reglab/statecodes huggingface dataset:
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 54.00 - Procedure For Surrender And Non-renewal Of Licenses By Insurers Authorized To Write Motor Vehicle Insurance › Section 54.05 - Review of Filing

Current through Register 1525, July 5, 2024
(1) The
			 Commissioner shall promptly undertake a review of the applicant's withdrawal
			 plan upon its receipt.
(2)
Incomplete Filings
. If the Commissioner finds that the
			 initial withdrawal plan or any supplement thereto does not contain the
			 information required in
			 211 CMR
			 54.04, the Commissioner shall, no later than
			 ten days from the date of receipt of the initial withdrawal plan or supplement,
			 notify the applicant orally or in writing that the withdrawal plan is
			 incomplete and shall specify the additional documents or information required.
			 The applicant shall file the additional information within ten days of its
			 receipt of the notice, or as otherwise specified by the Commissioner. Failure
			 to comply with such a request for additional information may delay any further
			 action on the withdrawal plan. 211 CMR 54.05(2) does not limit the
			 Commissioner's authority to impose any other sanctions permitted by
			 law.
(3)
Additional
			 Information
. At any stage during the review or implementation of a
			 withdrawal plan, the Commissioner may request further information upon any
			 issue or subject related to the withdrawal, and require such information to be
			 supplied by the applicant within a reasonable time. An applicant may at any
			 time submit information and seek to raise issues not included in its initial
			 filing made pursuant to
			 211 CMR 54.00.
(4) The Commissioner, in his or her
			 discretion, may conduct a hearing to inquire into any aspect of the withdrawal
			 plan.
(5) In determining whether or
			 not to approve the timing and terms of the applicant's withdrawal plan, the
			 Commissioner shall take into account the following factors:
(a) the applicant's motor vehicle insurance
			 market share;
(b) the applicant's
			 solvency and the estimated future effect on the applicant of continued issuance
			 of motor vehicle insurance;
(c) the
			 applicant's agreements with the entities referred to in
			 211 CMR
			 54.04(3)(f)5.a. through f.,
			 as applicable, about the applicant's financial obligations to those
			 entities;
(d) good faith compliance
			 with
			 211 CMR 54.00; and
(e) the applicant's agreement to comply with
			 all applicable laws and regulations.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 54.00 - Procedure For Surrender And Non-renewal Of Licenses By Insurers Authorized To Write Motor Vehicle Insurance › Section 54.06 - Severability

Current through Register 1525, July 5, 2024
If any provision of
				211 CMR 54.00 or the
				applicability thereof to any person, entity or circumstance is held invalid by
				a court, the remainder of
				211 CMR 54.00 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 55.00 - Disclosure Requirements For Life Insurance Policies With Accelerated Benefit Provisions And Annuity Contracts With Waivers Of Surrender Charges For Early Withdrawal Of Annuity Proceeds In The Event Of Total And Permanent Disability › Section 55.01 - Purpose

Current through Register 1525, July 5, 2024
The purpose of
				211 CMR 55.00 is to regulate
				all life insurance products with accelerated benefit provisions and annuity
				contracts with waivers of surrender charges for early withdrawals of annuity
				proceeds offered in Massachusetts. The provisions of
				211 CMR 55.00 supersede
				Division of Insurance Bulletin Number SRB-94-4.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 55.00 - Disclosure Requirements For Life Insurance Policies With Accelerated Benefit Provisions And Annuity Contracts With Waivers Of Surrender Charges For Early Withdrawal Of Annuity Proceeds In The Event Of Total And Permanent Disability › Section 55.02 - Applicability

Current through Register 1525, July 5, 2024
211 CMR 55.00 applies to all
				life insurance with accelerated benefit provisions issued in Massachusetts on
				and after February 25, 2005 or annuity contracts with waivers of surrender
				charges for early withdrawals issued in Massachusetts on and after February 25,
				2005. The requirements contained in
				211 CMR 55.00 are in addition
				to any other applicable statutory provisions or lawful regulations. They do not
				in any way excuse any material noncompliance onthe part of any insurance
				producer or carrier regarding the provisions of any other
				law.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 55.00 - Disclosure Requirements For Life Insurance Policies With Accelerated Benefit Provisions And Annuity Contracts With Waivers Of Surrender Charges For Early Withdrawal Of Annuity Proceeds In The Event Of Total And Permanent Disability › Section 55.03 - Authority

Current through Register 1525, July 5, 2024
211 CMR 55.00 is issued under
				authority of M.G.L. c. 175, § 24 and c. 176D.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 55.00 - Disclosure Requirements For Life Insurance Policies With Accelerated Benefit Provisions And Annuity Contracts With Waivers Of Surrender Charges For Early Withdrawal Of Annuity Proceeds In The Event Of Total And Permanent Disability › Section 55.05 - Minimum Standards

