, the report could spark debate over whether existing regulations sufficiently protect consumers or unfairly burden the credit insurance industry

Compiled from official sources — confirm details with the bill’s official record.

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