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Current as of January 01, 2025 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Massachusetts General Laws Part I. Administration of the Government (Ch. 1-182) Ch. 175D, § 8 - last updated January 01, 2025 | https://codes.findlaw.com/ma/part-i-administration-of-the-government-ch-1-182/ma-gen-laws-ch-175d-sect-8/
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