Current through Register 1525, July 5, 2024
(1)
Conditions Excluded from Life Policy
. Notwithstanding
			 any provision of
			 211 CMR 55.00 to the
			 contrary, nothing contained herein shall be construed to require benefits under
			 an accelerated death benefit product based upon the
			 occurrenceofaconditionordisease which is specifically excluded from the
			 underlying life insurance policy.
(2)
Pre-existing
			 Conditions
. Life insurance policies with accelerated benefit
			 provisions and annuity contracts with a waiver of surrender charges for the
			 early withdrawal of annuity proceeds may not contain any pre-existing condition
			 exclusion provisions; nor may such products contain an incontestabilityclause
			 which differs in duration or, if not added after issuance ofthe
			 underlyingpolicy, has an effective date different from any such clause
			 contained in the total and permanent disability provision, if any, of the
			 underlying life insurance policy or annuity contract.
(3)
Evidence of Total and
			 Permanent Disability
.
(a) A
			 carrier may require that reasonable additional evidence be provided that the
			 insured is totally and permanently disabled as defined in
			 211 CMR
			 55.04.
(b) For the purposes of 211 CMR 55.05(3)(a),
			 "reasonable additional evidence" means:
1.
			 additional certification at the carrier's expense, by a physician, or, at the
			 option of the carrier in the case of a Chronic Illness, by a licensed health
			 care practitioner, who is not a member ofthe policyholder's or insured's
			 immediate family and who is not associated with or in any way affiliated with
			 the provider rendering the services in question;
2. a finding by the Social Security
			 Administration entitling the insured to disability benefits;
3. a finding of eligibility of total and
			 permanent disability by an Industrial Accident Board or similar agency under a
			 worker's compensation system; or
4.
			 a disability determination enabling an insured to make an early withdrawal from
			 an individual retirement account or similar instrument without penalty from the
			 Internal Revenue Service; or
5. any
			 other evidence approved by the commissioner.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 55.00 - Disclosure Requirements For Life Insurance Policies With Accelerated Benefit Provisions And Annuity Contracts With Waivers Of Surrender Charges For Early Withdrawal Of Annuity Proceeds In The Event Of Total And Permanent Disability › Section 55.06 - Requirements for Disclosure

Current through Register 1525, July 5, 2024
(1)
Disclosure Statement
.
(a) All carriers offering either accelerated
			 benefit products or waiver of surrender charges for early withdrawals of
			 annuity proceeds, shall issue a disclosure statement, as
			 describedin211
			 CMR 55.100, to the applicant at the time
			 application is made or by separate communication with receipt or certification
			 of delivery. The disclosure statement must be a free-standing document, plainly
			 printed in light-faced type of a style in general use, the size of which shall
			 be uniform and not less than 12-point type with boldface type as noted, and
			 must not contain material of an advertising nature. The disclosure statement
			 must be signed by the owner or proposed owner of the policy, as well as the
			 writing insurance producer or company representative at the time of
			 application.
(b) All carriers
			 offering either accelerated benefit products or waiver of surrender charges for
			 early withdrawals of annuity proceeds shall issue the appropriate disclosure
			 statement, as described in
			 211
			 CMR 55.110, to the applicant at the time
			 application for accelerated benefits or early withdrawal with waiver of
			 surrender charges is elected or by separate communication with receipt or
			 certification of delivery. All terms used must be clearly explained so that the
			 policyholder understands the effect of accelerating death benefits or making an
			 early withdrawal on annuity proceeds.
(c) For policies that do not provide benefits
			 in the case of Chronic Illness, carriers may omit from the disclosure statement
			 all references to Chronic Illness.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 55.00 - Disclosure Requirements For Life Insurance Policies With Accelerated Benefit Provisions And Annuity Contracts With Waivers Of Surrender Charges For Early Withdrawal Of Annuity Proceeds In The Event Of Total And Permanent Disability › Section 55.07 - Severability

Current through Register 1525, July 5, 2024
If any section or portion of a section of
				211 CMR 55.00, or the
				applicability thereof to any person, entityor circumstance is held invalid by a
				court of competent jurisdiction, the remainder of211 CMR 55.00 or the
				applicability thereof to other persons, entities or circumstances shall not be
				affected thereby.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 56.00 - REDUCTIONS IN PREMIUM CHARGES FOR PRIVATE PASSENGER MOTOR VEHICLE INSURANCE FOR INSURED ELECTING OPTIONAL PARTICIPATING REPAIR SHOP › Section 56.01 - Scope

Current through Register 1525, July 5, 2024
211 CMR 56.00 is intended to
				implement the participating repair shop endorsement plan authorized in M.G.L.
				c. 175, § 113T. The provisions of
				211 CMR 56.00 govern
				insurers, agents and auto damage appraisers notwithstanding the provisions of
				212 CMR 2.00:
The
				Appraisal and Repair of Damaged Motor Vehicles
promulgated pursuant to
				M.G.L. c. 26, § 8G.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 56.00 - REDUCTIONS IN PREMIUM CHARGES FOR PRIVATE PASSENGER MOTOR VEHICLE INSURANCE FOR INSURED ELECTING OPTIONAL PARTICIPATING REPAIR SHOP › Section 56.02 - Purpose

Current through Register 1525, July 5, 2024
The purpose of
				211 CMR 56.00 is to establish
				a procedure for approval of a participating repair shop endorsement and plans
				submitted by motor vehicle insurers for collision, limited collision and
				comprehensive insurance coverages, and to establish the minimum requirements
				for such endorsement plans.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 56.00 - REDUCTIONS IN PREMIUM CHARGES FOR PRIVATE PASSENGER MOTOR VEHICLE INSURANCE FOR INSURED ELECTING OPTIONAL PARTICIPATING REPAIR SHOP › Section 56.03 - Definitions

