BOSTON – December 22, 2010 – The Patrick-Murray Administration's Division of Insurance announced today it has signed an agreement with American International Group, Inc. (AIG) that pays the Commonwealth $3.4 million after an examination found rating and financial reporting deficiencies.
Massachusetts has been one of eight states leading the two-year, national examination of AIG's practices in the writing and financial reporting of workers' compensation insurance.
BOSTON - September 2, 2010 - With the prospect of a major tropical storm hitting Cape Cod and Eastern Massachusetts later this week, the Patrick-Murray Administration's Division of Insurance and Office of Consumer Affairs and Business Regulation are encouraging homeowners to take proactive steps to protect their property from flood and wind damage.
As of Thursday, forecasters were predicting Cape Cod and the Islands, along with other sections of Southeastern and Eastern Massachusetts, would feel the effects of Hurricane Earl, including heavy rain and severe wind.
In accordance with Section 3 of Chapter 9 of the Acts of 2009, the Division of Insurance will hold a meeting for former exclusive representative producers and insurers writing private passenger automobile insurance in the Commonwealth. The purpose of the meeting is to assist the former exclusive representative producers in their efforts to obtain voluntary contracts with insurers. The meeting will take place on Wednesday, May 13, 2009 at 2:00 pm at the Division of Insurance, One South Station, 5th Floor, Boston, Massachusetts.
For more information on this meeting, please contact Tom McCall, Counsel to the Commissioner, at (617) 521-7357 or thomas.mccall@state.ma.us
The purpose of this Bulletin is to inform all licensed resident and non-resident business entity insurance producers of the implementation of the second phase of the Division of Insurance's (“Division”) Online Licensing for Individuals and Entities system (“OLLIE”). The Division launched the first phase of OLLIE, allowing licensed individual insurance producers to renew their producer licenses online, in September of 2007.
Pursuant to M.G.L. Chapter 175, § 206B, an application has been made to the Massachusetts Commissioner of Insurance (the “Commissioner”) by Commonwealth Annuity and Life Insurance Company, a Massachusetts-domiciled insurance company and wholly-owned subsidiary of The Goldman Sachs Group, Inc. (“Goldman”) and Goldman, a Delaware corporation (the “Applicants”), for approval of a proposal to acquire control of First Allmerica Financial Life Insurance Company (the “Insurer”), a Massachusetts-domiciled insurance company and wholly-owned subsidiary of The Hanover Insurance Group, Inc. The Applicants propose to acquire control of the Insurer in accordance with the terms of a Stock Purchase Agreement, dated July 30, 2008, by and between Commonwealth Annuity and Life Insurance Company and The Hanover Insurance Group, Inc.
This bulletin is issued to provide insurance companies (“insurers”) with guidance regarding their new responsibilities under Chapter 230 of the Acts of 2008, An Act Relative to Equitable Coverage for Annuity Policies, and to clarify certain provisions of this new law. This law requires insurers to calculate reserves on a gender neutral or gender blended basis. It also requires all individual and group annuity contracts issued on or after January 1, 2009 that cover residents of Massachusetts to be neutral as to race, color, religion, sex, marital status or national origin with regard to pricing and benefits.
In accordance with the authority granted to the Commissioner of Insurance (“Commissioner”) in Chapter 176K of the Massachusetts General Laws, a hearing will take place at the Division of Insurance (“Division”), One South Station, Boston, MA at 10:00 a.m. on November 24, 2008 to consider the request of Bankers Life and Casualty Company (“Bankers Life”) for approval of rate changes for Medicare Supplement Insurance policy Forms GR-73X, GR-98X, GR-A040, GR-A042, GR-A043, GR-A044 and GR-A053. Bankers Life seeks the following increases: 1.3 percent for the Form GR-73X plan; 21.9 percent for the Form GR98-X plan; 21.4 percent for the Form GR-A042 plan; 30.9 percent for the Form GR-A043 plan; 14.2 percent for the Form GR-A044 plan; and 21.4 percent the Form GR-A053 plan. It seeks a 5.8 percent decrease for the Form GR-A040 plan. The hearing shall also consider related matters, as set out in the filings, relating to these policy forms. This proceeding is designated as Docket R2008-03 and shall be conducted pursuant to 211 CMR 121.01 through 121.04 and 121.15 through 121.27.
