General Laws of Massachusetts - Chapter 40M Governmental Units Pooled Insurance - Section 10 Reports

Section 10. (A) Each group shall submit to the commissioner of insurance thirty days before the end of its policy year a performance report estimating total outstanding liability, including incurred but not reported claims, for that policy year.

(B) Each group shall submit to the commissioner a statement of financial condition audited by an independent certified public accountant on or before the last day of the sixth month following the end of the group’s fiscal year. The financial statement shall be on a form prescribed by the commissioner and shall include, but not be limited to, actuarially appropriate reserves for (1) known claims and expenses associated therewith, (2) claims incurred but not reported and expenses associated therewith, (3) unearned premiums and (4) bad debts, which reserves shall be shown as liabilities.

(C) The commissioner may prescribe a uniform financial reporting system for all public employer self-insurance groups to ensure the accurate and complete reporting of groups’ financial information.

(D) The commissioner may prescribe the format and frequency of other reports which may include, but shall not be limited to, payroll audit reports, summary loss reports, and quarterly financial statements.

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Last modified: September 11, 2015