Section 10 – Examination and Regulation by Commissioner

Section 10. The Fund shall be deemed an insurer for purposes of examination and regulation by the commissioner.

Section 11 – Exemption From Fees and Taxes

Section 11. The Fund shall be exempt from payment of all fees and all taxes levied by the commonwealth or any of its subdivisions except taxes levied on real or personal property.

Section 12 – Return of Excess Assets to Insurers in Proportion to Contributions to Fund

Section 12. If, at the end of any calendar year, the board of directors finds that the assets of the Fund exceed the liabilities of the Fund as estimated by the board of directors for the coming year, the board may order that the amount by which the assets of the fund exceed the liabilities […]

Section 13 – Rates and Premiums for Policies to Which This Chapter Applies; Sufficiency to Recoup Amounts Paid to Fund

Section 13. The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup over a reasonable length of time a sum equal to the amounts paid to the Fund by the insurer less any amounts returned to the insurer by the Fund.

Section 14 – Liability for Reports or Recommendations by Fund

Section 14. There shall be no liability on the part of and no cause of action against insurers, the Fund or the agents of the Fund for any statement made by them in any reports or recommendations issued by the Fund.

Section 15 – Stay of Pending Court Proceedings Involving Insolvent Insurer as Party; Defense by Fund

Section 15. All proceedings in which the insolvent insurer is a party in any court in this commonwealth shall be stayed for up to six months and such additional time thereafter as may be determined by the court from the date the insolvency is declared or an ancillary proceeding is instituted in the commonwealth whichever […]

Section 16 – Termination of Fund by Order of Commissioner; Federal Statutory Plan on Insurer Insolvency; Distribution of Assets

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 […]

Section 17 – High Net Worth Insureds; Payment of Claims; Financial Information

Section 17. (1) For purposes of this section ”high net worth insured” shall mean any insured whose net worth exceeds $25 million on December 31 of the year before the year in which the insurer becomes an insolvent insurer; but, an insured’s net worth on that date shall be considered to include the aggregate net […]

Section 3 – Massachusetts Insurers Insolvency Fund

Section 3. There is hereby created a nonprofit unincorporated legal entity to be known as the Massachusetts Insurers Insolvency Fund consisting of all insurers. The Fund shall perform its functions under a plan of operation established and approved under section six, and shall exercise its powers through a board of directors.

Section 4 – Board of Directors

Section 4. The board of directors of the Fund shall consist of not less than five nor more than nine persons serving such terms as are established in the plan of operation. The members of the board shall be nominated by members of the Fund subject to the approval of the commissioner; provided, however, that […]

Section 5 – Powers and Duties of Fund

Section 5. (1) The Fund shall: (a) be obligated to the extent of the covered claims against the insolvent insurer existing prior to the declaration of insolvency and arising within sixty days after the declaration of insolvency, or before the policy expiration date if less than sixty days after the declaration, or before the insured […]

Section 6 – Plan of Operation

Section 6. (1) (a) The Fund shall, within ninety days after the nomination of the initial board of directors, submit to the commissioner a plan of operation, and thereafter such amendments thereto as may be necessary or suitable to assure the fair, reasonable and equitable administration of the Fund. The plan of operation and any […]

Section 7 – Powers and Duties of Commissioner

Section 7. (1) The commissioner shall: (a) notify the Fund of each insolvent insurer not later than three days after he receives notice of such insolvency and furnish to the Fund a copy of any complaint seeking an order of liquidation with a finding of insolvency against a company at the same time that such […]

Section 8 – Recovery of Claims From Fund; Assignment of Policy Rights; Cooperation; Liability of Insolvent Insurer's Receiver, Et al.; Settlements; Periodic Statements and Estimates of Claims

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 […]

Section 9 – Exhaustion of Policy Insolvency Provisions on Covered Claims; Reduction of Recovery on Policy From Amount Payable Under This Chapter; Multiple Funds

Section 9. Any person having a claim against his insurer under any insolvency provision in his insurance policy which is also a covered claim shall be required to exhaust first his right under such policy. Any amount payable on a covered claim under this chapter shall be reduced by the amount of such recovery under […]