reglab/statecodes huggingface dataset:
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 123.00 - Direct Payment Of Motor Vehicle Collision And Comprehensive Coverage Claims And Referral Repair Shop Programs › Section 123.06 - Referral Repair Shop Programs

Current through Register 1525, July 5, 2024
(1)
Consumer's Choice of Shop
: No direct payment plan
			 approved under 211 CMR 123.000, and no insurer in implementing such plan, shall
			 require a claimant to have repairs made at any specific repair shop.
(2)
Number of Shops
:
(a) Every plan must provide that every
			 claimant will be given a single list containing the names and locations of all
			 registered repair shops as defined in
			 211 CMR 123.03 that
			 appear on the list of registered repair shops maintained by the Division of
			 Standards pursuant to M.G.L. c. 100A, § 6. The insurer may indicate by
			 clearly marking with an asterisk or other means of highlighting on the list of
			 all registered repair shops at least five repair shops geographically
			 convenient for the claimant which will perform the repairs on referred claims
			 without undue delay. An insurer shall not provide a separate list containing
			 only its referral shops. A repair shop may not be an insurer's referral shop
			 unless that repair shop appears on the list of all registered repair shops
			 maintained by the Division of Standards and complies with the provisions of
			 M.G.L. c. 100A. The claimant may or may not choose to use an insurer's referral
			 shop.
(b) The list of all
			 registered repair shops maintained by the Division of Standards pursuant to
			 M.G.L. c. 100A, § 6 shall be updated quarterly. The Automobile Insurers
			 Bureau of Massachusetts or any successor thereto shall maintain a separate list
			 containing the names and locations of all registered repair shops as defined in
			 211 CMR 123.03 that
			 appear on the list maintained by the Division of Standards. For the purposes
			 stated in 211 CMR 123.06(2)(a), every insurer with an approved Direct Payment
			 Plan shall reproduce the listing of all registered repair shops maintained by
			 the Automobile Insurers Bureau of Massachusetts or any successor thereto. The
			 list given to the claimants by the insurers pursuant to 211 CMR 123.06(2)(a)
			 shall not exceed 12 standard size (8½ by 11 inches) pages unless the
			 Commissioner has given a written waiver of this requirement.
(c) Any individual insurer wishing to
			 implement a plan which does not contain at least five repair referral shops
			 geographically convenient for the claimant which will perform the repairs on
			 referred claims may petition the Commissioner for a waiver of this requirement.
			 The insurer seeking such a waiver shall set forth the specific facts regarding
			 market share, geographic location, availability of repair shops, or other
			 circumstances in support of its petition. No insurer may implement a plan which
			 does not meet this requirement unless and until the Commissioner has granted a
			 petition for waiver.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 123.00 - Direct Payment Of Motor Vehicle Collision And Comprehensive Coverage Claims And Referral Repair Shop Programs › Section 123.07 - Disclosures to Consumers

Current through Register 1525, July 5, 2024
Every claimant under a plan shall be given full and adequate
				disclosure on a form approved by the Commissioner. The disclosure form shall be
				given to the claimant prior to, or at the same time as, any payment being made.
				The disclosure form shall be given with the appraisal and at such other times
				as the insurer may determine, and shall state, with the appraisal and at such
				other times as the insurer may determine, and shall state that:
(1) the claimant may elect to accept direct
			 payment under the plan and receive a list of all registered repair shops
			 pursuant to
			 211 CMR
			 123.06(2), or he or she may
			 choose to pursue the claim without regard to the plan;
(2) if the claimant accepts direct payment,
			 he or she may choose to have repairs made at any repair shop, whether or not
			 the shop is an insurer's referral shop;
(3) if the claimant accepts direct payment,
			 the claimant may choose a shop that is an insurer's referral shop in which case
			 the insurer will guarantee the materials and workmanship of the repair, and the
			 cost of the repair to the claimant will not exceed the amount of the insurer's
			 direct payment to the claimant plus any applicable deductible;
(4) the procedure for resolving claimants'
			 disputes under the plan; and
(5)
			 such other information as will aid the claimant in exercising his or her rights
			 under the plan.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 123.00 - Direct Payment Of Motor Vehicle Collision And Comprehensive Coverage Claims And Referral Repair Shop Programs › Section 123.08 - Penalties

Current through Register 1525, July 5, 2024
(1) A violation of any provision of
			 211 CMR 123.00 shall be
			 considered to be an unfair or deceptive act or practice, in violation of M.G.L.
			 c. 176D.
(2) A violation of any
			 provision of
			 211 CMR 123.00 by any
			 insurance producer, insurer or employee or representative of an insurer, or
			 motor vehicle damage appraiser shall be grounds for suspension or revocation of
			 the license of such person or persons.
(3) Nothing herein shall be deemed to
			 preclude the claimant or policyholder, the Commissioner, the Attorney General
			 or the Director of the Division of Standards from pursuing any other remedy or
			 penalty provided by law including any remedy provided under M.G.L. c. 93A or
			 M.G.L. c. 100A.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 123.00 - Direct Payment Of Motor Vehicle Collision And Comprehensive Coverage Claims And Referral Repair Shop Programs › Section 123.10 - Severability

