Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 24.00 - Limited Liability Companies And Limited Liability Partnerships; Minimum Amount Of Liability Insurance
Section 24.06 - Alternative Means of Compliance
Universal Citation: 211 MA Code of Regs 211.24
Current through Register 1531, September 27, 2024
An LLP or LLC shall be in compliance with 211 CMR 24.04 if the LLP or LLC provides an amount of funds equal to the amount of insurance required in 211 CMR 24.04 which funds must be specifically designated and segregated for the satisfaction of judgments against the LLP, LLC, or their respective partners or members based on negligence, wrongful acts, errors and omission, by:
(a) deposit in trust or in bank escrow of cash, bank certificates of deposit, or United States Treasury obligations; or
(b) a bank letter of credit or insurance company bond.
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