211 CMR 20.10 - Foreign Insurers
(1) Any foreign
insurer shall, upon the written request of the Commissioner , submit to the
Commissioner an RBC Report as of the end of the calendar year just ended not
later than the later of:
(a) The date an RBC
Report would be required to be filed by a domestic insurer under
211 CMR 20.00; or
(b) 15 days after the request is received by
the foreign insurer .
Any
(2) In the event of a Company
Action Level Event, Regulatory Action Level Event or Authorized Control Level
Event with respect to any foreign insurer as determined under the RBC statute
or regulation applicable in the state of domicile of the insurer (or, if no RBC
statute or regulation is in force in that state, under the provisions of
211 CMR 20.00 ), if the
insurance Commissioner of the state of domicile of the foreign insurer fails to
require the foreign insurer to file an RBC Plan in the manner specified under
that state's RBC statute or regulation (or, if no RBC statute or regulation is
in force in that state, under
211 CMR
20.03 ), the Commissioner may require the
foreign insurer to file an RBC Plan with the Commissioner . In such event, the
failure of the foreign insurer to file an RBC Plan with the Commissioner shall
be grounds to order the insurer to cease and desist from writing new insurance
business in the Commonwealth.
(3)
In the event of a Mandatory Control Level Event with respect to any foreign
insurer , if no domiciliary receiver has been appointed with respect to the
foreign insurer under the rehabilitation and liquidation statute applicable in
the state of domicile of the foreign insurer , the Commissioner may make
application to the supreme judicial court permitted under M.G.L. c. 175,
ยงยง 180A through 180LV2, with respect to the liquidation of property
of foreign insurers found in this state, and the occurrence of the Mandatory
Control Level Event shall be considered adequate grounds for the
application.
Notes
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