reglab/statecodes huggingface dataset:
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.08 - Extraordinary Dividends and Other Distributions

Current through Register 1525, July 5, 2024
(1) Requests for approval of extraordinary
			 dividends or any other extraordinary distribution to shareholders shall include
			 the following:
(a) The amount of the proposed
			 dividend or distribution;
(b) The
			 date established for payment of the dividend or distribution;
(c) A statement as to whether the dividend or
			 distribution is to be in cash or other property and, if in property, a
			 description thereof, its cost, and its fair market value together with an
			 explanation of the basis for valuation;
(d) A copy of the calculations determining
			 that the proposed dividend or distribution is extraordinary. The work paper
			 shall include the following information:
1.
			 The amounts, dates and form of payment of all dividends paid or distributions
			 made (including regular dividends but excluding distributions of the insurers
			 own securities) within the period of 12 consecutive months ending on the date
			 fixed for payment of the proposed dividend or distribution for which approval
			 is sought and commencing on the day after the same day of the same month in the
			 last preceding year;
2. Surplus as
			 regards policyholders (total capital and surplus) and that portion of which
			 constitutes unassigned funds, as of the 31st day of
			 December next preceding;
3. If the
			 insurer is a life insurer, the net gain from operations for the 12-month period
			 ending the 31st day of December next
			 preceding;
4. If the insurer is not
			 a life insurer, the net income less realized capital gains for the 12-month
			 period ending the 31st day of December next
			 preceding and the two preceding 12 month periods; and
5. If the insurer is not a life insurer, the
			 dividends paid to stockholders excluding distributions of the insurer's own
			 securities in the preceding two calendar years;
(e) A balance sheet and statement of income
			 for the period intervening from the last annual statement filed with the
			 Commissioner and the end of the month preceding the month in which the request
			 for dividend approval is submitted; and
(f) A brief statement as to the effect of the
			 proposed dividend upon the insurer's surplus and the reasonableness of surplus
			 in relation to the insurer's outstanding liabilities and the adequacy of
			 surplus relative to the insurer's financial needs.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.09 - Adequacy of Surplus

Current through Register 1525, July 5, 2024
The factors set forth in M.G.L. c. 175, § 206C(t) are not
				intended to be an exhaustive list. In determining the adequacy and
				reasonableness of an insurer's surplus no single factor is necessarily
				controlling. The Commissioner instead will consider the net effect of all of
				these factors plus other factors bearing on the financial condition of the
				insurer. In comparing the surplus maintained by other insurers, the
				Commissioner will consider the extent to which each of these factors varies
				from company to company and in determining the quality and liquidity of
				investments in subsidiaries, the Commissioner will consider the individual
				subsidiary and may discount or disallow its valuation to the extent that the
				individual investments so warrant.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.10 - Enterprise Risk Report (Form F)

Current through Register 1525, July 5, 2024
(1) The
			 ultimate controlling person of every insurer subject to registration pursuant
			 to M.G.L. c. 175, § 206C shall furnish the information required by Form
			 F.
(2) The report shall be filed
			 with the lead state commissioner of the insurance holding company system as
			 determined by the procedures within the
Financial Analysis
			 Handbook
adopted by the National Association of Insurance
			 Commissioners.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.11 - Group Capital Calculation

Current through Register 1525, July 5, 2024
(1) Where
			 an insurance holding company system has previously filed the annual group
			 capital calculation at least once, the lead state commissioner has the
			 discretion to exempt the ultimate controlling person from filing the annual
			 group capital calculation if the lead state commissioner makes a determination
			 based upon that filing that the insurance holding company system meets all of
			 the following criteria:
(a) Has annual direct
			 written and unaffiliated assumed premium (including international direct and
			 assumed premium), but excluding premiums reinsured with the Federal Crop
			 Insurance Corporation and Federal Flood Program, of less than
			 $1,000,000,000;
(b) Has no insurers
			 within its holding company structure that are domiciled outside of the United
			 States or one of its territories;
(c) Has no banking, depository or other
			 financial entity that is subject to an identified regulatory capital framework
			 within its holding company structure;
(d) The holding company system attests that
			 there are no material changes in the transactions between insurers and
			 non-insurers in the group that have occurred since the last filing of the
			 annual group capital; and
(e) The
			 non-insurers within the holding company system do not pose a material financial
			 risk to the insurer's ability to honor policyholder obligations.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.12 - Form A Instructions