Current through Register 1525, July 5, 2024
As used in
				211 CMR 56.00, the following
				words will have the meanings indicated:
Claimant
means any person making a
				claim for motor vehicle damage or loss for first party damages.
Collision Coverage
means that optional
				coverage defined in M.G.L. c. 90, § 34O(1) offered as part of a motor
				vehicle liability policy or bond.
Commissioner
means the Commissioner of
				Insurance appointed under the provisions of M.G.L. c. 26, § 6, or his or
				her designee.
Comprehensive Coverage
means that
				optional coverage defined in M.G.L. c. 175, §§ 113O and 113C as fire
				and theft coverage or comprehensive coverage offered as part of a motor vehicle
				liability policy or bond.
Insurer
means any insurance company
				authorized to write motor vehicle insurance in the Commonwealth.
Limited Collision Coverage
means that
				optional coverage defined in M.G.L. c. 90, § 34O(2) offered as part of a
				motor vehicle policy or bond.
Motor Vehicle Insurance
means motor
				vehicle liability policies or bonds as defined in M.G.L. c. 90, §§
				34A, 34O, and in M.G.L. c. 175.
Plan
means a detailed proposal or
				filing describing a formal participating repair shop program based on a written
				plan.
Rating Organization
means an insurance
				rating organization licensed under M.G.L. c. 175A.
Repair Shop
means a motor vehicle
				repair shop as defined in M.G.L. c. 100A, § 1.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 56.00 - REDUCTIONS IN PREMIUM CHARGES FOR PRIVATE PASSENGER MOTOR VEHICLE INSURANCE FOR INSURED ELECTING OPTIONAL PARTICIPATING REPAIR SHOP › Section 56.06 - Conflicts of Interest

Current through Register 1525, July 5, 2024
(1) No employee or
			 agent of an insurer with responsibility for creating, managing, or maintaining
			 a list of one or more participating repair shops as prescribed in
			 211 CMR
			 56.04(4)  shall receive or
			 ask for any payment, gift or any other thing of value from any repair shop
			 included, or seeking to be included, on the insurer's list of participating
			 repair shops. No repair shop, or employee or owner thereof, shall give, pay or
			 offer to give or pay, anything of value to any employee or agent of an insurer
			 with responsibility for creating, managing or maintaining a list of
			 participating repair shops. No repair shop, or employee, owner or agent
			 thereof, shall give or pay, or offer to give or pay, anything of value to any
			 person in exchange for being included, or as an inducement for being included,
			 on an insurer's list of participating repair shops. For purposes of 211 CMR
			 56.06, the words "employee", "owner" and "agent" shall also include any spouse
			 or child of an employee, owner or agent.
(2) A discount on parts, glass, labor rate or
			 other item, customer service, or any other agreement reducing or limiting the
			 cost of repairs offered by a participating repair shop to an insurer shall not
			 constitute a "payment, gift or any other thing of value" for purposes of 211
			 CMR 56.06(1).
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 56.00 - REDUCTIONS IN PREMIUM CHARGES FOR PRIVATE PASSENGER MOTOR VEHICLE INSURANCE FOR INSURED ELECTING OPTIONAL PARTICIPATING REPAIR SHOP › Section 56.07 - Disclosures to Consumers

Current through Register 1525, July 5, 2024
Every insured under a plan shall be given full and adequate
				disclosure at the time of the purchase or renewal of the policy. The disclosure
				statement shall, at a minimum, contain the following:
(a) An explanation of the insured's rights
			 and obligations under the plan, including a brief description of the
			 appropriate claims procedure as described above in
			 211 CMR
			 56.05(2);
(b) Identification of the repair shop(s) or
			 individual(s) who shall perform the repair work in the event of a
			 claim;
(c) A statement that if the
			 repair is made at a registered repair shop which is one of the insurer's
			 participating repair shops, neither the repair shop nor the insurer shall
			 require the claimant to pay more than any applicable deductible to have the
			 repair work completed, and any dispute as to the amount of the appraised damage
			 shall be resolved between the participating repair shop and the
			 insurer;
(d) A statement that the
			 insured may elect to participate in the plan and receive a list of
			 participating repair shops, which may be updated at the time of any claim, or,
			 should a claim arise under the policy, the insured may choose to pursue the
			 claim without regard to the plan, but that the claim will be subject to the
			 permissible benefit limitations imposed in accordance with
			 211 CMR
			 56.05(10);
(e) Disclosure of the dollar amount or
			 percentage discount offered in conjunction with the participating repair shop
			 endorsement;
(f) Disclosure, if
			 applicable, of the fact that the insurer's participating repair shops are
			 contractually bound to install used or non-OEM parts instead of new or OEM
			 parts whenever available, are appropriate and safe;
(g) A statement that if the claimant agrees
			 to participate in the participating repair shop plan, he or she receives the
			 appropriate discount on the premium charges, and at the time of a claim, in
			 fact has repairs performed at a participating repair shop, 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 any applicable
			 deductible;
(h) The procedure for
			 resolving claimants' disputes concerning access and quality of repairs under
			 the plan; and
(i) Such other
			 information as will aid the claimant in exercising his or her rights under the
			 plan, including provisions regarding emergency repairs and criteria used in
			 determining which shops shall be listed among the insurer's participating
			 shops.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 56.00 - REDUCTIONS IN PREMIUM CHARGES FOR PRIVATE PASSENGER MOTOR VEHICLE INSURANCE FOR INSURED ELECTING OPTIONAL PARTICIPATING REPAIR SHOP › Section 56.08 - Penalties

