Current through Register 1536, December 6, 2024
Section 25.10 - Foreign Health Organizations(1) Any Foreign Health Organization shall, upon the written request of the Commissioner, submit to the Commissioner an RBC Report as of the end of the most recent calendar year not later than the later of: (a) The date an RBC Report would be required to be filed by a Domestic Health Organization under 211 CMR 25.00; or(b) 15 days after the request is received by the Foreign Health Organization.(2) Any Foreign Health Organization shall, at the written request of the Commissioner, promptly submit to the Commissioner a copy of any RBC Plan that is filed with the insurance commissioner of any other state.(3) In the event of a Company Action Level Event, Regulatory Action Level Event or Authorized Control Level Event with respect to any Foreign Health Organization as determined under the RBC statute or regulation applicable in the state of domicile of the Health Organization (or, if no RBC statute or regulation is in force in that state, under the provisions of 211 CMR 25.00), if the insurance commissioner of the state of domicile of the Foreign Health Organization fails to require the Foreign Health Organization to file an RBC Plan in the manner specified under that state's RBC statute or regulation (or, if no RBC statute or regulation is in force in that state, under 211 CMR 25.03) , the Commissioner may require the Foreign Health Organization to file an RBC Plan with the Commissioner. In such event, the failure of the Foreign Health Organization to file an RBC Plan with the Commissioner shall be grounds to order the Health Organization to cease and desist from writing new insurance business in the Commonwealth.(4) In the event of a Mandatory Control Level Event with respect to any Foreign Health Organization, if no domiciliary receiver has been appointed with respect to the Foreign Health Organization under the rehabilitation and liquidation statute applicable in the state of domicile of the Foreign Health Organization, the Commissioner may make application to the supreme judicial court permitted under M.G.L.c. 176A, §§23,33; c. 176B,§§ 13,17,21; c. 176E, §§ 13, 16; c. 176F, § 13; and c. 176G, §§ 20 and 20A, with respect to the liquidation of property of Foreign Health Organizations found in this state, and the occurrence of the Mandatory Control Level Event shall be considered adequate grounds for the application.Amended by Mass Register Issue 1320, eff. 8/26/2016.