§ 16 — Termination of Fund by order of commissioner; federal statutory plan on insurer insolvency; distribution of assets

Massachusetts § 16

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 175D: MASSACHUSETTS INSURERS INSOLVENCY FUND

Text

[ Text of section effective until April 9, 2025. For text effective April 9, 2025, see below.]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 notice and hearing, that there is in effect a statutory plan of the United States government to avoid excessive delay or financial loss to claimants or policyholders because of insurer insolvency. Such order for termination shall continue the operation of this chapter with respect to prior insurer insolvencies not covered by such plan. The order shall also provide for a proportionate distribution of the assets of the Fund to insurers which will cease to be members of the Fund on the effective date of the order.Chapter 175D: Section 16. Liability for the performance of powers and duties under this chapter[ Text of section as recodified by 2024, 389, Sec. 3 effective April 9, 2025. For text effective until April 9, 2025, see above.]Section 16. There shall be no liability on the part of, and no cause of action of any nature shall arise against, a member insurer, the Fund or its agents or employees, the board of directors, any person serving as an alternate or substitute representative of any director, the commissioner or the commissioner's representatives for any action taken or any failure to act in the performance of their powers and duties under this chapter.