Current through Register 1525, July 5, 2024
(1) A violation of any provision of
			 211 CMR 56.00 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 56.00 by any
			 insurance agent, insurance broker, 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 in
			 211 CMR 56.00 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 100A.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 56.00 - REDUCTIONS IN PREMIUM CHARGES FOR PRIVATE PASSENGER MOTOR VEHICLE INSURANCE FOR INSURED ELECTING OPTIONAL PARTICIPATING REPAIR SHOP › Section 56.09 - Severability

Current through Register 1525, July 5, 2024
If any section or portion of
				211 CMR 56.00 or the
				applicability thereof to any person, entity or circumstance is held invalid by
				any court, the remainder of
				211 CMR 56.00 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 56.00 - REDUCTIONS IN PREMIUM CHARGES FOR PRIVATE PASSENGER MOTOR VEHICLE INSURANCE FOR INSURED ELECTING OPTIONAL PARTICIPATING REPAIR SHOP › Appendix A - PRTICIPATING REPIR SHOP ENDORSEMENT

Current through Register 1525, July 5, 2024
If we offer a "participating repair shop endorsement," you may,
				at your option, agree to have this endorsement added to and incorporated as
				part of your policy, under the endorsement, we must, at the time you purchase
				your policy, reduce your premium for collision, limited collision and
				comprehensive coverages by ______ % [between 5% and 10%, unless deviation filed
				with Commissioner]. In exchange for this discount on your premium, you must
				agree that, in the event of a claim under any of these coverages, you will have
				your auto repaired at a participating repair shop designated by us. The
				participating repair shop must be geographically convenient for you and must
				perform repairs of comparable quality to those made by non-participating repair
				shops.
In order to receive the discount, you must have all repairs,
				except for emergency repairs, performed at the participating repair shop we
				designate. If you have repairs performed at a non=participating shop, we do not
				have to pay more than ______ % [no less than 80%] of what we would have paid to
				one of our participating shops.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 57.00 - Recognition Of The 2001 Cso Mortality Table For Use In Determining Minimum Reserve Liabilities And Non-forfeiture Benefits › Section 57.01 - Purpose

Current through Register 1525, July 5, 2024
The purpose of
				211 CMR 57.00 is to
				recognize, permit and prescribe the use of the 2001 Commissioners Standard
				Ordinary (CSO) Mortality Table in accordance with M.G.L. c. 175, § 9,
				subdivision 2, paragraph (a), subparagraph First (iii) and §144,
				subdivision 6A, paragraph (h), subparagraph (6) and
				211
				CMR 29.05(1) and
				(2).
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 57.00 - Recognition Of The 2001 Cso Mortality Table For Use In Determining Minimum Reserve Liabilities And Non-forfeiture Benefits › Section 57.02 - Authority

Current through Register 1525, July 5, 2024
211 CMR 57.00 is promulgated
				by the Commissioner of Insurance pursuant to M.G.L. c. 175, § 9,
				subdivision 2, paragraph (a), subparagraph First (iii) and § 144,
				subdivision 6A, paragraph (h), subparagraph (6) and
				211
				CMR 29.05(1) and
				(2).
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 57.00 - Recognition Of The 2001 Cso Mortality Table For Use In Determining Minimum Reserve Liabilities And Non-forfeiture Benefits › Section 57.03 - Definitions

Current through Register 1525, July 5, 2024
2001 CSO Mortality Table
means that
				mortality table, consisting of separate rates of mortality for male and female
				lives, developed by the American Academy of Actuaries CSO Task Force from the
				Valuation Basic Mortality Table developed by the Society of Actuaries
				Individual Life Insurance Valuation Mortality Task Force, and adopted by the
				National Association of Insurance Commissioners (NAIC) in December 2002. The
				2001 CSO Mortality Table is included in the
Proceedings of the NAIC
				(2nd Quarter 2002).
Unless the context
				indicates otherwise, the "2001 CSO Mortality Table" includes both the ultimate
				form of that table and the select and ultimate form of that table and includes
				both the smoker and nonsmoker mortality tables and the composite mortality
				tables. It also includes both the age-nearest birthday and age-last birthday
				bases of the mortality tables.
2001 CSO Mortality Table (F)
means
				that mortality table consisting of the rates of mortality for female lives from
				the 2001 CSO Mortality Table.
2001 CSO Mortality Table (M)
means
				that mortality table consisting of the rates of mortality for male lives from
				the 2001 CSO Mortality Table.
Composite Mortality Tables
means
				mortality tables with rates of mortality that do not distinguish between
				smokers and nonsmokers.
Smoker and Nonsmoker Mortality Tables
means mortality tables with separate rates of mortality for smokers and
				nonsmokers.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 57.00 - Recognition Of The 2001 Cso Mortality Table For Use In Determining Minimum Reserve Liabilities And Non-forfeiture Benefits › Section 57.04 - 2001 CSO Mortality Table