Current through Register 1525, July 5, 2024
If any section or portion of a section of
				211 CMR 123.00 or the
				applicability thereof to any person, entity or circumstance is held invalid by
				any court, the remainder of 211 C MR 123. 00 or the applicability of such
				provision to other persons, entities or circumstances shall not be affected
				thereby.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 129.00 - Life And Health Reinsurance Agreements › Section 129.01 - General

Current through Register 1525, July 5, 2024
211 CMR 129.00 is
				promulgated pursuant to authority granted by M.G.L. c. 175, § 20.
				211 CMR 129.00 shall apply
				to all domestic life and accident and health insurers and to all other licensed
				life and accident and health insurers which are not subject to a substantially
				similar regulation in their domiciliary state.
				211 CMR 129.00 shall also
				similarly apply to licensed property and casualty insurers with respect to
				their accident and health business.
				211 CMR 129.00 shall not
				apply to assumption reinsurance, yearly renewable term reinsurance or certain
				nonproportional reinsurance such as stop loss or catastrophe reinsurance. The
				Massachusetts Division of Insurance recognizes that licensed insurers routinely
				enter into reinsurance agreements that yield legitimate relief to the ceding
				insurer from strain to surplus. However, it is improper for a licensed insurer,
				in the capacity of ceding insurer, to enter into reinsurance agreements for the
				principal purpose of producing significant surplus aid for the ceding insurer,
				typically on a temporary basis, while not transferring all of the significant
				risks inherent in the business being reinsured. In substance or effect, the
				expected potential liability to the ceding insurer remains basically unchanged
				by the reinsurance transaction, notwithstanding certain risk elements in the
				reinsurance agreement, such as catastrophic mortality or extraordinary
				survival. The terms of such agreements referred to herein and described in
				211 CMR
				129.02 violate:
(1) M.G.L. c. 175, § 25, relating to
			 financial statements which do not properly reflect the financial condition of
			 the ceding insurer;
(2) M.G.L. c.
			 175, § 20A, relating to reinsurance reserve credits, thus resulting in a
			 ceding insurer improperly reducing liabilities or establishing assets for
			 reinsurance ceded; and
(3) M.G.L.
			 c. 175J, §§ 1, 2 and 3 relating to creating a situation that may be
			 hazardous to policyholders and the people of this State.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 129.00 - Life And Health Reinsurance Agreements › Section 129.03 - Written Agreements

Current through Register 1525, July 5, 2024
(1) No reinsurance
			 agreement or amendment to any agreement may be used to reduce any liability or
			 to establish any asset in any financial statement filed with the Division,
			 unless the agreement, amendment or a binding letter of intent has been duly
			 executed by both parties no later than the "as of date" of the financial
			 statement.
(2) In the case of a
			 letter of intent, a reinsurance agreement or an amendment to a reinsurance
			 agreement must be executed within a reasonable period of time, not exceeding 90
			 days from the execution date of the letter of intent, in order for credit to be
			 granted for the reinsurance ceded.
(3) The reinsurance agreement shall contain
			 provisions which provide that:
(a) The
			 agreement shall constitute the entire agreement between the parties with
			 respect to the business being reinsured thereunder and that there are no
			 understandings between the parties other than as expressed in the agreement;
			 and
(b) Any change or modification
			 to the agreement shall be null and void unless made by amendment to the
			 agreement and signed by both parties.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 129.00 - Life And Health Reinsurance Agreements › Section 129.04 - Existing Agreements

Current through Register 1525, July 5, 2024
Insurers subject to
				211 CMR 129.00 shall reduce
				to zero by December 31, 1997 any reserve credits or assets established with
				respect to reinsurance agreements entered into prior to July 1, 1997 which,
				under the provisions of
				211 CMR 129.00 would not be
				entitled to recognition of the reserve credits or assets; provided, however,
				that the reinsurance agreements shall have been in compliance with laws or
				regulations in existence immediately preceding the effective date of
				211 CMR
				129.00.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.01 - Purpose

Current through Register 1525, July 5, 2024
The purpose of
				211 CMR
				130.00 is to set forth rules and procedural
				requirements that the commissioner deems necessary to carry out the provisions
				of M.G.L. c. 175, § 20A. The actions and information required by
				211 CMR
				130.00 are declared to be necessary and appropriate in
				the public interest and for the protection of the ceding insurers in this
				state.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.02 - Severability

Current through Register 1525, July 5, 2024
If any provision of
				211 CMR
				130.00, or the application of the provision to any
				person or circumstance, is held invalid, the remainder of
				211 CMR
				130.00, and the application of the provision to
				persons or circumstances other than those to which it is held invalid, shall
				not be affected.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.03 - Credit for Reinsurance - Reinsurer Licensed in This State