Current through Register 1525, July 5, 2024
FORM A
STATEMENT REGARDING THE ACQUISITION OF CONTROL OF OR MERGER
				WITH A DOMESTIC INSURER
_________________________________________________________________
Name of Domestic Insurer
BY
Filed with the Division of Insurance of the Commonwealth of
				Massachusetts
_________________________________________________________________
(State of domicile of insurer being acquired)
Dated:________________________________, 20_____________
Name, title, address, telephone number, and email of Individual
				to Whom Notices and Correspondence Concerning this Statement Should be
				Addressed:
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
(1) ITEM 1. INSURER AND METHOD OF
			 ACQUISITION. State the name and address of the domestic insurer to which this
			 application relates and a brief description of how control is to be
			 acquired.
(2) ITEM 2. IDENTITY AND
			 BACKGROUND OF THE APPLICANT
(a) State the name
			 and address of the applicant seeking to acquire control over the
			 insurer.
(b) If the applicant is
			 not an individual, state the nature of its business operations for the past
			 five years or for such lesser period as such person and any predecessors
			 thereof shall have been in existence. Briefly describe the business intended to
			 be done by the applicant and the applicant's subsidiaries.
(c) Furnish a chart or listing clearly
			 presenting the identities of the interrelationships among the applicant and all
			 affiliates of the applicant. No affiliate need be identified if its total
			 assets are equal to less than U of 1% of the total assets of the ultimate
			 controlling person affiliated with the applicant. Indicate in such chart or
			 listing the percentage of voting securities of each such person which is owned
			 or controlled by the applicant or by any other such person. If control of any
			 person is maintained other than by the ownership or control of voting
			 securities, indicate the basis of such control. As to each person specified in
			 such chart or listing indicate the type of organization (
e.g
.
			 corporation, trust, partnership) and the state or other jurisdiction of
			 domicile. If court proceedings involving a reorganization or liquidation are
			 pending with respect to any such person, indicate which person, and set forth
			 the title of the court, nature of proceedings and the date when
			 commenced.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.15 - Form D Instructions

Current through Register 1525, July 5, 2024
FORM D
PRIOR NOTICE OF A TRANSACTION
Filed with the Division of Insurance of the Commonwealth of
				Massachusetts
By
______________________
Name of Registrant
On Behalf of Following Insurance Companies
Name Address
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
Date:____________________, 20_____
Name, title, address, telephone number, and email of Individual
				to Whom Notices and Correspondence Concerning This Statement Should Be
				Addressed:
________________________________________________________________
________________________________________________________________
________________________________________________________________
(1) ITEM 1. IDENTITY OF PARTIES TO
			 TRANSACTION. Furnish the following information for each of the parties to the
			 transaction:
(a) Name.
(b) Home office address.
(c) Principal executive office
			 address.
(d) The organizational
			 structure,
i.e
. corporation, partnership, individual, trust,
etc
.
(e) A
			 description of the nature of the parties' business operations.
(f) Relationship, if any, of other parties to
			 the transaction to the insurer filing the notice, including any ownership or
			 debtor/creditor interest by any other parties to the transaction in the insurer
			 seeking approval, or by the insurer filing the notice in the affiliated
			 parties.
(g) Where the transaction
			 is with a non-affiliate, the name(s) of the affiliate(s) which will receive, in
			 whole or in substantial part, the proceeds of the transaction.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 7.00 - Massachusetts Insurance Holding Company System › Section 7.17 - Severability

Current through Register 1525, July 5, 2024
If any provision of
				211 CMR
				7.00, or the application thereof to any person or
				circumstance, is held invalid, such determination of invalidity shall not
				affect other provisions or applications of
				211 CMR
				7.00 which can be given effect without the invalid
				provision or application, and to that end the provisions of
				211 CMR
				7.00 are severable.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 10.00 - Nation-wide Marine Definitions › Section 10.01 - Purpose

Current through Register 1525, July 5, 2024
211 CMR 10.00 describes the
				kinds of risks and coverages which may be classified or identified pursuant to
				M.G.L. c. 174A as marine, inland marine or transportation insurance, but does
				not include all of the kinds of risks and coverages which may be written,
				classified or identified under marine, inland marine or transportation insuring
				powers, nor shall it be construed to mean that the kinds of risks and coverages
				are solely marine, inland marine or transportation insurance in all
				instances.
211 CMR 10.00 shall not be
				construed to restrict or limit in any way the exercise of any insuring powers
				granted under charters and license whether used separately, in combination or
				otherwise.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 10.00 - Nation-wide Marine Definitions › Section 10.02 - Applicability

