Section 2 – Pollution Liability Reinsurance Corporation; Creation; Board of Directors; Board Duties; Reports and Audits

Section 2. For the purpose of assuming or ceding reinsurance of pollution liability insurance policies subject to the provisions of this chapter, there is hereby created a body politic and corporate to be known as the Pollution Liability Reinsurance Corporation. The Corporation is hereby constituted a public instrumentality of the commonwealth and the exercise by […]

Section 3 – Powers of Corporation

Section 3. The Corporation shall have the following powers to: establish and amend a plan of operation subject to the approval of the commissioner; make, amend, and repeal by-laws, subject to the approval of the commissioner, for the management of its affairs; adopt an official seal; assume, or cede to another approved reinsurer, one hundred […]

Section 4 – Proposed Plan of Operation for Internal Structure and Management, and Corporate Procedures; Contents; Approval or Disapproval

Section 4. The Corporation shall submit to the commissioner of insurance for his approval a plan of operation addressing both the internal structure and management of the Corporation and the procedures by which the Corporation seeks to carry out the purposes of this chapter, including the promotion within the commonwealth of improved availability and affordability […]

Section 5 – Percentage Surcharge for Supplemental Special Account, Establishment and Collection; Maximum Accumulated Amount; Surplus

Section 5. Subject to the plan of operation, the Corporation shall establish and collect a percentage surcharge of up to five per cent on ordinary reinsurance charges in order to build up a supplemental special account within the Pollution Liability Reinsurance Fund. The proceeds of this account and its related investment income shall be used […]

Section 6 – Annual Review of Claim Experience; Report of Fund Deficiencies and Loan Request; Certification or Denial; Independent Consultant

Section 6. By July first of each year, the Corporation shall conduct a review of its claim experience for each reporting year. In the event that for any specific reporting year the reinsurance Corporation’s charges for providing reinsurance on policies subject to this chapter, determined in accordance with sound rating principles as described in section […]

Section 7 – Rules and Regulations; Commissioner's Orders; Review

Section 7. The commissioner may make, and at any time, alter or amend, reasonable rules and regulations to facilitate the operation of this chapter. The commissioner may issue such orders as he finds proper, expedient or necessary to enforce and administer the provisions of this chapter and to secure compliance with any rules or regulations […]