Current through Register 1525, July 5, 2024
Pursuant to M.G.L. c. 175, § 20A(1)(A) the commissioner
				shall allow credit for reinsurance ceded by a domestic insurer to an assuming
				insurer that was licensed in the Commonwealth as of the date on which statutory
				financial statement credit for reinsurance is claimed.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.04 - Credit for Reinsurance - Accredited Reinsurers

Current through Register 1525, July 5, 2024
(1) Pursuant to M.G.L. c. 175, §
			 20A(1)(B) the commissioner shall allow credit for reinsurance ceded by a
			 domestic insurer to an assuming insurer that is accredited as a reinsurer in
			 the Commonwealth as of the date on which statutory financial statement credit
			 for reinsurance is claimed. An accredited reinsurer must:
(a) File a properly executed Form AR-1 found
			 at
www.mass.gov/doi
as evidence of its
			 submission to the Commonwealth's jurisdiction and to the Commonwealth's
			 authority to examine its books and records;
(b) File with the commissioner a certified
			 copy of a certificate of authority or other acceptable evidence that it is
			 licensed to transact insurance or reinsurance in at least one state, or, in the
			 case of a U.S. branch of an alien assuming insurer, is entered through and
			 licensed to transact insurance or reinsurance in at least one state;
(c) File annually with the commissioner a
			 copy of its annual statement filed with the insurance department of its state
			 of domicile or, in the case of an alien assuming insurer, with the state
			 through which it is entered and in which it is licensed to transact insurance
			 or reinsurance, and a copy of its most recent audited financial statement;
			 and
(d) Maintain a surplus as
			 regards policyholders in an amount not less than $20,000,000 or obtain the
			 affirmative approval of the commissioner upon a finding that it has adequate
			 financial capacity to meet its reinsurance obligations and is otherwise
			 qualified to assume reinsurance from domestic insurers.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.05 - Credit for Reinsurance - Reinsurer Domiciled in Another State

Current through Register 1525, July 5, 2024
(1) Pursuant to M.G.L. c. 175, §
			 20A(1)(C) the commissioner shall allow credit for reinsurance ceded by a
			 domestic insurer to an assuming insurer that as of any date on which statutory
			 financial statement credit for reinsurance is claimed:
(a) Is domiciled in (or, in the case of a
			 U.S. branch of an alien assuming insurer, is entered through) a state that
			 employs standards regarding credit for reinsurance substantially similar to
			 those applicable under M.G.L. c. 175, § 20A and
			 211 CMR
			 130.00;
(b) Maintains a surplus as regards
			 policyholders in an amount not less than $20,000,000; and
(c) Files a properly executed Form AR-1 found
			 at
www.mass.gov/doi
with the commissioner
			 as evidence of its submission to the Commonwealth's authority to examine its
			 books and records.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.09 - Credit for Reinsurance Required by Law

Current through Register 1525, July 5, 2024
Pursuant to M.G.L. c. 175, § 20A(1)(F), the Commissioner
				shall allow credit for reinsurance ceded by a domestic insurer to an assuming
				insurer not meeting the requirements of M.G.L. c. 175, § 20A(1)(A) through
				(E½), but only as to the insurance of risks located in jurisdictions
				where the reinsurance is required by the applicable law or regulation of that
				jurisdiction. As used in 211 CMR 130.09,
Jurisdiction
means a state, district or territory of the United States and any lawful
				national government.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.10 - Reinsurer Ceasing to Qualify as Accredited or Certified Reinsurer

Current through Register 1525, July 5, 2024
If an accredited or certified reinsurer ceases to meet the
				requirements for accreditation or certification, the commissioner may suspend
				or revoke the reinsurer's accreditation or certification.
(a) The commissioner must give the reinsurer
			 notice and opportunity for hearing. The suspension or revocation may not take
			 effect until after the commissioner's order on hearing, unless:
1. The reinsurer waives its right to
			 hearing;
2. The commissioner's
			 order is based on regulatory action by the reinsurer's domiciliary jurisdiction
			 or the voluntary surrender or termination of the reinsurer's eligibility to
			 transact insurance or reinsurance business in its domiciliary jurisdiction or
			 in the primary certifying state of the reinsurer under
			 211 CMR
			 130.04 or
			 130.07;
			 or
3. The commissioner finds that
			 an emergency requires immediate action and a court of competent jurisdiction
			 has not stayed the commissioner's action.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.11 - Concentration of Risk

