|Hearing Scheduled for March 28, 2008|
Pursuant to Chapter 30A and the authority granted to the Commissioner of Insurance under Chapter 175, §§ 4 and 25 of the Massachusetts General Laws, a hearing will be held at the Division of Insurance, One South Station, Boston, MA 02110-2208 on March 28, 2008 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 the proposed amendment of regulation 211 CMR 20.00, Risk-Based Capital (RBC) for Insurers. The Division of Insurance proposes to amend 211 CMR 20.00 by adding language that a property and casualty insurer will trigger a Company Action Level Event if the company experiences a certain level of downward trend in capital. This trigger already exists for life and health companies.
The proceedings concerning the proposed amendment of 211 CMR 20.00 shall be designated as Docket # G2008-01. 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 March 27, 2008. 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 # G2008-01. 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: February 27, 2008
Nonnie S. Burnes
Commissioner of Insurance