02-031 C.M.R. ch. 370, § 4 - Certificate of authority

An application for a certificate of authority to transact the business of legal services insurance must satisfy the following requirements:

A. If the applicant is not authorized to transact health insurance business in this State, information must be provided on forms prescribed by the Superintendent to adequately demonstrate that the applicant is qualified to be so authorized; and

B. The applicant must demonstrate the willingness and ability to assure that the promised benefits can be provided. In making this determination the superintendent shall consider so far as applicable:

(1) The adequacy of surplus funds;

(2) Any agreement with lawyers or paralegal personnel for the provision of legal services;

(3) The financial soundness of the applicant's arrangements for legal services; and

(4) Any additional information considered relevant.

Notes

02-031 C.M.R. ch. 370, § 4