Current through Register 1525, July 5, 2024
(1) A ceding
			 insurer shall take steps to manage its reinsurance recoverables proportionate
			 to its own book of business. A domestic ceding insurer shall notify the
			 commissioner within 30 days after reinsurance recoverables from any single
			 assuming insurer, or group of affiliated assuming insurers, exceeds 50% of the
			 domestic ceding insurer's last reported surplus to policyholders, or after it
			 is determined that reinsurance recoverables from any single assuming insurer,
			 or group of affiliated assuming insurers, is likely to exceed this limit. The
			 notification shall demonstrate that the exposure is safely managed by the
			 domestic ceding insurer.
(2) A
			 ceding insurer shall take steps to diversify its reinsurance program. A
			 domestic ceding insurer shall notify the commissioner within 30 days after
			 ceding to any single assuming insurer, or group of affiliated assuming
			 insurers, more than 20% of the ceding insurer's gross written premium in the
			 prior calendar year, or after it has determined that the reinsurance ceded to
			 any single assuming insurer, or group of affiliated assuming insurers, is
			 likely to exceed this limit. The notification shall demonstrate that the
			 exposure is safely managed by the domestic ceding insurer.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.12 - Asset or Reduction from Liability for Reinsurance Ceded to an Unauthorized Assuming Insurer Not Meeting the Requirements of 211 CMR 130.03 through 130.09

Current through Register 1525, July 5, 2024
(1) Pursuant to
			 M.G.L. c. 175, § 20A(2), the commissioner shall allow a reduction from
			 liability for reinsurance ceded by a domestic insurer to an assuming insurer
			 not meeting the requirements of M.G.L. c. 175, § 20A(1) in an amount not
			 exceeding the liabilities carried by the ceding insurer. The reduction shall be
			 in the amount of funds held by or on behalf of the ceding insurer, including
			 funds held in trust for the exclusive benefit of the ceding insurer, under a
			 reinsurance contract with such assuming insurer as security for the payment of
			 obligations under the reinsurance contract. The security shall be held in the
			 United States subject to withdrawal solely by, and under the exclusive control
			 of, the ceding insurer or, in the case of a trust, held in a qualified United
			 States financial institution as defined in M.G.L. c. 175, § 20A(3)(B).
			 This security may be in the form of any of the following:
(a) Cash;
(b) Securities listed by the Securities
			 Valuation Office of the NAIC, including those deemed exempt from filing as
			 defined by the Purposes and Procedures Manual of the Securities Valuation
			 Office, and qualifying as admitted assets; or
(c) Clean, irrevocable, unconditional and
			 "evergreen" letters of credit issued or confirmed by a qualified United States
			 financial institution, as defined in M.G.L. c. 175, § 20A(3)(A), effective
			 no later than December 31st of the year for which
			 filing is being made, and in the possession of, or in trust for, the ceding
			 insurer on or before the filing date of its annual statement. Letters of credit
			 meeting applicable standards of issuer acceptability as of the dates of their
			 issuance (or confirmation) shall, notwithstanding the issuing (or confirming)
			 institution's subsequent failure to meet applicable standards of issuer
			 acceptability, continue to be acceptable as security until their expiration,
			 extension, renewal, modification or amendment, whichever first occurs;
			 or
(d) Any other form of security
			 acceptable to the commissioner.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.13 - Trust Agreements Qualified under 211 CMR 130.12

Current through Register 1525, July 5, 2024
(1) As used in 211 CMR 130.13:
(a)
Beneficiary
means the entity for whose sole benefit the trust has been established and any
			 successor of the beneficiary by operation of law. If a court of law appoints a
			 successor in interest to the named beneficiary, then the named beneficiary
			 includes and is limited to the court appointed domiciliary receiver (including
			 conservator, rehabilitator or liquidator).
(b)
Grantor
means
			 the entity that has established a trust for the sole benefit of the
			 beneficiary. When established in conjunction with a reinsurance agreement, the
			 grantor is the unlicensed, unaccredited assuming insurer.
(c)
Obligations,
as
			 used in 211 CMR 130.13(2)(k) means:
1.
			 Reinsured losses and allocated loss expenses paid by the ceding company, but
			 not recovered from the assuming insurer;
2. Reserves for reinsured losses reported and
			 outstanding;
3. Reserves for
			 reinsured losses incurred but not reported; and
4. Reserves for allocated reinsured loss
			 expenses and unearned premiums.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.15 - Other Security

Current through Register 1525, July 5, 2024
A ceding insurer may take credit for unencumbered funds
				withheld by the ceding insurer in the United States subject to withdrawal
				solely by the ceding insurer and under its exclusive control.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.16 - Reinsurance Contract

