211 CMR 30.09 - Pooling Agreements

Current through Register 1466, April 1, 2022

(1) Pooling agreements for each life insurer engaging in the property and casualty reinsurance business shall be filed with the Commissioner for his advance written approval. The Commissioner shall approve the agreement upon his making a determination that:

(a) the agreement conforms to the requirements of Massachusetts Law and 211 CMR 30.00;

(b) the agreement will not unreasonably restrain competition or tend to create a monopoly;

(c) there exists a reasonable basis for the admission of additional members; and

(d) the agreement permits any member to accept reinsurance on its own behalf outside the pool.

(2) Such a pooling agreement may provide the appointment of an agent or manager to act independently or on instructions from the members in the acceptance of risks and the establishment of premiums thereon.

Notes

211 CMR 30.09