211 CMR, § 30.06 - Financial Requirements
(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, § 151 clause Second (3).
Notes
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