Current through Register 1525, July 5, 2024
Credit will not be granted, nor an asset or reduction from
				liability allowed, to a ceding insurer for reinsurance effected with assuming
				insurers meeting the requirements of
				211 CMR
				130.03 through
				130.08
				or
				130.12
				or otherwise in compliance with M.G.L. c. 175, § 20A(1) after the adoption
				of
				211 CMR
				130.00, unless the reinsurance agreement:
(1) Includes a proper insolvency clause which
			 stipulates that reinsurance is payable directly to the liquidator or successor
			 without diminution, regardless of the status of the ceding company, pursuant to
			 M.G.L. c. 175, § 20A(4); and
(2) Includes a provision pursuant to M.G.L.
			 c. 175, § 20A(1) whereby the assuming insurer, if an unauthorized assuming
			 insurer, has submitted to the jurisdiction of an alternative dispute resolution
			 panel or court of competent jurisdiction within the United States, has agreed
			 to comply with all requirements necessary to give the court or panel
			 jurisdiction, has designated an agent upon whom service of process may be
			 effected, and has agreed to abide by the final decision of the court or
			 panel.
(3) Includes a proper
			 reinsurance intermediary clause, if applicable, which stipulates that the
			 credit risk for the intermediary is carried by the assuming insurer in
			 accordance with the provisions of M.G.L. c. 175, §§ 177M through
			 177W, governing reinsurance intermediaries.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 130.00 - Credit For Reinsurance › Section 130.17 - Contracts Affected

Current through Register 1525, July 5, 2024
All new and renewal reinsurance transactions entered into after
				July 1, 1997 shall conform to the requirements of M.G.L. c. 175, § 20A and
				211 CMR
				130.00 if credit is to be given to the ceding insurer
				for such reinsurance.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.01 - Authority

Current through Register 1525, July 5, 2024
211 CMR 131.00 is
				promulgated in accordance with the authority granted to the Commissioner of
				Insurance by M.G.L. c. 175, § 111H, as enacted by St. 1993, c. 482, §
				20, by M.G.L. c. 175, § 3A, by M.G.L. c. 174A, § 15, and by M.G.L. c.
				175A, § 15.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.03 - Purpose and Scope

Current through Register 1525, July 5, 2024
211 CMR 131.00 is designed
				to encourage preventative lead abatement activities by residential property
				owners, to ensure the availability of liability insurance for owners of
				residential property who bring their premises into compliance withM.G.L. c.
				111, § 189A through 199B (the Massachusetts Lead Law), and to establish
				rules governing policy forms, rates, data reporting, and other matters related
				to insurance on liability for injury or damage resulting from dangerous levels
				of lead in dwelling units.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.04 - Coverage for Premises for Which a Letter of Interim Control or Letter of Compliance Is in Effect

Current through Register 1525, July 5, 2024
When any liability insurance policy which an insurer has
				elected to offer provides coverage to the owner of any premises for which a
				letter of interim control or letter of full compliance is in effect, in
				accordance with M.G.L. c. 111, § 197, such policy shall provide coverage
				for injury or damage which results from exposure to dangerous levels of lead in
				dwelling units, and which occurs during the policy period, as long as said
				injury or damage is not the result of gross or willful negligence. Coverage
				provided in accordance with 211 CMR 131.0 4 will be effective from the date of
				policy inception if the letter of compliance or letter of interim control is
				effective on or before such date.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.05 - Modification of Coverage When A Letter of Interim Control or Letter of Compliance Is Obtained and Maintained

Current through Register 1525, July 5, 2024
Except as provided in
				211 CMR
				131.06, when any liability insurance policy
				which an insurer has elected to offer provides coverage to the owner of any
				premises for which there is no letter of interim control or letter of full
				compliance in accordance with M.G.L. c. 111, § 197, the insurer shall
				endorse or otherwise modify the policy to provide coverage for injury or damage
				which results from exposure to dangerous levels of lead in dwelling units, and
				which occurs on or after the date the endorsement or other contractual
				modification is effective, if and when the owner of such premises obtains and
				maintains a letter of interim control or letter of compliance. Coverage
				provided to any dwelling unit in accordance with 211 CMR 131.05 shall be
				effective on any dwelling unit on the date that any letter of interim control
				or letter of compliance applicable to such unit is effective.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.06 - Special Coverage for New Owners under Certain Circumstances

Current through Register 1525, July 5, 2024
Notwithstanding the requirements and limitations of
				211
				CMR 131.05, a new owner of premises who has
				taken title as a result of a
bona fide
transaction and who has
				complied with the requirements of M.G.L. c. 111, § 199(d) applicable to
				new owners, including coming into conformance with M.G.L. c. 111, §§
				189A through 199B within 90 days after becoming the owner of the premises,
				shall be covered for injury or damage which results from exposure to dangerous
				levels of lead in dwelling units, and which occurs during the policy period of
				any policy of liability insurance an insurer has elected to provide to such
				owner. Coverage shall apply from the date such owner took title to the
				premises, or from the effective date of the policy, if the owner did not obtain
				insurance until after the date of taking title.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.07 - Additional Requirements Applicable to Insurance Provided Pursuant to 211 CMR 131.04 - 131.06

