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Section 57: Deposits Of Value Of Outstanding Claims Under Contracts

Section 57. The commissioner of insurance may, whenever he deems it expedient, by a written order in such form as he may prescribe, require a domestic insurance company to deposit with the state treasurer the present value, as computed by him under section fifty-eight, of all or any part of its outstanding claims incurred under its contracts or policies providing for the payment of benefits under this chapter, in cash or in securities approved by the said commissioner, and he may, whenever he deems it expedient, require the company, as aforesaid, to make an additional deposit. The order shall specify the amount to be deposited and the time within which the deposit shall be made, which shall be not less than three days from the date on which the company receives the said order. A duplicate or copy of any such order shall be forthwith filed by the said commissioner with the state treasurer and the department, and the state treasurer, upon the expiration of the time specified in said order, shall forthwith notify the commissioner in writing whether or not the company has made the deposit in accordance therewith.

Nothing in this section shall affect the powers conferred on the commissioner of insurance by section six of chapter one hundred and seventy-five.

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Local Government
Massachusetts
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Charlie Baker
Charlie Baker
January 8, 2015 -
Republican
1-617-727-7030
One Ashburton Place, Room 1611, Boston, MA, 02108

Keywords
deposit
claims
outstanding
contracts
value
company
forthwith
insurance
treasurer
time