Current through Register 1525, July 5, 2024
Marine or transportation policies may cover the following
				conditions:
(1)
Imports
. Imports may be covered wherever the property
			 may be and without restriction as to time, provided the coverage of the issuing
			 companies includes hazards of transportation.
An import, as a proper subject, or marine or transportation
				insurance, shall be deemed to maintain its character as such, so long as the
				property remains segregated in such a way that it can be identified and has not
				become incorporated and mixed with the general mass of property in the United
				States, and shall be deemed to have been completed when the property has
				been:
(a) Sold and delivered by the
			 importer, factor or consignee;
(b)
			 Removed from place of storage and placed on sale as part of importer's stock in
			 trade at a point of sale-distribution; or
(c) Delivered for manufacture, processing or
			 change in form to premises of the importer or of another used for any such
			 purposes.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 10.00 - Nation-wide Marine Definitions › Section 10.03 - Exceptions

Current through Register 1525, July 5, 2024
Unless otherwise permitted, nothing in 211 CMR 10.03(1) through
				(4) shall be construed to permit marine or transportation policies to
				cover:
(1) Storage of assured's
			 merchandise, except as provided in
			 211 CMR 10.00.
(2) Merchandise in course of manufacture, the
			 property of and on the premises of the manufacturer.
(3) Furniture and fixtures and improvements
			 and betterments to buildings.
(4)
			 Monies or securities in safes, vaults, safety deposit vaults, bank or assured's
			 premises, except while in the course of transportation.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 10.00 - Nation-wide Marine Definitions › Section 10.04 - Equipment Dealers

Current through Register 1525, July 5, 2024
The insurance of Equipment Dealers stock falls within the
				Marine classification when the stock of such dealers consists of the equipment
				enumerated in 211 CMR 10.02 and their accessories with annual average values of
				75% of the annual average values of the dealer's entire stock. In other words,
				the annual average values of such dealer's stock unrelated to the principal
				stock should not exceed more than 25% of the annual average values of his or
				her entire stock.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 10.00 - Nation-wide Marine Definitions › Section 10.05 - Boats, Outboard Motors, Equipment

Current through Register 1525, July 5, 2024
(1) Inland
			 Marine policies may cover the following described property when owned and used
			 for pleasure and not for business, for hire, or for commercial use:
(a) Outboard Motors, including their
			 equipment and appurtenances;
(b)
			 Rowboats, canoes, and boats not exceeding 16 feet in overall length, measured
			 on the centerline and designed exclusively to be propelled by one or more
			 outboard motors;
(c) Equipment and
			 appurtenances, including boat carriers and trailers, used or designed for use
			 with 211 CMR 10.05(1)(a) and (b).
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.01 - Application

Current through Register 1525, July 5, 2024
211 CMR 13.00 is applicable
				to each domestic stock insurer which has any class of equity security held of
				record by 100 or more persons; provided, however, that
				211 CMR 13.00 shall not apply
				to any insurer if 99% or more of its equity securities are owned or controlled
				by a parent or an affiliated insurer and the remaining securities are held of
				record by less than 500 persons. A domestic stock insurer which files with the
				Securities and Exchange Commission forms of proxies, consents and
				authorizations complying with the requirements of the Securities Exchange Act
				of 1934, as amended, and the applicable regulations promulgated there under,
				shall be exempt from the provisions of
				211 CMR 13.00 with respect to
				any class of securities subject to SEC jurisdiction.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.02 - Proxies, Consents and Authorizations

Current through Register 1525, July 5, 2024
No domestic stock insurer, or any director, officer or employee
				of such insurer subject to section one hereof, or any other person, shall
				solicit, or permit the use of his name to solicit by mail or otherwise, any
				proxy, consent or authorization in respect of any class of equity security of
				such insurer held of record by 100 or more persons in contravention of
				211 CMR 13.00 and Schedules A
				and B hereto annexed (
				211
				CMR 13.11 and
				13.12
				) and hereby made a part of
				211 CMR
				13.00.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.03 - Disclosure of Equivalent Information

Current through Register 1525, July 5, 2024
Unless proxies, consents or authorizations in respect of any
				class of equity security of a domestic insurer subject to section one hereof
				are solicited by or on behalf of the management of such insurer from the
				holders of record of such security in accordance with
				211 CMR 13.00 and Schedules
				hereunder prior to any annual or other meeting of such security holders, such
				insurer shall, in accordance with
				211 CMR 13.00 and such
				further regulations as the Commissioner may adopt, file with the Commissioner
				and transmit to all security holders of record information substantially
				equivalent to the information which would be required to be transmitted if a
				solicitation were made.
Such insurer shall transmit a written information statement
				containing the information specified in
				211 CMR
				13.05(4)  to every security
				holder who is entitled to vote in regard to any matter to be acted upon at the
				meeting from whom a proxy is not solicited on behalf of the management of the
				insurer; provided, that in the case of a class of securities in unregistered or
				bearer form such statement need be transmitted only to those security holders
				whose names and addresses are known to the insurer.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.04 - Definitions

