Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 67.00 - Workers' Compensation Self-insurance Groups
Section 67.10 - Reinsurance; Security Bond or Deposit; Fidelity Bond; Changes
Current through Register 1531, September 27, 2024
To maintain its certificate of approval, a group shall comply with the requirements of M.G.L. c.1 52, 211 CMR 67.00, and any other applicable laws or regulations, and the following:
(1) Each group containing private employers shall maintain a combined provable net worth as prescribed in 211 CMR 67.08(2)(c), but not less than $1,000,000;
(2) Each group containing private employers shall maintain a security bond or deposit in an amount and form as prescribed in 211 CMR 67.08(2)(d), but not less than $100,000;
(3) Each group shall maintain specific and aggregate excess insurance or reinsurance in an amount and form as prescribed in 211 CMR 67.21;
(4) Each group's administrator shall maintain a fidelity bond in a form and amount as prescribed by 211 CMR 67.06(2)(b)9. and;
(5) Each group shall notify the Commissioner of any change in the manner of its compliance with 211 CMR 67.10(1) through (4) no later than 20 days after such change, including, but not limited to, cancellation, nonrenewal or change in amount and terms of coverage of any excess insurance, security bond or deposit or fidelity bond.
