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Internationally Active Insurance Groups
As insurance companies have expanded their global presence, it has become necessary to have an established framework for the supervision of insurance groups that have a large international presence.
Pursuant to M.G.L. c. 175, §206, an insurance holding company system is considered an internationally active insurance group if the holding company system (1) includes an insurer registered under M.G.L. c. 175, §206C and (2) meets the following criteria:
- has premiums written in at least 3 countries;
- the percentage of gross premiums written outside the United States is at least 10% of the insurance holding company system’s total gross written premiums; and
- based on a 3–year rolling average, the total assets of the insurance holding company system are at least $50 billion or the total gross written premiums of the insurance holding company system are at least $10 billion.
The internationally active insurance groups where Massachusetts is the group-wide supervisor are as follows:
- Liberty Mutual Insurance Group