Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 30.00 - Reinsurance Of Property And Casualty Risks By Life Insurers
Section 30.09 - Pooling Agreements
Universal Citation: 211 MA Code of Regs 211.30
Current through Register 1531, September 27, 2024
(1) Pooling agreements for each life insurer engaging in the property and casualty reinsurance business shall be filed with the Commissioner for his advance written approval. The Commissioner shall approve the agreement upon his making a determination that:
(a) the agreement
conforms to the requirements of Massachusetts Law and
211 CMR 30.00;
(b) the agreement will not unreasonably
restrain competition or tend to create a monopoly;
(c) there exists a reasonable basis for the
admission of additional members; and
(d) the agreement permits any member to
accept reinsurance on its own behalf outside the pool.
(2) Such a pooling agreement may provide the appointment of an agent or manager to act independently or on instructions from the members in the acceptance of risks and the establishment of premiums thereon.
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