Current through Register 1525, July 5, 2024
(1) The definitions and instructions set out
			 in Schedule SIS, as promulgated by the National Association of Insurance
			 Commissioners, shall be applicable for purposes of
			 211 CMR 13.00.
(2) The terms solicit and solicitation for
			 purposes of
			 211 CMR 13.00 shall include:
(a) any request for a proxy, whether or not
			 accompanied by or included in a form of proxy; or
(b) any request to execute or not to execute,
			 or to revoke a proxy; or
(c) the
			 furnishing of a form of proxy or other communication to security holders under
			 circumstances reasonably calculated to result in the procurement, withholding
			 or revocation of a proxy.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.05 - Information to Be Furnished to Security Holders

Current through Register 1525, July 5, 2024
(1) No solicitation subject to
			 211 CMR 13.00 shall be made
			 unless each person solicited is concurrently furnished or has previously been
			 furnished with a written proxy statement containing the information specified
			 in Schedule A.
(2) If the
			 solicitation is made on behalf of the management of the insurer and relates to
			 an annual meeting of security holders at which directors are to be elected,
			 each proxy statement furnished pursuant to 211 CMR 13.05(1) shall be
			 accompanied or preceded by an annual report (in preliminary or final form) to
			 such security holders containing such financial statements for the last fiscal
			 year as are referred to in Schedule SIS under the heading "Financial Reporting
			 to Stockholders." Subject to the foregoing requirements with respect to
			 financial statements, the annual report to security holders may be in any form
			 deemed suitable by the management.
(3) Two copies of each report sent to the
			 security holders pursuant to 211 CMR 13.05 shall be mailed to the Commissioner,
			 not later than the date on which such report is first sent or given to security
			 holders or the date on which preliminary copies of solicitation material are
			 filed with the Commissioner, pursuant to
			 211 CMR
			 13.07(1), whichever date is
			 later.
(4) If no solicitation is
			 being made by management of the insurer with respect to any annual or other
			 meeting, such insurer shall mail to every security holder of record at least 20
			 days prior to the meeting date, an information statement as required by
			 211 CMR
			 13.03, containing the information called for
			 by all of the Items of Schedule A, other than Items 1, 3, and 4 thereof, which
			 would be applicable to any matter to be acted upon at the meeting if proxies
			 were to be solicited in connection with the meeting. If such information
			 statement relates to an annual meeting at which directors are to be elected, it
			 shall be accompanied by an annual report to such security holders in the form
			 provided in 211 CMR 13.05(2).
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.06 - Requirements as to Proxy and Information Statement

Current through Register 1525, July 5, 2024
(1) The form of proxy
(a) shall indicate in bold-face type whether
			 or not the proxy is solicited on behalf of the management;
(b) shall provide a specifically designated
			 blank space for dating the proxy; and
(c) shall identify clearly and impartially
			 each matter or group of related matters intended to be acted upon, whether
			 proposed by management, or security holders. No reference need be made to
			 proposals as to which discretionary authority is conferred pursuant to 211 CMR
			 13.06(3).
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.07 - Material Required to Be Filed

