|Hearing Scheduled for July 21, 2006|
Pursuant to Chapter 30A and the authority granted to the Commissioner of Insurance under Chapter 175, § 9B of the Massachusetts General Laws, a hearing will be held at the Division of Insurance, One South Station, Boston, MA 02110-2208 on July 21, 2006 at 10:00 a.m.
The purpose of this hearing is to afford all interested parties an opportunity to provide oral and written testimony regarding proposed amendments to regulation 211 CMR 132.00 , Life Actuarial Opinion and Memorandum. The proposed amendments to 211 CMR 132.00 update the regulation to conform with the current National Association of Insurance Commissioners (NAIC) model regulation and require all life insurers to include an actuary's asset adequacy analyses with the opinion and memorandum required to be filed at the same time as the insurers' annual statements. Previously, insurers meeting certain financial criteria were exempt from this requirement. In addition, a new penalty section is proposed, which is required by G.L. c. 175, § 9B, for companies and actuaries that fail to comply with the statute and regulation.
The proceedings concerning this amendment shall be designated as Docket # G-2006-05. Any person who wishes to testify in person concerning this proposed regulation must file a Notice of Intent to Testify with the Docket Clerk no later than July 19, 2006. Persons wishing to submit written comments may do so until the record of the hearing is closed. All submissions must be sent to the Docket Clerk, Hearings and Appeals, Division of Insurance, One South Station, Boston, MA 02110-2208 and must refer to Docket # G-2006-05. Persons who do not file such a Notice will be heard after those who do notify the Division. Copies of the proposed regulation are available from the Division.
Dated: June 30, 2006