Current through Register 1525, July 5, 2024
(1) At the
			 election of the company for any one or more specified plans of insurance and
			 subject to the conditions stated in
			 211 CMR 57.00, the 2001 CSO
			 Mortality Table may be used as the minimum standard for policies issued on or
			 after January 1, 2004 and before January 1, 2009 to which M.G.L. c. 175, §
			 9, subdivision 2, paragraph (a), subparagraph First (iii) and § 144,
			 subdivision 6A, paragraph (h), subparagraph (6) and
			 211
			 CMR 29.05(1) and (2) are
			 applicable. If the company elects to use the 2001 CSO Mortality Table, it shall
			 do so for both valuation and non-forfeiture purposes.
(2) Subject to the conditions stated in
			 211 CMR 57.00, the 2001 CSO
			 Mortality Table shall be used in determining minimum standards for policies
			 issued on and after January 1, 2009, to which M.G.L. c. 175, § 9,
			 subdivision 2, paragraph(a), subparagraph First (iii) and § 144,
			 subdivision 6A, paragraph (h), subparagraph (6) and
			 211
			 CMR 29.05(1) and (2) are
			 applicable.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 57.00 - Recognition Of The 2001 Cso Mortality Table For Use In Determining Minimum Reserve Liabilities And Non-forfeiture Benefits › Section 57.05 - Conditions

Current through Register 1525, July 5, 2024
(1) For each plan of insurance with separate
			 rates for smokers and nonsmokers an insurer may use:
(a) Composite mortality tables to determine
			 minimum reserve liabilities and minimum cash surrender values and amounts of
			 paid-up non-forfeiture benefits;
(b) Smoker and nonsmoker mortality tables to
			 determine the valuation net premiums and additional minimum reserves, if any,
			 required by M.G.L. c. 175, § 9, subdivision 6 and use composite mortality
			 tables to determine the basic minimum reserves, minimum cash surrender values
			 and amounts of paid-up non-forfeiture benefits; or
(c) Smoker and nonsmoker mortality to
			 determine minimum reserve liabilities and minimum cash surrender values and
			 amounts of paid-up non-forfeiture benefits.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 57.00 - Recognition Of The 2001 Cso Mortality Table For Use In Determining Minimum Reserve Liabilities And Non-forfeiture Benefits › Section 57.06 - Applicability of the 2001 CSO Mortality Table to 211 CMR 29.00

Current through Register 1525, July 5, 2024
(1) The 2001 C SO Mortality Table may be used
			 in applying
			 211 CMR 29.00 in the
			 following manner, subject to the transition dates for use of the 2001 CSO
			 Mortality Table in
			 211 CMR
			 57.04. (Unless otherwise noted, the
			 references in 211 CMR 57.06 are to
			 211 CMR 29.00 ):
(a)
211 CMR
			 29.03(1)(b)2
.:
			 The net level reserve premium is based on the ultimate mortality rates in the
			 2001 CSO Mortality Table.
(b)
211 CMR 29.04
: All calculations are made using the 2001 CSO Mortality Rate,
			 and, if elected, the optional minimum mortality standard for deficiency
			 reserves stipulated in 211 CMR 57.06(1)(d). The value of "q
			 x+k+t-1 " is the valuation mortality rate for deficiency
			 reserves in policy year k+t, but using unmodified select mortality rates if
			 modified select mortality rates are used in the computation of deficiency
			 reserves.
(c)
211
			 CMR 29.05(1)
:
			 The 2001 CSO Mortality Table is the minimum standard for basic
			 reserves.
(d)
211
			 CMR 29.05(2)
:
			 The 2001 CSO Mortality Table is the minimum standard for deficiency reserves.
			 If select mortality rates are used, they may be multiplied by X percent for
			 durations in the first segment, subject to conditions specified in
			 211
			 CMR 29.05(2)(c)1. through 9.
			 In demonstrating compliance with those conditions, the demonstrations may not
			 combine the results of tests that utilize the 1980 CSO Mortality Table with
			 those tests that utilize the 2001 CSO Mortality Table, unless the combination
			 is explicitly required by regulation or necessary to be in compliance with
			 relevant Actuarial Standards of Practice.
(e)
211
			 CMR 29.06(3)
:
			 The valuation mortality table used in determining tabular cost of insurance
			 shall be the ultimate mortality rates in the 2001 CSO Mortality
			 Table.
(f)
211
			 CMR 29.06(5)(d)
: The calculations specified in
			 211
			 CMR 29.06(5)  shall use the
			 ultimate mortality rates in the 2001 CSO Mortality Table.
(g)
211
			 CMR 29.06(6)(d)
:The calculations specified in211CMR29.06(6)shall use the ultimate
			 mortality rates in the 2001 CSO Mortality Table.
(h)
211CMR29.06(7)(b)
: The calculations specified in
			 211
			 CMR 29.06(7)  shall use the
			 ultimate mortality rates in the 2001 CSO Mortality Table.
(i)
211CMR29.07(1)(a)2
.: The one-year valuation premium
			 shall be calculated using the ultimate mortality rates in the 2001 CSO
			 Mortality Table.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 57.00 - Recognition Of The 2001 Cso Mortality Table For Use In Determining Minimum Reserve Liabilities And Non-forfeiture Benefits › Section 57.07 - Gender Blended Tables

