Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 115.00 - Requirements applicable to workers' compensation insurance deductible plans
Section 115.06 - Penalties
Current through Register 1531, September 27, 2024
(1) Failure to comply with 211 CMR 115.00 may result in the withdrawal of the Division's approval of an Insurer's workers' compensation deductible plan or plans.
(2) The Rating Bureau shall monitor its member companies' compliance with 211 CMR 115.00, by providing, every September, a report to the Division listing large deductible policies for the prior five years whose unit statistical reports indicate that no aggregate deductible was applicable or whose indicated aggregate deductible exceeds $10,000,000.
(3) The Division may refer information related to any Large Deductible Plan written in violation of 211 CMR 115.00 to the Massachusetts Department of Revenue, along with an estimate of the policy premium absent any deductible credit, for appropriate action.