Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 20.00 - Risk-based Capital (rbc) For Insurers
Section 20.07 - Hearings

Universal Citation: 211 MA Code of Regs 211.20

Current through Register 1531, September 27, 2024

Upon any of the following the insurer shall have the right to a confidential hearing, on a record, at which the insurer may challenge any determination or action by the Commissioner. The insurer shall notify the Commissioner of its request for a hearing within five days after the notification by the Commissioner under 211 CMR 20.07(1) through (4). Upon receipt of the insurer's request for a hearing, the Commissioner shall set a date for the hearing, which date shall be no less than ten nor more than 30 days after the date of the insurer's request.

(1) Notification to an insurer by the Commissioner of an Adjusted RBC Report; or

(2) Notification to an insurer by the Commissioner that:

(a) The insurer's RBC Plan or Revised RBC Plan is unsatisfactory; and

(b) Such notification constitutes a Regulatory Action Level Event with respect to such insurer; or

(3) Notification to any insurer by the Commissioner that the insurer has failed to adhere to its RBC Plan or Revised RBC Plan and that such failure has a substantial adverse effect on the ability of the insurer to eliminate the Company Action Level Event with respect to the insurer in accordance with its RBC Plan or Revised RBC Plan; or

(4) Notification to an insurer by the Commissioner of a corrective order with respect to the insurer.

Disclaimer: These regulations may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.