211 CMR 30.06 - Financial Requirements

Current through Register 1466, April 1, 2022

(1) The conventional operations of such life insurance companies shall, to the extent possible, be accounted for separately from its property and casualty reinsurance business. Accordingly, each life insurance company proposing to engage in such business shall account for this business as a separate line of business. Life insurers transacting this reinsurance business shall be subject to the same statutory provisions and administrative rules relating to net annual premium volume and the maintenance of reserves for unearned premiums and unpaid losses as are applicable to fire and casualty insurers transacting this reinsurance.
(2) As a condition precedent to approval of the entry of a life insurer into the property and casualty reinsurance business, the insurer shall demonstrate that the company maintains unallocated surplus of not less than $1 million and also in the case of a foreign insurer, unless it maintains an unallocated surplus of $1 million and has made a deposit in an amount and subject to the conditions specified in M.G.L. c. 175, ยง 151 clause Second (3).

Notes

211 CMR 30.06

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