Admission And Amendment Fees
| Admissions and Amendments | Fee Amount |
|---|---|
| Application for Admission (due at time of application) for Life, Accident Health, Life Settlement Provider, Property & Casualty, or Title | $1,275.00 |
| Application for Admission (due at time of application) for Accredited Reinsurer,Certified Reinsurer, Reciprocal Reinsurer, or Reciprocal Jurisidiction Reinsurer | $1,000.00 |
| Application for Admission (due at time of application) for Health Maintenance Organization | $1,000.00 |
| Application for Admission (due at time of application) for Service Contract Provider | $600.00 |
| Application for Amendment (due at time of application) for Life, Accident & Health, Property & Casualty, or Title | $1,065.00 |
Annual Fees
| Annual Fees | Fee Amount |
|---|---|
| Annual Filing Fee for Accredited Reinsurer, Approved Reinsurer, Life, Accident & Health, Life Settlement Provider, Property & Casualty, Surplus Lines, or Title | $150.00 |
| Annual Statement Filing Fee for Fraternal Benefit Societies | $6.00 |
| License Renewal Fee for Life, Accident & Health, Property & Casualty, or Title without Designation 51 or 54 | $250.00 |
| License Renewal Fee for Life, Accident & Health, Property & Casualty, or with Designation 51 or 54 | $279.00 |
| License Renewal Fee for Life Settlement Providers | $250.00 |
| Health Maintenance Organizations Biennial License Renewal Fee (due with Health Maintenance Organization license renewal application) | $1,000.00 |
| License Renewal Fee for Fraternal Benefit Societies | $25.00 |
| Penalty for Late Filings (per day until filed) | $100.00 |
| Service Contract ProviderTriennual Renewal Fee (due with Service Contract Provider Renewal Application | $600.00 |
Other Fees
| Other Fees | Fee Amount |
|---|---|
| Filing of Articles of Incorporation | $65.00 |
| Filing of Bylaws | No Fee |
| Address Change | No Fee |
| Name Change for Life, Accident & Health, Property & Casualty, or Title without Designation 51 or 54 | $315.00 |
| Name Change for Life, Accident & Health, Property & Casualty, or Title with Designation 51 or 54 | $344.00 |
| Name Change for Accredited Reinsurer, Approved Reinsurer, or Surplus Lines | $65.00 |
| Redomestication | $65.00 |
| Certificate of Compliance | $20.00 |
| Service of Process | $6.00 |
| Duplicate License Fee | $25.00 |
Taxes
| Tax Matters |
|---|
All tax matters in Massachusetts, other than surplus lines premium taxes, are under the supervision of the Commissioner of Revenue. For information regarding premium tax forms and/or payments, please contact: Commissioner of Revenue Audit Division Banking and Insurance Unit PO Box 7052 Boston, MA 02204 Telephone: 617-887-6710 |
Deposit Requirements
| Deposit Requirements | Fee Amount |
|---|---|
| Special Deposits shall be held by the "Treasurer and Receiver General of the Commonwealth of Massachusetts in trust for the benefit and security of the policyholders of the (Name of Company) in the Commonwealth of Massachusetts under MGL Chapter 175, Section 151". Special Deposit for Life, Accident & Health, Property & Casualty, or Title | $100,000.00 |
| Workers' Compensation Deposits shall be held by the "Treasurer and Receiver General of the Commonwealth of Massachusetts in trust for the (Name of Company) for the purpose of complying with MGL Chapter 152, Sections 61 and 62." Workers' Compensation Deposit for Foreign Companies with Designation 6E that are rated A- or higher by AM Best | $50,000.00 |
| Workers' Compensation Deposits shall be held by the "Treasurer and Receiver General of the Commonwealth of Massachusetts in trust for the (Name of Company) for the purpose of complying with MGL Chapter 152, Sections 61 and 62." Workers' Compensation Deposit for Foreign Companies with Designation 6E that are rated B++ or lower by AM Best | See Schedule C - 1 for calculation |
| General Deposits shall be held by the "Treasurer and Receiver General of the Commonwealth of Massachusetts in trust for the (Name of Company) for the protection of all policyholders under MGL Chapter 175, Section 185." | N/A |
| Health Maintenance Organization Deposits shall by held by the "Treasurer and Receiver General of the Commonwealth of Massachusetts in trust for the (Name of Company) to protect the interests of policyholders, enrolled members, and the general public under MGL Chapter 176G, Section 26 (as amended by Chapter 141 of the Acts of 2003, Section 46)." Deposit for Health Maintenance Organization | $1,000,000.00 |