Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 90.00 - Legal Services Plans › Section 90.09 - Reporting Requirements

Current through Register 1525, July 5, 2024
(1)
Quarterly Reports
. Until such time as the Commissioner
			 notifies an insurer or membership plan sponsor otherwise, each insurer and
			 membership plan sponsor shall file a quarterly report with the Commissioner
			 within 45 calendar days of the close of its fiscal quarter. The report shall
			 contain a balance sheet, a statement of income and expense, and a statement of
			 changes in financial position. The financial statements shall be based on legal
			 services plan operations only. The financial statements shall be comparable and
			 their form and content shall be governed by those procedures and practices
			 prescribed by generally accepted accounting principles. The first four
			 quarterly reports shall compare actual operations against the related
			 projections appearing in the plan of operation.
The quarterly report shall also include the total number of
				subscribers, the number of new subscribers, the number of subscriber
				terminations, and the number of covered legal services provided.
(2)
Annual Grievance
			 Reports
. Every insurer and membership plan sponsor shall file with
			 the Commissioner, within 90 calendar days of the close of its first and second
			 fiscal years, a statistical summary by quarter of grievances about
			 participating attorneys, the administration of the plan, and other matters. The
			 report shall be prepared on a form prescribed by the Commissioner.
(3)
Annual Audited Financial
			 Reports
. Every insurer and membership plan sponsor shall annually
			 file an audited financial report with the Commissioner no later than 120
			 calendar days after the close of its fiscal year. The filing date may be
			 extended prior to the due date by the Commissioner if an insurer or membership
			 plan sponsor can demonstrate to the Commissioner's satisfaction that an
			 extension is justified. The audited financial report shall be based on legal
			 services plan operations only.
The audited financial report of insurers shall be prepared in
				accordance with 211 CMR 19.00, with the following modifications:
(a)211 CMR 19.04, 211 CMR 19.08(3), 211 CMR
			 19.10(1)(g)211 CMR 19.10(7), 211 CMR 19.13 (first paragraph), 211 CMR 19.16,
			 and 211 CMR 19.17 (second paragraph) do not apply.
(b) Calendar year references shall be changed
			 to the analogous fiscal year references.
(c) "The opinions on the financial statements
			 filed pursuant to 19.05(2) shall conform with generally accepted accounting
			 principles." shall be substituted for the third paragraph in 211 CMR 19.09.
The audited financial report of membership plan sponsors shall
				be prepared in accordance with 211 CMR 19.00, with the following
				modifications:
(d)
			 "Membership plan sponsor" shall be substituted for "insurer."
(e)211 CMR 19.04, 211 CMR 19.08, 211 CMR
			 19.10 (1 )(9), 19.10(2), 19.10(3), 19.10(5), 19.10(6)(a), 19.10(7), 211 CMR
			 19.13, 211 CMR 19.16, 211 CMR 19.17 do not apply.
(f) Calendar year references shall be changed
			 to the analogous fiscal year references.
(g) References to the annual statement shall
			 be ignored.
(h) "Statement of
			 income and expense" shall be substituted for 211 CMR 19.05(2)(b).
(i) "Statement of changes in surplus" shall
			 be substituted for 211 CMR 19.05(2)(d).
(j) "The opinions of the financial statements
			 filed pursuant to 211 CMR 19.05(2) shall conform with generally accepted
			 accounting principles." shall be substituted for the third paragraph in 211 CMR
			 19.09.