Current through Register 1525, July 5, 2024
Lead poisoning liability coverage provided in accordance with
				211
				CMR 131.04,
				131.05
				and
				131.06
				shall not be subject to special limits not applicable to other liability claims
				under such a policy. Lead poisoning liability coverage provided in accordance
				with
				211
				CMR 131.04,
				131.05
				and
				131.06
				shall be provided to any dwelling unit for which a letter of interim control or
				letter of compliance is in effect, regardless of whether such letters are in
				effect with respect to other units in the same building. When coverage is
				provided in accordance with such Sections on any unit or portion of premises
				for which a letter of compliance or letter of interim control is in effect,
				such coverage will apply only to lead poisoning liability claims arising from
				the portion of the premises covered by such a letter. An insurer may require an
				insured to provide a copy of any letter of compliance or letter of interim
				control that is in effect with respect to any premises or portion of premises
				that qualifies for coverage.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.08 - Coverage for Premises Not In Compliance

Current through Register 1525, July 5, 2024
(1)
			 Companies that offer a liability insurance policy for any premises for which
			 the owner has not obtained a letter of interim control or letter of compliance
			 may exclude coverage for injury or damage which results from exposure to
			 dangerous levels of lead in dwelling units. Such companies must offer the
			 insured or prospective insured the opportunity to buy back the initially
			 excluded coverage, subject to the limits contained in 211 CMR 131.08(2), at an
			 additional cost to be determined pursuant to
			 211 CMR 131.10.
(2) The coverage that an insured or
			 prospective insured may buy back pursuant to 211 CMR 131.08 must be offered at
			 the same time that such insureds or prospective insureds are advised that the
			 insurer intends to exclude coverage as permitted under 211 CMR 131.08(1).
			 Insurers shall offer such buyback coverage with separate limits of at least
			 $100,000 per occurrence for personal lines insurance on residential premises
			 and at least $300,000 per occurrence for commercial lines insurance on
			 residential premises. Notwithstanding the foregoing, if the general liability
			 per occurrence limit of an insured's policy is less than $100,000 in the case
			 of a personal lines policy, or less than $300,000 in the case of a
			 commerciallines policy, then the insurer may provide lead poisoning liability
			 coverage in accordance with 211 CMR 131.08 with a per occurrence limit of not
			 less than the policy's general liability per occurrence limit. The foregoing
			 separate minimumper occurrence limits shall not increase any aggregate limit or
			 policy limit of liability of any policy of insurance which includes buyback
			 coverage provided in accordance with 211 CMR 131.08. The limits of a policy
			 written in accordance with 211 CMR 131.08 apply regardless of the number of
			 units covered by such insurance.
(3) Buyback coverage elected within 30 days
			 of receipt of an offer of such coverage shall be deemed effective on the
			 inception date of the policy. Buyback coverage elected after 30 days of receipt
			 of an offer shall be effective on the date of the request by the insured,
			 unless otherwise agreed by the insured and the insurer.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.09 - Coverage of Owner-occupied Single Family Premises

Current through Register 1525, July 5, 2024
Notwithstanding any of the other provisions of
				211 CMR 131.00, any
				liability insurance policy covering owner-occupied single family premises shall
				provide coverage for injury or damage resulting from exposure to dangerous
				levels of lead in dwelling units , except that such a policy's lead poisoning
				liability coverage will not apply to claims made by persons who are insureds
				under that policy. The exclusion and buyback requirements of
				211 CMR
				131.08 do not apply to owner-occupied single
				family premises.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.10 - Rates

Current through Register 1525, July 5, 2024
(1) Rates for insurance under
			 211 CMR 131.00 must be filed
			 with the Commissioner, and are subject to the requirements of M.G.L. c.
			 175A.
(2) Loss costs for insurance
			 under
			 211 CMR 131.00 must be filed
			 with the Commissioner and must satisfy the requirements of SRB Bulletin 90-05
			 (Insurance Rating Organizations: Implementation of Loss Costs Filing
			 Procedures) or any superseding bulletin, rule, or regulation.
(3) Filings under
			 211 CMR 131.00 must include
			 full justification for proposed rates, loss costs, or buyback coverage, and
			 must be accompanied by all actuarial data used in their formulation, such as:
(a) Historical exposure and claim data (both
			 in number and in dollar amount, paid as well as incurred), including
			 information relative to claims closed both with and without indemnity payments,
			 for the previous five years.
(b)
			 Projected claims costs underlying the proposed loss costs, along with
			 supporting documentation.
(c) A
			 narrative explanation of actuarial assumptions used in developing the loss
			 costs.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.11 - Policy Forms and Endorsements

Current through Register 1525, July 5, 2024
(1) Policy
			 forms and endorsements providing or excluding coverage for liability for injury
			 or damage resulting from dangerous levels of lead a dwelling units must be
			 filed with the Commissioner, and are subject to the requirements of M.G.L. c.
			 175, §§ 22A, 193F, 193G, and 193H.
(2) Companies must file with the Commissioner
			 disclosure statements which include the information required by
			 211 CMR 131.13
			 at the same time that policy forms and endorsements are filed . Such disclosure
			 statements are subject to the requirements of 211 CMR 131.11(1) regarding
			 filing, review, approval, and disapproval of policy forms and
			 endorsements.
(3) Coverage must be
			 provided, or excluded, and claims shall be paid, in accordance with
			 211 CMR 131.00,
			 notwithstanding that approved rates, policy forms, endorsements, or disclosure
			 forms are not available to provide to policyholders.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.12 - Data Collection and Reporting