Pursuant to the authority granted to the Commissioner of Insurance under M.G.L. c. 176E, § 4, the Division of Insurance (“Division”) will hold a public hearing under M.G.L. c. 30A, § 2 at 10:00 a.m. on December 18, 2008, at the offices of the Division, One South Station, Fifth Floor, Boston, MA 02110-2208, concerning the fees Dental Services of Massachusetts d/b/a Delta Dental Plan of Massachusetts (“Delta Dental”), a nonprofit dental service corporation organized pursuant to M.G.L. c. 176E, pays participating dentists for dental services provided to their subscribers, and the method Delta Dental uses to determine such fees. The hearing will address all products currently marketed by Delta Dental in Massachusetts to the extent that they involve M.G.L. c. 176E, § 4 fees. The hearing shall continue from day to day until completed.
Pursuant to the authority granted to the Commissioner of Insurance under M.G.L. c. 176E, § 4, the Division of Insurance (“Division”) will hold a public hearing under M.G.L. c. 30A, § 2 at 10:00 a.m. on December 2, 2008, at the offices of the Division, One South Station, Fifth Floor, Boston, MA 02110-2208, concerning the fees Dental Services of Massachusetts d/b/a Delta Dental Plan of Massachusetts (“Delta Dental”), a nonprofit dental service corporation organized pursuant to M.G.L. c. 176E, pays participating dentists for dental services provided to their subscribers, and the method Delta Dental uses to determine such fees. The hearing will address all products currently marketed by Delta Dental in Massachusetts to the extent that they involve M.G.L. c. 176E, § 4 fees. The hearing shall continue from day to day until completed.
This Bulletin informs insurance companies and insurance company groups (collectively "insurers") that sell private passenger motor vehicle insurance policies in Massachusetts with effective dates on or after April 1, 2009 about the Division of Insurance's ("Division") requirements for such policy placement among company affiliates within an insurer group or among risk categories within a single insurance company. These requirements promote fair and transparent business practices in both the voluntary and residual private passenger motor vehicle insurance markets.
The enactment of Chapter 214 of the Acts of 2008, An Act Increasing Coverage of Nonprescription Enteral Formulas, increases the mandated benefit coverage for food products modified to be low protein for individuals with inherited diseases of amino acids and organic acids, as codified at M.G.L. c. 175, §47I, M.G.L. c. 176A, §8L, M.G.L. c. 176B, §4K and M.G.L. 176G, §4D. The laws have increased the mandated annual benefit coverage for low protein food products from two thousand five hundred dollars ($2,500.00) to five thousand dollars ($5,000.00) in all existing and new contracts, effective October 28, 2008. Commercial insurers, BCBSMA and HMO’s are required to comply with these increased mandates.
Pursuant to M.G.L. Chapter 175, § 49A, Sparta Insurance Company ("Sparta"), a domestic insurer of Massachusetts, has requested the approval of the Commissioner of Insurance ("Commissioner") to transfer corporate domicile to the State of Connecticut. Sparta is a wholly-owned subsidiary of Sparta Insurance Holdings, Inc., a Delaware corporation.
A Merger Agreement has been proposed by and among John Hancock Life Insurance Company (“JHLICO”), a Massachusetts domestic insurance company and its direct wholly-owned subsidiary, John Hancock Variable Life Insurance Company (“JHVLICO”), a Massachusetts domestic insurance company, and John Hancock Life Insurance Company (U.S.A.) (“JHUSA”), a Michigan domiciled insurance company licensed in the Commonwealth, whereby JHLICO and JHVLICO will merge with and into JHUSA, pursuant to M.G.L. c. 175, § 19B. The ultimate parent company of JHLICO, JHVLICO and JHUSA is Manulife Financial Corporation, a Canadian-domiciled corporation.
A public hearing will be conducted pursuant to M.G.L. c. 175, § 19B and 211 CMR 140.00 et seq. to consider the Merger Agreement. The hearing will commence on October 28, 2008 at 10:00 a.m. at the offices of the Division of Insurance, One South Station, 5th Floor, Boston, Massachusetts.