[ Text of section effective until April 9, 2025. For text effective April 9, 2025, see below.]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 his recovery from the Fund, but shall retain the right to recover from the receiver or liquidator of the insolvent insurer any amount of his claim under the coverage of the policy not paid by the Fund. Every person with a right to recover under this chapter shall cooperate with the Fund in the handling of the claim to the same extent as such person would have been required to cooperate with the insolvent insurer. The Fund shall have no cause of action against the insured of the insolvent insurer for any sums it has paid out.
(2)The receiver, liquidato
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[ Text of section effective until April 9, 2025. For text effective April 9, 2025, see below.]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 his recovery from the Fund, but shall retain the right to recover from the receiver or liquidator of the insolvent insurer any amount of his claim under the coverage of the policy not paid by the Fund. Every person with a right to recover under this chapter shall cooperate with the Fund in the handling of the claim to the same extent as such person would have been required to cooperate with the insolvent insurer. The Fund shall have no cause of action against the insured of the insolvent insurer for any sums it has paid out.(2) The receiver, liquidator or statutory successor of an insolvent insurer shall be bound by settlements of claims by the Fund and shall grant, against the assets of the insolvent insurer, priority equal to that which the claimant would have been entitled in the absence of this chapter.(3) The Fund shall periodically file with the receiver or liquidator of the insolvent insurer statements of the covered claims paid by the Fund and estimates of anticipated claims on the Fund which shall preserve the rights of the Fund against the assets of the insolvent insurer.Chapter 175D: Section 8. Powers and duties of commissioner[ Text of section as recodified by 2024, 389, Sec. 3 effective April 9, 2025. For text effective until April 9, 2025, see above.]Section 8. (a) The commissioner shall:(i) notify the Fund of an insolvent member insurer not later than 3 days after the commissioner receives notice of the determination of the insolvency and furnish to the Fund a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member insurer at the same time that the complaint is filed with a court of competent jurisdiction; and(ii) provide the Fund with a statement of the net direct written premiums of each member insurer upon request of the board of directors.(b) The commissioner may:(i) suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in the commonwealth of a member insurer that fails to pay an assessment when due or fails to comply with the plan of operation; provided, however, that, as an alternative, the commissioner may levy a fine not less than $200 per month on a member insurer that fails to pay an assessment when due; provided, however, that the fine shall not exceed 5 per cent of the unpaid assessment per month;(ii) revoke the designation of a servicing facility if the commissioner finds claims are being handled unsatisfactorily; and(iii) examine, audit or otherwise regulate the Fund in accordance with the commissioner's authority under section 4 of chapter 175 as if it were a domestic company, as defined in section 1 of said chapter 175.(c) An order of the commissioner under this chapter shall be subject to a public hearing and further judicial review in superior court.