An Act relating to modernizing business to business commercial insurance transactions

This bill modernizes how businesses in Massachusetts purchase commercial insurance by reducing regulatory oversight for larger, more sophisticated companies. It creates a new category called "large commercial policyholder" for businesses meeting specific financial or operational criteria, such as having a net worth of at least $10 million or employing over 25 people. These eligible entities can voluntarily elect to operate with limited state supervision, allowing them to choose their own insurance forms and rates without prior approval from the insurance commissioner. The law also exempts specialty commercial lines, such as cyber liability and directors' insurance, from mandatory filing requirements, though the commissioner retains the power to reinstate oversight for specific coverages if a lack of competition is proven.