Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 26.00 - Annual Financial Reporting For Years Ending 2010 And After
Section 26.03 - Applicability
Current through Register 1531, September 27, 2024
(1) Every insurer (as defined in 211 CMR 26.04) shall be subject to 211 CMR 26.00, except as otherwise provided in 211 CMR 26.04 and 211 CMR 26.20.
(2) Exemption based on volume (for other exemptions see 211 CMR 26.20) :
Insurers having both direct premiums written in Massachusetts of less than $1,000,000 in any calendar year and less than 1,000 policyholders or certificate holders of direct written policies nationwide at the end of such calendar year shall be exempt from 211 CMR 26.00 for such year, (unless the Commissioner makes a specific finding that compliance is necessary for the Commissioner to carry out statutory responsibilities); except that insurers having assumed premiums pursuant to contracts and/or treaties of reinsurance of $1,000,000 or more shall not be so exempt.
(3) Foreign or alien insurers filing the Audited financial reports in another state, pursuant to that other state's requirement for filing of Audited financial reports, which has been found by the Commissioner to be substantially similar to the requirements herein, are exempt from 211 CMR 26.05 through 26.14 if:
Foreign or alien insurers required to file Management's Report of Internal Control over Financial Reporting in another state are exempt from filing the Report in Massachusetts provided the other state has substantially similar reporting requirements and the Report is filed with the insurance commissioner of the other state within the time specified.
(4)211 CMR 26.00 shall not prohibit, preclude, or in any way limit the Commissioner of Insurance, or her or his designee, from ordering or conducting or performing examinations of insurers under the Commissioner's jurisdiction as to practices, procedures, financial condition, market conduct and other aspects of the operations of such insurers.