Current through Register 1525, July 5, 2024
(1) Two
			 preliminary copies of the information statement or the proxy statement and form
			 of proxy and any other soliciting material to be furnished to security holders
			 concurrently therewith shall be filed with the Commissioner at least ten days
			 prior to the date definitive copies of such material are first sent or given to
			 security holders, or such shorter period prior to that date as the Commissioner
			 may authorize upon a showing of good cause therefor.
(2) Two preliminary copies of any additional
			 soliciting material relating to the same meeting or subject matter to be
			 furnished to security holders subsequent to the proxy statements shall be filed
			 with the Commissioner at least two days (exclusive of Saturdays, Sundays or
			 holidays) prior to the date copies of this material are first sent or given to
			 security holders or a shorter period prior to such date as the Commissioner may
			 authorize upon a showing of good cause therefor.
(3) Two definitive copies of the information
			 statement or the proxy statement, form of proxy and all other soliciting
			 material, in the form in which this material is furnished to security holders,
			 shall be filed with, or mailed for filing to, the Commissioner not later than
			 the date such material is first sent or given to the security
			 holders.
(4) Where any information
			 statement or proxy statement, form of proxy or other material filed pursuant to
			 211 CMR 13.00 is amended or
			 revised, two of the copies shall be marked to clearly show such
			 changes.
(5) Copies of replies to
			 inquiries from security holders requesting further information and copies of
			 communications which do no more than request that forms of proxy theretofore
			 solicited be signed and returned need not be filed pursuant to 211 CMR
			 13.07.
(6) Notwithstanding the
			 provisions of 211 CMR 13.07(1), 211 CMR 13.07(2), and
			 211 CMR
			 13.10(5), copies of
			 soliciting material in the form of speeches, press releases and radio or
			 television scripts may, but need not, be filed with the Commissioner, prior to
			 use or publication. Definitive copies, however, shall be filed with or mailed
			 for filing to the Commissioner as required by 211 CMR 13.07(3) not later than
			 the date such material is used or published. The provisions of 211 CMR
			 13.07(1), 211 CMR 13.07(2) and
			 211 CMR
			 13.10(5)  shall apply
			 however, to any reprints or reproductions of all or any part of such
			 material.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.08 - False or Misleading Statements

Current through Register 1525, July 5, 2024
No proxy statement, form of proxy, notice of meeting,
				information statement or other communication, written or oral, subject to
				211 CMR 13.00, shall contain
				any statement which at the time and in the light of the circumstances under
				which it is made, is false or misleading with respect to any material fact, or
				which omits to state any material fact necessary in order to make the
				statements therein not false or misleading or necessary to correct any
				statement in any earlier communication with respect to the same meeting or
				subject matter which has become false or misleading.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.09 - Prohibition of Certain Solicitations

Current through Register 1525, July 5, 2024
No person making a solicitation which is subject to
				211 CMR 13.00 shall solicit
				any undated or postdated proxy or any proxy which provides that it shall be
				deemed to be dated as of any date subsequent to the date on which it is signed
				by the security holder.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.10 - Special Provisions Applicable to Election Contests

Current through Register 1525, July 5, 2024
(1)
Applicability
.
			 211 CMR 13.10 shall apply to any solicitation subject to
			 211 CMR 13.00 by any person
			 or group for the purpose of opposing a solicitation subject to
			 211 CMR 13.00 by any other
			 person or group with respect to the election or removal of directors at any
			 annual or special meeting of security holders.
(2)
Participant or Participant in
			 a Solicitation.
(a) For purposes
			 of 211 CMR 13.10 the terms "participant" and "participant in a solicitation"
			 include: the insurer; any director of the insurer, and any nominee for whose
			 election as a director proxies are solicited; any other person, acting alone or
			 with one or more other persons, committees or groups, in organizing, directing
			 or financing the solicitation.
(b)
			 For the purposes of 211 CMR 13.10 the terms "participant" and "participant in a
			 solicitation" do not include: a bank, broker or dealer who, in the ordinary
			 course of business, lends money or executes orders for the purchase or sale of
			 securities and who is not otherwise a participant; any person or organization
			 retained or employed by a participant to solicit security holders or any person
			 who merely transmits proxy soliciting material or performs ministerial or
			 clerical duties; any person employed in the capacity of attorney, accountant,
			 or advertising, public relations or financial advisor, and whose activities are
			 limited to the performance of his duties in the course of such employment; any
			 person regularly employed as an officer or employee of the insurer or any of
			 its subsidiaries or affiliates who is not otherwise a participant; or any
			 officer or director of, or any person regularly employed by any other
			 participant, if such officer, director, or employee is not otherwise a
			 participant.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.11 - Schedule A: Information Required in Proxy Statement or Information Statement

