Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 26.00 - Annual Financial Reporting For Years Ending 2010 And After
Section 26.20 - Exemptions and Effective Dates

(1) Upon written application of any insurer, the Commissioner may grant an exemption from compliance with any and all provisions of 211 CMR 26.00 if the Commissioner finds, upon review of the application, that compliance with 211 CMR 26.00 would constitute a financial or organizational hardship upon the insurer. An exemption may be granted at any time and from time to time for a specified period or periods. Within ten days from a denial of an insurer's written request for an exemption from 211 CMR 26.00 such insurer may request in writing a hearing on its application for an exemption. Such hearing shall be held in accordance with M.G.L. c. 30A and the practices of the Division pertaining to administrative hearing procedures.

(2) Domestic insurers shall comply with 211 CMR 26.00, unless the Commissioner permits otherwise.

(3) Foreign insurers shall comply with 211 CMR 26.00, unless the Commissioner permits otherwise.

(4) The requirements of 211 CMR 26.08(3) are enforced for audits of the year beginning January 1, 2010 and subsequent years.

(5) The requirements of 211 CMR 26.16 are enforced January 1, 2010. An insurer or Group of insurers that is not required to have independent Audit committee members or only a majority of independent Audit committee members (as opposed to a supermajority) because the total written and assumed premium is below the threshold and subsequently becomes subject to one of the independence requirements due to changes in premium shall have one year following the year the threshold is exceeded, (but not earlier than January 1, 2010) to comply with the independence requirements. Likewise, an insurer that becomes subject to one of the independence requirements as a result of a business combination shall have one calendar year following the date of acquisition or combination to comply with the independence requirements.

(6) The requirements of 211 CMR 26.19 are enforced beginning with the reporting period ending December 31,2010 and each subsequent year. An insurer or Group of insurers that is not required to file a report because the total written premium is below the threshold and subsequently becomes subject to the reporting requirements shall have two years following the year the threshold is exceeded, (but not earlier than December 31, 2010) to file a report. Likewise, an insurer acquired in a business combination shall have two calendar years following the date of acquisition or combination to comply with the reporting requirements.

(7) The requirements of 211 CMR 26.17 are to be in effect January 1, 2020. If any insurer or Group of insurers that is exempt from 211 CMR 26.17 requirements no longer qualifies for that exemption, it shall have one year after the year the threshold is exceeded to comply with the requirements of 211 CMR 26.17.