Pursuant to Chapter 30A and the authority granted to the Commissioner of Insurance ("Commissioner") under Chapter 175, § 20A of the Massachusetts General Laws, a hearing will be held at the Division of Insurance, One South Station, Boston MA 02110-2208 on February 17, 2010 at 10:00 a.m.
The purpose of this hearing is to afford all interested persons an opportunity to provide oral and written comments regarding the proposed amendment of regulation 211 CMR 130.00, Proposed (Clean) , Proposed (Redlined) Credit for Reinsurance. 211 CMR 130.00 sets forth rules and procedural requirements that the Commissioner deems necessary to carry out the provisions of M.G.L. c. 175, § 20A relating to credit for reinsurance.
Credit for reinsurance permits a ceding insurance company under statutory accounting and regulatory provisions to treat amounts due from reinsurers as assets or reductions from liability based on the status of the reinsurer. The proposed amendment to 211 CMR 130.00 brings the regulation into conformity with an amendment to its enabling legislation by removing a subsection that is no longer valid.
These proceedings concerning the proposed amendment to 211 CMR 130.00 shall be designated Docket # G 2010-01. Any person who wishes to provide oral comment concerning this proposed amendment must file a Notice of Intent to Comment with the Docket Clerk no later than February 16, 2010. Persons wishing to submit written comments may do so until the record 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 2010-01. Persons who do not file such Notice will be heard after those who notify the Division.
Copies of the proposed regulation are available from the Division and can be accessed at the Division's website www.ma.gov/doi.
Joseph G. Murphy
|Dated: January 19, 2010||Acting Commissioner of Insurance|