Current through Register 1525, July 5, 2024
(1)
Item 1. Revocability of Proxy
. State whether or not
			 the person giving the proxy has the power to revoke it. If the right of
			 revocation before the proxy is exercised is limited or is subject to compliance
			 with any formal procedure, briefly describe such limitation or
			 procedure.
(2)
Item 2.
			 Dissenters' Rights of Appraisal
. Outline briefly the rights of
			 appraisal or similar rights of dissenting security holders with respect to any
			 matter to be acted upon and indicate any statutory procedure required to be
			 followed by such security holders in order to perfect their rights. Where such
			 rights may be exercised only within a limited time after the date of the
			 adoption of a proposal, the filing of a charter amendment, or other similar
			 act, state whether the person solicited will be notified of such
			 date.
(3)
Item 3.
			 Persons Making Solicitations Not Subject to
			 211 CMR
			 13.10.
(a) If the solicitation is made by the
			 management of the insurer, so state. Give the name of any director of the
			 insurer who has informed the management in writing that he intends to oppose
			 any action intended to be taken by the management and indicate the action which
			 he intends to oppose.
(b) If the
			 solicitation is made otherwise than by the management of the insurer, state the
			 names and addresses of the persons by whom and on whose behalf it is made and
			 the names and addresses of the persons by whom the cost of solicitation has
			 been or will be borne, directly or indirectly.
(c) If the solicitation is to be made by
			 specially engaged employees or paid solicitors, state the material features of
			 any contract or arrangement for such solicitation and identify the parties, and
			 the cost or anticipated cost thereof.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 13.00 - Proxies, Consents And Authorizations Of Domestic Stock Insurers › Section 13.12 - Schedule B: Information to Be Included in Statements Filed by or on behalf of a Participant (Other than the Insurer) in a Proxy Solicitation in an Election Contest

Current through Register 1525, July 5, 2024
(1)
Item 1. Insurer
. State the name and address of the
			 insurer.
(2)
Item 2.
			 Identity and Background.
(a)
			 State the following:
1. Your name and
			 business address.
2. Your present
			 principal occupation or employment and the name, principal business and address
			 of any corporation or other organization in which such employment is carried
			 on.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.01 - Purpose and Scope

Current through Register 1525, July 5, 2024
211 CMR 15.00 sets forth the
				manner by which Insurers shall report data to Statistical Agents, the reports
				to be submitted by Statistical Agents to the Commissioner, and certain conduct
				in connection therewith.
				211 CMR 15.00 does not apply
				to data reported directly by Insurers to the Commissioner.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.02 - Definitions

Current through Register 1525, July 5, 2024
Advisory Organization
. An organization
				that meets the criteria and has complied with the filing requirements under
				211 CMR 15.00 and M.G.L. c.
				174A, § 12 or c. 175A, § 12.
Annual Statistical Compilation
. An
				annual Statistical Report that contains historic statistical information for
				risk classifications within a line of insurance summarized for all insurers
				that report to a Statistical Agent as specified by the Commissioner. The Annual
				Statistical Compilation shall be submitted to the Commissioner in a format
				agreed to by the Statistical Agent and the Commissioner.
Commissioner
. The Commissioner of
				Insurance appointed pursuant to M.G.L. c. 26, § 6, or his or her
				designee.
Insurer
. Any corporation, association,
				partnership, group or individual authorized to provide insurance subject to
				M.G.L. c. 174A, § 4 or c. 175A, § 4 except for motor vehicle
				insurance.
Statistical Agent
. An organization
				that has been authorized by the Commissioner to collect insurance loss,
				expense, and exposure data from Insurers in accordance with the organization's
				approved Statistical Plans. Statistical Agents shall provide Statistical
				Reports or Annual Statistical Compilations developed from this data at least
				annually to the Commissioner in compliance with M.G.L. c. 174A, § 15(a) or
				c. 175A, § 15(a).
Statistical Plan
. A system for
				collecting data from reporting Insurers, including exposure, coverage,
				classification, territory, premium, loss and other data that has been approved
				or promulgated by the Commissioner.
Statistical Report
. A report created
				by a Statistical Agent that aggregates the data of all of its reporting
				Insurers at a level of detail and in a format agreed to by the Statistical
				Agent and the Commissioner.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.03 - Lines of Insurance

Current through Register 1525, July 5, 2024
211 CMR 15.00 applies to all
				lines of insurance subject to the provisions of M.G.L. c. 174A, § 4 or c.
				175A, § 4 except for motor vehicle insurance.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.04 - Authorization of Statistical Agents

Current through Register 1525, July 5, 2024
To be authorized as a Statistical Agent for purposes of
				fulfilling the statistical reporting requirements of
				211 CMR 15.00, the
				organization shall agree to be subject to examination by the Commissioner in
				the same way as an Advisory Organization. Examinations of authorized
				Statistical Agents shall be conducted pursuant to the provisions of M.G.L. c.
				174A, § 14 and c. 175A, § 14.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.05 - Filing of Statistical Plans by Statistical Agents

Current through Register 1525, July 5, 2024
Every Statistical Agent shall file with the Commissioner every
				Statistical Plan and every modification that it proposes to use to collect data
				from Insurers to meet the requirements of this regulation. Such Statistical
				Plan and modifications thereto shall be deemed to meet the requirements of
				211 CMR 15.00 unless
				disapproved by the Commissioner within 30 days after the plan or modifications
				are filed with the Commissioner.
The Commissioner may promulgate amendments to existing
				statistical plans on a prospective basis.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.06 - Statistical Reporting by Insurers

