The Massachusetts Senate passed Thursday a bill eliminating the countersignature requirement for state insurance agents, a move that will make it easier for agents and insurers to conduct business in the state and improve service to consumers.
Passed last year by the House, the bill eliminates the countersignature requirement for certain insurance policies, and allows insurance companies to print basic information on its policies relating to incorporation, ownership and plan of operating.
Under current Massachusetts insurance regulation, nonresident insurance agents placing business in Massachusetts must first obtain the signature of a state-licensed agent. Only seven states, including Massachusetts, still require countersignature.
Was this article valuable?
Here are more articles you may enjoy.