General Laws of Massachusetts - Chapter 175D Massachusetts Insurers Insolvency Fund

• Massachusetts General Laws - Definitions - Chapter 175D, Section 1
  As used in this chapter the following words shall, unless the context clearly requires otherwise, have the following meanings:— (1) “Commissioner”, the commissioner of insurance....
• Massachusetts General Laws - Application of chapter - Chapter 175D, Section 2
  This chapter shall apply to all kinds of direct insurance, except life, accident and health, title, surety, disability credit, mortgage guaranty, financial guaranty or other...
• Massachusetts General Laws - Massachusetts Insurers Insolvency Fund - Chapter 175D, Section 3
  There is hereby created a nonprofit unincorporated legal entity to be known as the Massachusetts Insurers Insolvency Fund consisting of all insurers. The Fund shall...
• Massachusetts General Laws - Board of directors - Chapter 175D, Section 4
  The board of directors of the Fund shall consist of not less than five nor more than nine persons serving such terms as are established...
• Massachusetts General Laws - Powers and duties of Fund - Chapter 175D, Section 5
  (1) The Fund shall: (a) be obligated to the extent of the covered claims against the insolvent insurer existing prior to the declaration of insolvency...
• Massachusetts General Laws - Plan of operation - Chapter 175D, Section 6
  (1) (a) The Fund shall, within ninety days after the nomination of the initial board of directors, submit to the commissioner a plan of operation,...
• Massachusetts General Laws - Powers and duties of commissioner - Chapter 175D, Section 7
  (1) The commissioner shall: (a) notify the Fund of each insolvent insurer not later than three days after he receives notice of such insolvency and...
• Massachusetts General Laws - Recovery of claims from Fund; assignment of policy rights; cooperation; liability of insolvent insurer’s receiver, et al.; settlements; periodic statements and estimates of claims - Chapter 175D, Section 8
  (1) Any person recovering under this chapter shall be deemed to have assigned his rights under the policy to the Fund to the extent of...
• Massachusetts General Laws - Exhaustion of policy insolvency provisions on covered claims; reduction of recovery on policy from amount payable under this chapter; multiple funds - Chapter 175D, Section 9
  Any person having a claim against his insurer under any insolvency provision in his insurance policy which is also a covered claim shall be required...
• Massachusetts General Laws - Examination and regulation by commissioner - Chapter 175D, Section 10
  The Fund shall be deemed an insurer for purposes of examination and regulation by the commissioner.
• Massachusetts General Laws - Exemption from fees and taxes - Chapter 175D, Section 11
  The Fund shall be exempt from payment of all fees and all taxes levied by the commonwealth or any of its subdivisions except taxes levied...
• Massachusetts General Laws - Return of excess assets to insurers in proportion to contributions to Fund - Chapter 175D, Section 12
  If, at the end of any calendar year, the board of directors finds that the assets of the Fund exceed the liabilities of the Fund...
• Massachusetts General Laws - Rates and premiums for policies to which this chapter applies; sufficiency to recoup amounts paid to Fund - Chapter 175D, Section 13
  The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup over a reasonable length of time...
• Massachusetts General Laws - Liability for reports or recommendations by Fund - Chapter 175D, Section 14
  There shall be no liability on the part of and no cause of action against insurers, the Fund or the agents of the Fund for...
• Massachusetts General Laws - Stay of pending court proceedings involving insolvent insurer as party; defense by Fund - Chapter 175D, Section 15
  All proceedings in which the insolvent insurer is a party in any court in this commonwealth shall be stayed for up to six months and...
• Massachusetts General Laws - Termination of Fund by order of commissioner; federal statutory plan on insurer insolvency; distribution of assets - Chapter 175D, Section 16
  The commissioner may by order terminate the operation of the Fund as to any kind of insurance with respect to which he has found, after...
• Massachusetts General Laws - High net worth insureds; payment of claims; financial information - Chapter 175D, Section 17
  (1) For purposes of this section “high net worth insured” shall mean any insured whose net worth exceeds $25 million on December 31 of the...

Last modified: September 11, 2015