Current through Register 1525, July 5, 2024
Every Insurer licensed in Massachusetts shall report its
				insurance data for lines of insurance covered by
				211 CMR 15.00 at least
				annually to a Statistical Agent authorized by the Commissioner. This data shall
				be submitted in accordance with the Statistical Plan's minimum reporting
				standards for insurers deemed to meet the requirements of
				211 CMR 15.00 in accordance
				with
				211 CMR
				15.05.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.07 - Multiple Statistical Agents for the Same Line of Insurance

Current through Register 1525, July 5, 2024
For lines of insurance where more than one Statistical Agent
				has been designated to collect statistics in the Commonwealth, the Statistical
				Agents shall, if so directed by the Commissioner, arrange to file combined
				reports for all Statistical Agents collecting data for the affected lines of
				insurance. The Statistical Agents may make arrangements among themselves for
				the equitable sharing of the costs to produce such combined
				reports.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.08 - Edit and Control Procedures for Statistical Agents

Current through Register 1525, July 5, 2024
For each line of insurance that Insurers submit to a
				Statistical Agent on a basis consistent with Page 14 of the Insurer's Annual
				Statement made pursuant to M.G.L. c. 175, § 25, the Statistical Agent
				shall compare reported statistical data for Massachusetts to the Page 14 amount
				to ensure the data is complete.
A Statistical Agent shall use edit and control procedures to
				verify the accuracy of the coded information submitted by Insurers. The
				reasonability of the coded information shall be further tested by the
				Statistical Agent using appropriate methods to detect any systematic errors in
				the data reported.
A Statistical Agent shall notify the Commissioner of any
				Insurer that has failed to report complete, accurate, or reasonable statistical
				data for more than four of the past eight quarters.
Insurers shall use edit and audit procedures to ensure the data
				submitted to the Statistical Agent is complete, accurate, and reasonable.
				Insurers are required to reconcile and correct data that the Statistical Agent
				finds to be incomplete, inaccurate, or unreliable in order to comply with
				211 CMR
				15.06.
The Commissioner may suspend or rescind a Statistical Agent's
				authority to collect and report statistical data from insurers if, during the
				course of an examination, the Commissioner finds that a Statistical Agent has
				failed to ensure that the data submitted to it is complete, accurate, and
				reasonable.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.09 - Statistical Reports Produced by Statistical Agents

Current through Register 1525, July 5, 2024
The Commissioner shall have access to all data collected by a
				Statistical Agent. A Statistical Agent shall provide any Statistical Reports or
				Annual Statistical Compilations that it produces from aggregating Insurer data
				it collects through the Statistical Plan to the Commissioner as required or
				requested by the Commissioner.
Unless specifically requested by the Commissioner, Statistical
				Agents shall not provide Statistical Reports or Annual Statistical Compilations
				to the Commissioner or any other party in a format where it appears to be
				possible to identify information about individual Insurers that such Insurers
				have not already filed in the public domain, or could be used to identify a
				particular policyholder or claimant.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.10 - Disclosure of Complying and Non-complying Insurers

Current through Register 1525, July 5, 2024
Each Statistical Report shall contain a listing of Insurers
				whose data are included in the report. In addition, if data from an Insurer or
				Insurers that had agreed to have data included are, in fact, not included, then
				a listing of these Insurers shall also be made with the Statistical Report. For
				any Insurer that is listed as not included in a Statistical Report, the
				Statistical Agent shall, upon the request of the Commissioner, provide reasons
				for the exclusion.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.11 - Disclosure of Insurer Data Submitted to Statistical Agents

Current through Register 1525, July 5, 2024
Any Statistical Report or Annual Statistical Compilation that
				is regularly provided to the Commissioner shall be available to the
				public.
A Statistical Agent shall not provide data submitted to it by
				any single Insurer, or any compilation thereof, to any party other than that
				Insurer or the Commissioner without the Insurer's written consent. Unless
				specifically requested by the Commissioner, Statistical Agents shall not
				provide the aggregated data of all reporting insurers to the Commissioner or
				any other party in a format where it appears to be possible to identify
				information about individual Insurers that such Insurers have not already filed
				in the public domain, or could be used to identify a particular policyholder or
				claimant.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.12 - Exemption