Current through Register 1525, July 5, 2024
(1) For any
			 ordinary life insurance policy delivered or issued for delivery in this state
			 on and after January 1,2004, that utilizes the same premium rates and charges
			 for male and female lives or is issued in circumstances where applicable law
			 does not permit distinctions on the basis of gender, a mortality table that is
			 a blend of the 2001 CSO Mortality Table (M) and the 2001 CSO Mortality Table
			 (F) may, at the option of the company for each plan of insurance, be
			 substituted for the 2001 CSO Mortality Table for use in determining minimum
			 cash surrender values and amounts of paid-up non-forfeiture benefits. No change
			 in minimum valuation standards is implied by
			 211
			 CMR 57.06.
(2) The company may choose from among the
			 blended tables developed by the American Academy of Actuaries CSO Task Force
			 and adopted by the NAIC in December 2002.
(3) It shall not,in and of it self,be a
			 violation of M.G.L. c. 176D for an insurer to issue the same kind of policy of
			 life insurance on both a gender distinct and a gender neutral basis.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 57.00 - Recognition Of The 2001 Cso Mortality Table For Use In Determining Minimum Reserve Liabilities And Non-forfeiture Benefits › Section 57.08 - Severability

Current through Register 1525, July 5, 2024
If any provision of
				211 CMR 57.00 or its
				application to any person or circumstance is for any reason held to be invalid,
				the remainder of
				211 CMR
				57.07 and the application of the provision to
				other persons or circumstances shall not be affected.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 58.00 - Permitting The Recognition Of Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities › Section 58.01 - Purpose

Current through Register 1525, July 5, 2024
The purpose of
				211 CMR 58.00 is to
				recognize, permit and prescribe the use of mortality tables that reflect
				differences in mortality between Preferred and Standard lives in determining
				minimum reserve liabilities pursuant to M.G.L. c.175, § 9 and
				211
				CMR 29.05(1) and
				(2).
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 58.00 - Permitting The Recognition Of Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities › Section 58.02 - Authority

Current through Register 1525, July 5, 2024
211 CMR 58.00 is promulgated
				by the Commissioner of Insurance pursuant to M.G.L.c.175, § 9 and in
				accordance with
				211
				CMR 29.05(1) and
				(2).
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 58.00 - Permitting The Recognition Of Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities › Section 58.04 - 2001 CSO Preferred Class Structure Table

Current through Register 1525, July 5, 2024
At the election of the company, for each calendar year of
				issue, for any one or more specified plans of insurance and subject to
				satisfying the conditions stated in
				211 CMR 58.00, the 2001 CSO
				Preferred Class Structure Mortality Table may be substituted in place of the
				2001 CSO Smoker or Nonsmoker Mortality Table as the minimum valuation standard
				for policies issued on or after January 1, 2007. For policies issued on or
				after January 1, 2004 and prior to January 1, 2007, these tables may be
				substituted with the consent of the commissioner and subject to the conditions
				of
				211 CMR
				58.05(4). In determining
				such consent, the commissioner may rely on the consent of the commissioner of
				the company's state of domicile. No such election shall be made until the
				company demonstrates at least 20% of the business to be valued on this table is
				in one or more of the preferred classes. A table from the 2001 CSO Preferred
				Class Structure Mortality Table used in place of a 2001 CSO Mortality Table,
				pursuant to the requirements of this rule, will be treated as part of the 2001
				CSO Mortality Table only for purposes of reserve valuation pursuant to the
				requirements of
				211 CMR 57.00, "Recognition
				of the 2001 CSO Mortality Table For Use In Determining Minimum Reserve
				Liabilities And Nonforfeiture Benefits."
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 58.00 - Permitting The Recognition Of Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities › Section 58.05 - Conditions

Current through Register 1525, July 5, 2024
(1) For each plan of insurance with separate
			 rates for Preferred and Standard Nonsmoker lives, an insurer may use the Super
			 Preferred Nonsmoker, Preferred Nonsmoker, and Residual Standard Nonsmoker
			 tables to substitute for the Nonsmoker mortality table found in the 2001 CSO
			 Mortality Table to determine minimum reserves. At the time of election and
			 annually thereafter, except for business valued under the Residual Standard
			 Nonsmoker Table, the appointed actuary shall certify that:
(a) The present value of death benefits over
			 the next ten years after the valuation date, using the anticipated mortality
			 experience without recognition of mortality improvement beyond the valuation
			 date for each class, is less than the present value of death benefits using the
			 valuation basic table corresponding to the valuation table being used for that
			 class.
(b) The present value of
			 death benefits over the future life of the contracts, using anticipated
			 mortality experience without recognition of mortality improvement beyond the
			 valuation date for each class, is less than the present value of death benefits
			 using the valuation basic table corresponding to the valuation table being used
			 for that class.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 58.00 - Permitting The Recognition Of Preferred Mortality Tables For Use In Determining Minimum Reserve Liabilities › Section 58.06 - Severability

Current through Register 1525, July 5, 2024
If any provision of
				211 CMR 58.00 or its
				application to any person or circumstance is for any reason held to be invalid,
				the remainder of
				211 CMR 58.00 and the
				application of the provision to other persons or circumstances shall not be
				affected.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 59.00 - Term and Universal Life Insurance Reserve Financing › Section 59.01 - Purpose and Intent

