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The state Division of Insurance is planning on filing legislation later this year that would overhaul the state's insurance laws and regulatory practices as part of a national certification program aimed at standardizing state solvency regulations.
The overhaul is part of a program sponsored by the National Association of Insurance Commissioners to accredit state insurance regulatory procedures. To become accredited, the Massachusetts Division of Insurance will need to update its insurance laws and regulations, regulatory procedures, internal processes, and personnel requirements.
"Our laws have not been updated in some time, although we have kept current by administrative procedures. But the NAIC needs to have them in the statute," said Randi Friedman, a Division of …