Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 26.00 - Annual Financial Reporting For Years Ending 2010 And After › Section 26.20 - Exemptions and Effective Dates

Current through Register 1525, July 5, 2024
(1) Upon written
			 application of any insurer, the Commissioner may grant an exemption from
			 compliance with any and all provisions of
			 211 CMR 26.00 if the
			 Commissioner finds, upon review of the application, that compliance with
			 211 CMR 26.00 would
			 constitute a financial or organizational hardship upon the insurer. An
			 exemption may be granted at any time and from time to time for a specified
			 period or periods. Within ten days from a denial of an insurer's written
			 request for an exemption from
			 211 CMR 26.00 such insurer
			 may request in writing a hearing on its application for an exemption. Such
			 hearing shall be held in accordance with M.G.L. c. 30A and the practices of the
			 Division pertaining to administrative hearing procedures.
(2) Domestic insurers shall comply with
			 211 CMR 26.00, unless the
			 Commissioner permits otherwise.
(3)
			 Foreign insurers shall comply with
			 211 CMR 26.00, unless the
			 Commissioner permits otherwise.
(4)
			 The requirements of
			 211 CMR
			 26.08(3)  are enforced for
			 audits of the year beginning January 1, 2010 and subsequent years.
(5) The requirements of
			 211 CMR
			 26.16 are enforced January 1, 2010. An
			 insurer or Group of insurers that is not required to have independent Audit
			 committee members or only a majority of independent Audit committee members (as
			 opposed to a supermajority) because the total written and assumed premium is
			 below the threshold and subsequently becomes subject to one of the independence
			 requirements due to changes in premium shall have one year following the year
			 the threshold is exceeded, (but not earlier than January 1, 2010) to comply
			 with the independence requirements. Likewise, an insurer that becomes subject
			 to one of the independence requirements as a result of a business combination
			 shall have one calendar year following the date of acquisition or combination
			 to comply with the independence requirements.
(6) The requirements of
			 211 CMR
			 26.19 are enforced beginning with the
			 reporting period ending December 31,2010 and each subsequent year. An insurer
			 or Group of insurers that is not required to file a report because the total
			 written premium is below the threshold and subsequently becomes subject to the
			 reporting requirements shall have two years following the year the threshold is
			 exceeded, (but not earlier than December 31, 2010) to file a report. Likewise,
			 an insurer acquired in a business combination shall have two calendar years
			 following the date of acquisition or combination to comply with the reporting
			 requirements.
(7) The requirements
			 of
			 211
			 CMR 26.17 are to be in effect January 1,
			 2020. If any insurer or Group of insurers that is exempt from
			 211
			 CMR 26.17 requirements no longer qualifies
			 for that exemption, it shall have one year after the year the threshold is
			 exceeded to comply with the requirements of
			 211
			 CMR 26.17.