Current through Register 1525, July 5, 2024
The purpose of
				211 CMR
				59.00 is to establish uniform, national standards
				governing reserve financing arrangements pertaining to life insurance policies
				containing guaranteed non-level gross premiums, guaranteed non-level benefits
				and universal life insurance policies with secondary guarantees; and to ensure
				that, with respect to each such financing arrangement, funds consisting of
				Primary Security and Other Security are held by or on behalf of ceding insurers
				in the forms and amounts required herein. In general, reinsurance ceded for
				reserve financing purposes has one or more of the following characteristics:
				some or all of the assets used to secure the reinsurance treaty or to
				capitalize the reinsurer
(1) are issued
			 by the ceding insurer or its affiliates; or
(2) are not unconditionally available to
			 satisfy the general account obligations of the ceding insurer; or
(3) create a reimbursement, indemnification
			 or other similar obligation on the part of the ceding insurer or any of its
			 affiliates (other than a payment obligation under a derivative contract
			 acquired in the normal course and used to support and hedge liabilities
			 pertaining to the actual risks in the policies ceded pursuant to the
			 reinsurance treaty).
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 59.00 - Term and Universal Life Insurance Reserve Financing › Section 59.02 - Applicability

Current through Register 1525, July 5, 2024
211 CMR
				59.00 shall apply to reinsurance treaties that cede
				liabilities pertaining to Covered Policies issued by any life insurance company
				domiciled in this state.
				211 CMR
				59.00 and
				211 CMR
				130.00:
Credit for Reinsurance
shall
				both apply to such reinsurance treaties; provided, that in the event of a
				direct conflict between the provisions of
				211 CMR
				59.00 and
				211 CMR
				130.00, the provisions of
				211 CMR
				59.00 shall apply, but only to the extent of the
				conflict.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 59.00 - Term and Universal Life Insurance Reserve Financing › Section 59.03 - Exemptions from 211 CMR 59.00

Current through Register 1525, July 5, 2024
211 CMR
				59.00 does not apply to the situations described in
				211
				CMR 59.03(1) through
				(6).
(1) Reinsurance of:
(a) Policies that satisfy the criteria for
			 exemption set forth in
			 211
			 CMR 29.06(6):
Optional Exemption for Attained-Age-Based Yearly Renewable Term (YRT)
			 Life Insurance Policies
or
			 211
			 CMR 29.06(7):
Exemption from Unitary Reserves for Certain n-Year Renewable Term Life
			 Insurance Policies
and which are issued before January 6,
			 2023.
(b) Portions of policies that
			 satisfy the criteria for exemption set forth in
			 211
			 CMR 29.06(5):
Optional Exemption for Yearly Renewable Term (YRT) Reinsurance
and which are issued before January 6, 2023.
(c) Any universal life policy that meets all
			 of the following requirements:
1. Secondary
			 guarantee period, if any, is five years or less;
2. Specified premium for the secondary
			 guarantee period is not less than the net level reserve premium for the
			 secondary guarantee period based on the Commissioners Standard Ordinary (CSO)
			 valuation tables and valuation interest rate applicable to the issue year of
			 the policy; and
3. The initial
			 surrender charge is not less than 100% of the first year annualized specified
			 premium for the secondary guarantee period;
(d) Credit life insurance;
(e) Any variable life insurance policy that
			 provides for life insurance, the amount or duration of which varies according
			 to the investment experience of any separate account or accounts; or
(f) Any group life insurance certificate
			 unless the certificate provides for a stated or implied schedule of maximum
			 gross premiums required in order to continue coverage in force for a period in
			 excess of one year.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 59.00 - Term and Universal Life Insurance Reserve Financing › Section 59.04 - Definitions

Current through Register 1525, July 5, 2024
As used in
				211 CMR
				59.00, the following words mean:
Actuarial Method
. The methodology used
				to determine the Required Level of Primary Security, described in
				211
				CMR 59.05.
Covered Policies
. Subject to the
				exemptions described in
				211
				CMR 59.03,
Covered
				Policies
are those policies, other than Legacy Policies, of the
				following policy types:
(a) Life
			 insurance policies with guaranteed non-level gross premiums and/or guaranteed
			 non-level benefits, except for flexible premium universal life insurance
			 policies; or,
(b) Flexible premium
			 universal life insurance policies with provisions resulting in the ability of a
			 policyholder to keep a policy in force over a secondary guarantee period.
Legacy Policies
. Policies of the types
				described in the definition of Covered Policies in
				211
				CMR 59.04 that were:
(a) Issued prior to January 1, 2015;
			 and
(b) Ceded, as of December 31,
			 2014, as part of a reinsurance treaty that would not have met one of the
			 exemptions set forth in
			 211
			 CMR 59.03 had that section then been in
			 effect.
Non-covered Policies
. Any policy that
				does not meet the definition of Covered Policies, including Legacy
				Policies.
Other Security
. Any security
				acceptable to the Commissioner other than security meeting the definition of
				Primary Security.
Primary Security
. The following forms
				of security:
(a) Cash meeting the
			 requirements of M.G.L. c. 175, § 20A(2)(A);
(b) Securities listed by the Securities
			 Valuation Office meeting the requirements of M.G.L. c. 175, § 20A(2)(B),
			 but excluding any synthetic letter of credit, contingent note, credit-linked
			 note or other similar security that operates in a manner similar to a letter of
			 credit, and excluding any securities issued by the ceding insurer or any of its
			 affiliates; and
(c) For security
			 held in connection with funds-withheld and modified coinsurance reinsurance
			 treaties:
1. Commercial loans in good standing
			 of CM3 quality and higher;
2.
			 Policy Loans; and
3. Derivatives
			 acquired in the normal course and used to support and hedge liabilities
			 pertaining to the actual risks in the policies ceded pursuant to the
			 reinsurance treaty.
Required Level of Primary Security
.
				The dollar amount determined by applying the Actuarial Method to the risks
				ceded with respect to Covered Policies, but not more than the total reserve
				ceded.
Valuation Manual
. The valuation manual
				adopted by the NAIC as described in M.G.L. c. 175, § 9½, with all
				amendments adopted by the NAIC that are effective for the financial statement
				date on which credit for reinsurance is claimed.
VM-20
. "Requirements for
				Principle-based Reserves for Life Products", including all relevant
				definitions, from the Valuation Manual.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 59.00 - Term and Universal Life Insurance Reserve Financing › Section 59.07 - Prohibition against Avoidance