Current through Register 1525, July 5, 2024
(1) Licensed
			 statistical agents for each liability insurer shall collect data on lead
			 poisoning liability with respect to all policies subject to the requirements of
			 211 CMR 131.00, including
			 premium, exposure and claims experience, with information separately coded for
			 buyback coverage, coverage excluding lead poisoning liability, and coverage
			 including lead poisoning liability. The Commissioner may require reporting of
			 additional categories of data.
(2)
			 Each such licensed statistical agent shall file with the Commissioner for
			 approval of revised statistical plan pages in order to capture such lead
			 poisoning liability information.
(3) Revised statistical reporting shall be
			 compiled annually by the statistical agent and reported to the Commissioner in
			 summary format, as of the end of the preceding calendar year, by July 1 of each
			 year, and shall account for each of the five prior accident years
			 separately.
(4) To the extent that
			 data for prior accident years has not as yet been captured by the statistical
			 reporting plan, the statistical agent may rely on a special call for data in
			 order to complete the summary report required to be filed with the Commissioner
			 in accordance with 211 CMR 131.12. The instructions for the special call shall
			 be filed with the Commissioner along with the summary report.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.14 - Guidelines

Current through Register 1525, July 5, 2024
The Commissioner may issue written guidelines clarifying
				211 CMR 131.00 or its
				application, or establishing administrative requirements for filings subject to
				211 CMR
				131.00.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 131.00 - Requirements Applicable To Insurance On Liability For Injury From Exposure To Dangerous Levels Of Lead In Dwelling Units › Section 131.15 - Severability

Current through Register 1525, July 5, 2024
If any section or portion of a section of
				211 CMR 131.00 or the
				applicability thereof to any person, entity, or circumstance is held invalid by
				a court, the remainder of
				211 CMR 131.00 or the
				applicability of such provision to other persons, entities or circumstances,
				shall not be affected thereby.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 132.00 - Actuarial Opinion And Memorandum Regulation › Section 132.01 - Purpose

Current through Register 1525, July 5, 2024
The purpose of
				211 CMR 132.00 is to
				prescribe:
(1) Requirements for
			 statements of actuarial opinion that are to be submitted in accordance with
			 M.G.L. c. 175, § 9B, and for memoranda in support thereof;
(2) Rules applicable to the appointment of an
			 appointed actuary; and
(3) Guidance
			 as to the meaning of "adequacy of reserves".
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 132.00 - Actuarial Opinion And Memorandum Regulation › Section 132.02 - Authority

Current through Register 1525, July 5, 2024
211 CMR 132.00 is issued
				pursuant to the authority vested in the Commissioner of Insurance pursuant to
				M.G.L. c. 175, § 9B and c. 176, § 41.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 132.00 - Actuarial Opinion And Memorandum Regulation › Section 132.03 - Scope

Current through Register 1525, July 5, 2024
211 CMR 132.00 shall apply
				to all life insurance companies and fraternal benefit societies doing business
				in this State and to all life insurance companies and fraternal benefit
				societies that are authorized to reinsure life insurance, annuities or accident
				and health insurance business in this State.
211 CMR 132.00 shall be
				applied in a manner that allows the appointed actuary to utilize his or her
				professional judgment in performing the asset analysis and developing the
				actuarial opinion and supporting memoranda, consistent with relevant, actuarial
				standards of practice. However, the Commissioner shall have the authority to
				identify specific methods of actuarial analysis and actuarial assumptions when,
				in the Commissioner's judgment, these specifications are necessary for an
				acceptable opinion to be rendered relative to the adequacy of reserves and
				related items.
211 CMR 132.00 shall be
				applicable to all annual statements filed with the Commissioner after September
				22, 2006. A statement of opinion on the adequacy of the reserves and related
				actuarial items based on an asset adequacy analysis in accordance with
				211
				CMR 132.06, and a memorandum in support
				thereof in accordance with
				211
				CMR 132.07, shall be required each
				year.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 132.00 - Actuarial Opinion And Memorandum Regulation › Section 132.04 - Definitions

