Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 132.00 - Actuarial Opinion And Memorandum Regulation
Section 132.08 - Penalties
Universal Citation: 211 MA Code of Regs 211.132
Current through Register 1531, September 27, 2024
(1) A company neglecting to submit with its annual statement an Actuarial Opinion in accordance with M.G.L. c. 175, § 9B and 211 CMR 132.00 and within the time provided by M.G.L. c. 175, § 25 shall forfeit $100.00 for each day during which such neglect continues, and, upon notice by the Commissioner, its authority to do new business shall cease while such default continues without any proceedings under M.G.L. c. 175, §§ 5 or 6.
(2) The Commissioner may notify the Actuarial Board for Counseling and Discipline of any violation of M.G.L. c. 175, § 9B or 211 CMR 132.00 by a Qualified Actuary.
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