Current through Register 1525, July 5, 2024
No insurer that has Covered Policies as to which
				211 CMR
				59.00 applies, as set forth in
				211
				CMR 59.02, shall take any action or series of
				actions, or enter into any transaction or arrangement or series of transactions
				or arrangements if the purpose of such action, transaction or arrangement or
				series thereof is to avoid the requirements of
				211 CMR
				59.00, or to circumvent its purpose and intent, as set
				forth in
				211
				CMR 59.01.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 64.00 - Definitions Of Qualified Medical Insurance For M.g.l. C.118e, Sec. 9c › Section 64.01 - Purpose

Current through Register 1525, July 5, 2024
The purpose of
				211 CMR 64.00 is to define
				the terms "qualified medical insurance", "qualified individual medical
				insurance", "qualified two person family medical insurance" and "qualified
				family medical insurance" as those terms are employed in section 9C of M.G.L.
				c. 118E.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 64.00 - Definitions Of Qualified Medical Insurance For M.g.l. C.118e, Sec. 9c › Section 64.02 - Applicability

Current through Register 1525, July 5, 2024
211 CMR 64.00 applies to all
				health benefit plans offered, made effective, issued, renewed, delivered or
				issued for delivery to any eligible small business under M.G.L. c. 176J whether
				issued directly by a carrier, or through an association or through an
				intermediary.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 64.00 - Definitions Of Qualified Medical Insurance For M.g.l. C.118e, Sec. 9c › Section 64.03 - Authority

Current through Register 1525, July 5, 2024
211 CMR 64.00 is issued under
				authority of M.G.L. c. 175, § 3C.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 64.00 - Definitions Of Qualified Medical Insurance For M.g.l. C.118e, Sec. 9c › Section 64.04 - Definitions

Current through Register 1525, July 5, 2024
Commissioner
: the commissioner of
				insurance, or his or her designee.
Health Benefit Plan
: any general,
				blanket or group policy of health, accident and sickness insurance issued by an
				insurer licensed under M.G.L. c. 175; a group hospital or medical service plan
				issued under M.G.L. c. 176A or M.G.L. c. 176B; a group health maintenance
				contract issued by an HMO under M.G.L. c. 176G; an insured group health benefit
				plan that includes a preferred provider arrangement under M.G.L. c. 176I; and
				any multiple employer welfare arrangement (MEWA) required to be licensed under
				M.G.L. c. 175; offered to an eligible small business. The term "health benefit
				plan" does not include accident only, credit, dental, vision, long-term care
				only or disability income insurance, coverage issued as a supplement to
				liability insurance, insurance arising out of a worker's compensation or
				similar law, automobile medical payment insurance, insurance under which
				beneficiaries are payable with or without regard to fault and which is
				statutorily required to be contained in a liability insurance policy or
				equivalent self-insurance, or any group blanket or general policy which
				provides supplemental coverage to Medicare or other governmental
				programs.
Qualified family medical insurance
:
				qualified medical insurance offered to an eligible employee that covers the
				employee and two or more additional members of the employee's family.
Qualified individual medical
				insurance
: qualified medical insurance offered to an individual
				eligible employee.
Qualified medical insurance
: a health
				benefit plan that meets all requirements of M.G.L. c. 176J and
				211
				CMR 66.00.
Qualified two-person family medical
				insurance
: qualified medical insurance offered to an employee that
				covers the employee and one additional family member.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 64.00 - Definitions Of Qualified Medical Insurance For M.g.l. C.118e, Sec. 9c › Section 64.05 - Qualified Plans

Current through Register 1525, July 5, 2024
Health benefit plans that have met the filing and reporting
				requirements of
				211 CMR 66.13 shall
				be deemed to be qualified medical insurance.
Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 64.00 - Definitions Of Qualified Medical Insurance For M.g.l. C.118e, Sec. 9c › Section 64.06 - Severability

Current through Register 1525, July 5, 2024
If any section or portion of a section of
				211 CMR 64.00, or the
				applicability thereof to any person or circumstance is held invalid by any
				court of competent jurisdiction, the remainder of
				211 CMR 64.00, or the
				applicability thereof to other persons or circumstances, shall not be affected
				thereby.