§ 8C — Assessments against licensed insurers

Massachusetts § 8C

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title II: EXECUTIVE AND ADMINISTRATIVE OFFICERS OF THE COMMONWEALTH
• Ch. 26: DEPARTMENT OF BANKING AND INSURANCE

Text

Section 8C. The commissioner of insurance may make an assessment in each fiscal year against all licensed insurers in the commonwealth. Said assessments shall be made at a rate as shall be determined and certified annually by the commissioner as sufficient to produce revenue to reimburse the commonwealth for funds appropriated for the operation of the division of insurance, hereinafter called the division, less any revenues which were received by the commonwealth under the provisions of section eight B and section fourteen of chapter one hundred and seventy-five, but in no event shall said assessment exceed the sum of two million dollars. Three-fourths of the amount to be so assessed shall be made against all licensed domestic companies and foreign companies in proportion to their net premiums written and annuity considerations in the commonwealth as shown in the annual report of each of said insurers filed with the division; and, in addition, one-fourth of said amount shall be made against all licensed domestic companies in proportion to their net premiums written and annuity considerations as shown in the annual report of each of said insurers filed with the division.Said assessment shall reimburse the commonwealth for funds appropriated for the prior fiscal year.Assessments under this section shall be charged to the normal operating cost of each company.For the purposes of this section, the term ''licensed insurer'' shall have the same meaning as the word ''company'' as defined in section one of chapter one hundred and seventy-five, and as the words ''fraternal-benefit society'' as defined in section one of chapter one hundred and seventy-six, and as the words ''non-profit hospital service corporation'' as defined in section one of chapter one hundred and seventy-six A, and as the words ''medical service corporation'' as defined by section one of chapter one hundred and seventy-six B.