Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 149.00 - Annual Comprehensive Financial Statements Pursuant To M.g.l. C. 1760, Section 21
Section 149.09 - Public Hearing on Carrier's Financial Condition

Universal Citation: 211 MA Code of Regs 211.149

Current through Register 1531, September 27, 2024

(1) If, in any year, a Carrier reports in its Annual Comprehensive Financial Statement that its Risk Based Capital ratio on a combined entity basis exceeds 700%, the Commissioner, or a designated Presiding Officer, shall hold a public hearing to examine the Carrier's overall financial condition and the Carrier's continued need for additional surplus.

(2) The public hearing shall be held within 60 days of the date of the Carrier's filing of its fully completed Annual Comprehensive Financial Statement.

(3) At the public hearing, the Carrier shall submit testimony on its overall financial condition and its continued need for additional surplus. The Carrier shall also submit testimony on how, and in what proportion to the total surplus accumulated, the Carrier will dedicate any additional surplus to reducing the cost of health benefit plans or health care quality improvement, patient safety or health cost containment activities not conducted in previous years.

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