Current through Register 1525, July 5, 2024
Upon application by a Statistical Agent or an individual
				Insurer, the Commissioner may allow the submission of a Statistical Report or
				data at a specified later date if the submission of the Statistical Report or
				data on the date required by this regulation would create a substantial
				hardship on the Statistical Agent or Insurer.
In considering whether to grant such an exemption, the
				Commissioner shall consider whether the delay is necessitated by an unusual or
				a one-time situation, or whether the delay is necessitated by a situation that
				is likely to reoccur. When the delay is necessitated by a situation that is
				likely to reoccur, the Commissioner may condition the granting of an exemption
				on whether the Insurer or Statistical Agent has a plan of action to address the
				situation in the future.
The precise terms, details and provisions of the Plan may be
				  examined by any interested person at the Office of the Commissioner of
				  Insurance, 100 Nashua Street, Boston, Massachusetts.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.13 - Lines of Insurance without a Statistical Agent

Current through Register 1525, July 5, 2024
Any licensed Insurer writing any line of insurance not exempted
				by
				211 CMR 15.03
				that finds or believes to have found that it is writing a line or type of
				insurance for which no Statistical Agent will accept data shall notify the
				Commissioner of this fact as soon as practicable.
The precise terms, details and provisions of the Plan may be
				  examined by any interested person at the office of the Commissioner of
				  Insurance, 100 Nashua Street, Boston, Massachusetts.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.14 - Penalty

Current through Register 1525, July 5, 2024
Failure to comply with
				211 CMR 15.00 may result in a
				penalty in accordance with M.G.L. c. 174A, § 17 or c. 175A, §
				18.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 15.00 - Reporting of Statistical Data by Property and Casualty Insurance Companies › Section 15.15 - Severability

Current through Register 1525, July 5, 2024
If any provision of
				211 CMR 15.00, or the
				application of a provision to any person or circumstance shall be held invalid,
				the remainder of
				211 CMR 15.00, 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 16.00 - Petition For The Adoption, Amendment Or Repeal Of Regulations › Section 16.01 - Scope of Regulation and Definition

Current through Register 1525, July 5, 2024
(1)
Scope
.
			 211 CMR 16.00 governs the
			 procedures to be followed when petitioning the Division to adopt, amend or
			 repeal rules and regulations.
(2)
Definition
. As used in
			 211 CMR 16.00, except as
			 otherwise required by the context:
(a)
Division
means the Division of Insurance within the
			 Office of Consumer Affairs and Business Regulation of the Commonwealth of
			 Massachusetts.
(b)
Commissioner
means the Commissioner of Insurance
			 appointed under the provisions of M.G.L. c. 26, §6, or his
			 designee.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 16.00 - Petition For The Adoption, Amendment Or Repeal Of Regulations › Section 16.02 - Petition for Adoption of Regulations

Current through Register 1525, July 5, 2024
(1)
Submission of Petition
. Any interested person or his
			 duly authorized representative may petition the Division to adopt, amend, or
			 repeal any regulation. The petition shall be submitted to the Division by first
			 class mail or by hand delivery during normal business hours. A petition shall
			 set forth the text of the proposed regulations, drafted clearly and concisely,
			 and shall include a memorandum explaining the reasons for the proposed
			 adoption, amendment or repeal of the regulations.
(2)
Consideration and Disposition
			 of Petitions
. Upon receipt of a petition for the adoption,
			 amendment, or repeal of a regulation submitted pursuant to 211 CMR 16.02(1),
			 the Commissioner shall determine whether to schedule the petition for further
			 proceedings in accordance with M.G.L. c. 30A, §§ 2 and 3. Written
			 notice of the disposition of the petition shall be sent to the petitioner
			 within ten days of the Commissioner's decision.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 20.00 - Risk-based Capital (rbc) For Insurers › Section 20.02 - RBC Reports

Current through Register 1525, July 5, 2024
(1) Every domestic
			 insurer shall, on or prior to each March 1st,
			 prepare and submit to the Commissioner a report of its RBC Levels as of the end
			 of the calendar year just ended, in a form and containing such information as
			 is required by the RBC instructions. In addition, every domestic insurer shall
			 file its RBC Report:
(a) With the NAIC in
			 accordance with the RBC instructions; and
(b) With the insurance Commissioner in any
			 state in which the insurer is authorized to do business, if the insurance
			 Commissioner has notified the insurer of its request in writing, in which case
			 the insurer shall file its RBC Report not later than the later of:
1. 15 days from the receipt of notice to file
			 its RBC Report with that state; or
2. The Filing Date.