This is not the official budget document.

General Appropriations Act FY2008

Office of the Secretary of Housing and Economic Development
Data Current as of:  10/29/2007



John Adams Innovation Institute I

SECTION 9.   Section 6A of chapter 40J of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by striking out, in line 16, the words "the director of the office of business and technology" and inserting in place thereof the following words:- the undersecretary of business development.

 

John Adams Innovation Institute II

SECTION 10.   Said section 6A of said chapter 40J, as so appearing, is hereby further amended by striking out, in line 19, the words "house and senate committees on science and technology" and inserting in place thereof the following words:- joint committee on economic development and emerging technologies.

 

John Adams Innovation Institute IV

SECTION 11.   Said section 6A of said chapter 40J, as so appearing, is hereby further amended by inserting after the word "the" in line 66, the following words:- joint committee on economic development and emerging technologies and the.

 

Job Growth Initiative I

SECTION 48.   (a) Notwithstanding any general or special law to the contrary, after complying with clause (a) of section 5C of chapter 29 of the General Laws, the comptroller shall dispose of the consolidated net surplus in the budgetary funds for fiscal year 2007 as follows: (i) if the consolidated net surplus for fiscal year 2007 is at least $150,000,000, then the comptroller shall transfer $100,000,000 from the General Fund to the Bay State Competitiveness Investment Fund, established in section 47 and shall transfer the remaining amount to the Stabilization Fund established pursuant to section 2H of chapter 29 of the General Laws; (ii) if the consolidated net surplus for fiscal year 2007 is greater than $50,000,000, but less than $150,000,000, then the comptroller shall transfer $50,000,000 from the General Fund to the Stabilization Fund and shall transfer the remaining amount from the General Fund to the Bay State Competitiveness Investment Fund, established in said section 47; (iii) if the consolidated net surplus for fiscal year 2007 is $50,000,000 or less, then the comptroller shall transfer the entire consolidated net surplus from the General Fund to the Stabilization Fund.

(b) All transfers specified in this section shall be made from the undesignated fund balances in the budgetary funds proportionally from the undesignated fund balances, provided that no such transfer shall cause a deficit in any of the funds.

 

Homeowners’ Insurance Commission

SECTION 84.   There shall be a special commission to review the current state of the homeowners' insurance market. The commission shall study the availability and affordability of property insurance, the relevant rate-driving factors, the cost of reinsurance and the current use of storm damage prediction data and shall consider any actuarial methods, principles, standards, models or output ranges that have the potential for improving the accuracy of or reliability of hurricane loss projections. The commission shall evaluate the potential benefits and disadvantages of the creation of a state-run board on hurricane loss projection methodology to provide actuarial guidelines and standards for projection of hurricane losses as well as for a state-run catastrophic event fund. The commission shall consist of: the house and senate chairs of the joint committee on financial services or their designees, who shall co-chair the commission; the house minority leader, or his designee; the senate minority leader, or his designee; 1 member of the house of representatives; 1 member of the senate, both of whom shall represent Cape Cod or another coastal area; the state treasurer or his designee; the commissioner of insurance or his designee, the attorney general or his designee; a representative from the Massachusetts Property Insurance Underwriting Association; 2 representatives from property casualty insurers, one of whom must be from a company with its principle place of business in Massachusetts and in the top 10 writers of homeowners insurance in Massachusetts by market share to be selected by the Massachusetts Insurance Federation; 1 representative to be selected by the Massachusetts Association of Insurance Agents; 1 representative to be selected by the Reinsurance Association of America; 1 representative from the Center for Insurance Research; and 1 representative from the Massachusetts Public Interest Research Group. The commission shall conduct not less than 4 meetings, the first of which shall convene on or before July 21, 2007, and it shall hold at least 1 public hearing on Cape Cod or other coastal area.

Notwithstanding any general or special law to the contrary, the commissioner shall not approve any rate filing required under section 5 of chapter 175C of the General Laws until after the commission has filed its report or October 1, 2007, which ever is earlier. The commission shall file a report of its findings, including any legislative or regulatory recommendations, with the clerks of the house of representatives and the senate on or before October 1, 2007. The joint committee on financial services shall hold a public hearing on these recommendations on or before November 1, 2007.