Current through Register 1531, September 27, 2024
(1)
Statement
Filing. An insurer required to file an annual registration
statement pursuant to M.G.L. c. 175, § 206C(a) shall furnish the
information required by Form B, hereby made a part of
211 CMR
7.00.
(2)
Summary of Registration - Statement Filing (Form C).
An insurer required to file an annual registration statement pursuant to M.G.L.
c. 175, § 206C is also required to furnish information required on Form C,
hereby made a part of
211 CMR
7.00. An insurer shall file a copy of Form C in each
state in which the insurer is authorized to do business, if requested by the
Commissioner of that state.
(3)
Amendments.
(a) An
amendment to Form B shall be filed within 15 days after the end of any month in
which there is a material change to the information provided in the annual
registration statement.
(b)
Amendments shall be filed in the Form B format with only those items which are
being amended reported. Each amendment shall include at the top of the cover
page "Amendment No. [insert number] to Form B for [insert year]" and shall
indicate the date of the change and not the date of the original
filings.
(4)
Alternative and Consolidated Registrations.
(a) Any authorized insurer in Massachusetts
may file a registration statement on behalf of any affiliated insurer or
insurers which are required to register under M.G.L. c. 175, § 206C. A
registration statement may include information not required by M.G.L. c. 175,
§§ 206 through 206(D) regarding any insurer in the insurance holding
company system even if the insurer is not authorized to do business in this
Commonwealth. In lieu of filing a registration statement on Form B, the
authorized insurer may file a copy of the registration statement or similar
report which it is required to file in its State of domicile, provided:
1. The statement or report contains
substantially similar information required to be furnished on Form B;
and
2. the filing insurer is the
principal insurance company in the insurance holding company system.
(b) The question of whether the
filing insurer is the principal insurance company in the insurance holding
company system is a question of fact and an insurer filing a registration
statement or report in lieu of Form B on behalf of an
affiliated insurer, shall set forth a brief statement of facts which will
substantiate the filing insurer's claim that it, in fact, is the principal
insurer in the insurance holding company system.
(c) With the prior approval of the
Commissioner, an insurer not authorized in Massachusetts may follow any of the
procedures which are available to an authorized insurer under
211
CMR 7.06(4)(a).
(d) Any insurer may take advantage of the
provisions of M.G.L. c. 175, §§ 206C(h) or 206C(i) without obtaining
the prior approval of the Commissioner. The Commissioner, however, reserves the
right to require individual filings if he or she deems such filings necessary
in the interest of clarity, ease of administration or the public
good.
(5)
Disclaimers and Termination of Registration.
(a) A disclaimer of affiliation or a request
for termination of registration claiming that a person does not, or will not
upon the taking of some proposed action, control another person (hereinafter
referred to as the "subject") shall contain the following information:
1. The number of authorized, issued and
outstanding voting securities of the subject;
2. With respect to the person whose control
is denied and all affiliates of such person, the number and percentage of
shares of the subject's voting securities which are held of record or known to
be beneficially owned, and the number of shares concerning which there is a
right to acquire, directly or indirectly;
3. All material relationships and bases for
affiliation between the subject and the person whose control is denied and all
affiliates of such person; and
4. A
statement explaining why the person should not be considered to control the
subject.
(b) A request
for termination of registration shall be deemed to have been granted unless the
Commissioner, within 30 days after receipt of the request, notifies the
registrant otherwise.
(6)
Exemptions.
(a) A
foreign or alien insurer shall not be required to register pursuant to M.G.L.
c. 175, § 206C if it is subject to disclosure requirements and standards
adopted by statute or regulation which are substantially similar to those
contained in M.G.L. c. 175, § 206C and provided the jurisdiction of its
domicile grants a similar exemption to insurers domiciled in this commonwealth
and to all insurers included within such domiciled insurer's alternative or
consolidated filing made pursuant to
211
CMR 7.06(4) and, provided
further, the Commissioner may require a copy of the registration statement or
other information filed with the domiciliary state.
(b) The state of entry of an alien insurer
shall be deemed to be its domiciliary state for the purposes of M.G.L. c. 175,
§ 206C.
(c) Any insurer not
otherwise exempt from M.G.L. c. 175, § 206C may apply for an exemption
from the requirements of M.G.L. c. 175, § 206C by submitting a statement
to the Commissioner setting forth its reason for being exempt.