Code of Massachusetts Regulations
610 CMR - BOARD OF HIGHER EDUCATION
Title 610 CMR 11.00 - Optional Retirement Program
Section 11.13 - Providers
Universal Citation: 610 MA Code of Regs 610.11
Current through Register 1531, September 27, 2024
(1) The selected providers shall be authorized to conduct business within the Commonwealth.
(2) Each provider or issuer of annuity contracts under the Optional Retirement Program which is a life insurance company shall:
(a) Hold a certificate of
authority to do a life insurance business in the Commonwealth.
(b) Maintain the minimum required capital and
surplus required for Life Insurance Companies under the laws of the
Commonwealth.
(c) Be a member of
the Commonwealth's Life and Health Insurance Guaranty Association and be a
member of the Life and Health Insurance Guaranty Association in any and all
jurisdictions where required by law with similar retirement programs funded in
whole or in part through the provider's annuities in which participants in the
Optional Retirement Program might participate upon transfer of
employment.
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