Current through Register 1525, July 5, 2024
Actuarial Opinion
means the opinion of
				an Appointed Actuary regarding the adequacy of the reserves and related
				actuarial items based on an asset adequacy analysis in accordance with
				211
				CMR 132.06 and with applicable Actuarial
				Standards of Practice.
Actuarial Standards Board
means the
				board established by the American Academy of Actuaries to develop and
				promulgate standards of actuarial practice.
Annual Statement
means that statement
				required by M.G.L. c. 175, § 25 to be filed by the company with the
				Commissioner annually.
Appointed Actuary
means any individual
				who is appointed or retained in accordance with the requirements set forth in
				211 CMR
				132.05(3), to provide the
				actuarial opinion and supporting memorandum as required by M.G.L. c. 175,
				§ 9B.
Asset Adequacy Analysis
means an
				analysis that meets the standards and other requirements referred to in
				211 CMR
				132.05(4).
Commissioner
means the Insurance
				Commissioner of this State.
Company
means a life insurance
				company, fraternal benefit society or reinsurer subject to the provisions of
				211 CMR 132.00.
Qualified Actuary
means any individual
				who meets the requirements set forth in
				211 CMR
				132.05(2).
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 132.00 - Actuarial Opinion And Memorandum Regulation › Section 132.05 - General Requirements

Current through Register 1525, July 5, 2024
(1)
Submission of Statement of Actuarial Opinion.
(a) There is to be included on or attached to
			 Page 1 of the annual statement for each year beginning with the year in which
			 211 CMR 132.00 becomes
			 effective the statement of an appointed actuary, entitled "Statement of
			 Actuarial Opinion," setting forth an opinion relating to reserves and related
			 actuarial items held in support of policies and contracts, in accordance with
			 211
			 CMR 132.06;
(b) Upon written request by the company, the
			 Commissioner may grant an extension of the date for submission of the statement
			 of actuarial opinion.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 132.00 - Actuarial Opinion And Memorandum Regulation › Section 132.06 - Statement of Actuarial Opinion Based on an Asset Adequacy Analysis

Current through Register 1525, July 5, 2024
(1)
General
			 Description
. The statement of actuarial opinion submitted in
			 accordance with
			 211 CMR 132.08 shall
			 consist of:
(a) A paragraph identifying the
			 appointed actuary and his or her qualifications (
see
211 CMR
			 132.06(2)(a) );
(b) A scope
			 paragraph identifying the subjects on which an opinion is to be expressed and
			 describing the scope of the appointed actuary's work, including a tabulation
			 delineating the reserves and related actuarial items that have been analyzed
			 for asset adequacy and the method of analysis, (
see
211 CMR
			 132.06(2)(b) ) and identifying the reserves and related actuarial items covered
			 by the opinion which have not been so analyzed;
(c) A reliance paragraph describing those
			 areas, if any, where the appointed actuary has deferred to other experts in
			 developing data, procedures or assumptions, (
e.g
., anticipated
			 cash flows from currently owned assets, including variation in cash flows
			 according to economic scenarios (
see
211 CMR 132.06(2)(c) ),
			 supported by a statement of each such expert in the form prescribed by 211 CMR
			 132.06(5); and
(d) An opinion
			 paragraph expressing the appointed actuary's opinion with respect to the
			 adequacy of the supporting assets to mature the liabilities
			 (
see
211 CMR 132.06(2)(f) ).
(e) One or more additional paragraphs will be
			 needed in individual company cases as follows:
1. If the appointed actuary considers it
			 necessary to state a qualification of his or her opinion;
2. If the appointed actuary must disclose an
			 inconsistency in the method of analysis or basis of asset allocation used at
			 the prior opinion date with that used for this opinion.
3. If the appointed actuary must disclose
			 whether additional reserves of the prior opinion date are released as of this
			 opinion date, and the extent of the release.
4. If the appointed actuary chooses to add a
			 paragraph briefly describing the assumptions that form the basis for the
			 actuarial opinion.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 132.00 - Actuarial Opinion And Memorandum Regulation › Section 132.08 - Penalties

Current through Register 1525, July 5, 2024
(1) A company neglecting to submit with its
			 annual statement an Actuarial Opinion in accordance with M.G.L. c. 175, §
			 9B and
			 211 CMR 132.00 and within
			 the time provided by M.G.L. c. 175, § 25 shall forfeit $100.00 for each
			 day during which such neglect continues, and, upon notice by the Commissioner,
			 its authority to do new business shall cease while such default continues
			 without any proceedings under M.G.L. c. 175, §§ 5 or 6.
(2) The Commissioner may notify the Actuarial
			 Board for Counseling and Discipline of any violation of M.G.L. c. 175, §
			 9B or
			 211 CMR 132.00 by a
			 Qualified Actuary.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 133.00 - Standards For The Repair Of Damaged Motor Vehicles › Section 133.01 - Purpose and Applicability

Current through Register 1525, July 5, 2024
The purpose of
				211 CMR 133.00 is to promote
				the public welfare and safety by establishing fair and uniform standards for
				the repair of damaged motor vehicles.
				211 CMR 133.00 is
				promulgated to be read in conjunction with
				212 CMR 2.00,
The
				Appraisal and Repair of Damaged Motor Vehicles
, as promulgated by the
				Auto Damage Appraiser Licensing Board.
				211 CMR 133.00 shall apply
				to all motor vehicles insured in the Commonwealth and only when an insurer pays
				for the cost of repairs.