Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 30.00 - Reinsurance Of Property And Casualty Risks By Life Insurers
Section 30.05 - Notice of Intention and Securing of Approval
Current through Register 1531, September 27, 2024
Any authorized life insurance company which pursuant to the authority granted by the above referenced section of Massachusetts Law intends either by itself or together with other insurers through pooling arrangements or otherwise to reinsure property and casualty risks of every kind and description must:
(1) File a notice of intention in writing to the Commissioner. This notice of intention shall set forth the proposed plan of operations, the qualifications of its staff to engage in this reinsurance business, proof that its charter and, in the case of a foreign life insurer, the laws of its place of domicile authorize it to engage in such business and proof, in the case of a foreign life insurer, that the insurance regulatory authorities of its place of domicile have been informed of its intended participation and have not objected to such participation and that it has posted the required deposit; and
(2) Obtain the advance written approval of the Commissioner prior to the writing of such reinsurance business.
