Chapter 175F

Section 1. The following words, as used in this chapter, unless the context otherwise requires or a different meaning is specifically prescribed, shall have the following meanings: ''Certified fund'', a fund holding a certificate issued pursuant to section three and not revoked p…

Section 10. The commissioner may, after a hearing in accordance with chapter thirty A, revoke or suspend the certification of any fund, or, in lieu of such suspension or revocation, fine that fund up to ten thousand dollars, for intentionally doing any of the following: (1) viola…

Section 11. No fund shall exclude a health care provider from participation except as provided in this section if the health care provider has complied with all necessary and required application procedures. A fund may exclude a health care provider from participation if: (1) the…

Section 12. The trust instrument may provide (a) that there shall be a minimum period during which any participant must participate in the fund; (b) that the fund may provide tail coverage to any participant which joins or withdraws from the fund; (c) that all participants shall …

Section 13. A fund desiring to consolidate or merge with any other fund shall comply with the procedures set forth in section seven of chapter one hundred and seventy-six, inserted by section one of chapter five hundred and forty of the acts of nineteen hundred and fifty-eight. S…

Section 14. Any participant shall be considered to have insurance equivalent to commercial insurance, to the extent of the limits of coverage provided by the fund, for the purpose of any requirements of insurance or commercial insurance contained in any law or any bonds, notes, m…

Section 15. No money or other asset of any fund shall be liable to attachment, trustee process, equitable lien or other process, or to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liability of any legal person …

Section 16. A fund is hereby declared to be a charitable and benevolent institution, and all of its assets shall be exempt from all and every state, county, district, municipal and school tax, if all of its participants qualify for exemption from federal taxes under 26 U.S.C. Sec…

Section 17. All regulations promulgated by the commissioner pursuant to this chapter shall consider the requirements of federal governmental agencies or quasi-governmental agencies so as to permit funds to satisfy such requirements.

Section 18. Whoever violates any provisions of this chapter shall be punished by a fine of not more than five hundred dollars.

Section 2. A group of two or more participating health care providers may establish a health care provider self-insurance trust fund under this chapter prior to the issuance of a certificate in accordance with section three. Said fund shall be deemed established upon the executio…

Section 3. Any fund established under section two may be certified to provide insurance in accordance with the provisions of this chapter upon filing an application for certification with the commissioner. Such application shall be on a form provided by the commissioner and shall…

Section 4. A certified fund shall be exempt from the provisions of chapters one hundred seventy-four A, one hundred seventy-five D, one hundred seventy-four B, one hundred seventy-five, one hundred seventy-five A, one hundred seventy-six, one hundred seventy-six A, one hundred se…

Section 5. A fund and a trustee of such fund shall have the rights and shall be subject to the legal responsibilities and obligations applicable to a trust and trustee under the General Laws, except to the extent such rights, obligations and responsibilities are in conflict with …

Section 6. A fund shall annually on January first file with the commissioner a statement showing its financial condition as of September thirtieth of the prior year. Such statement shall be on a form provided by the commissioner. The commissioner may require in writing, at any ti…

Section 7. The commissioner shall, by regulation, prescribe standards for proper accounting methods to be used by a fund. Said standards shall be consistent with customary accounting principles.

Section 8. A fund organized under this chapter shall, before it shall be certified pursuant to section three, satisfy the commissioner in its application that a claims reserve exists in accordance with this section. Such claims reserve shall be maintained at a level prescribed by…

Section 9. A trustee of a fund shall notify the commissioner of any amendment to its trust instrument or to its original application for certification under section three within thirty days of the making of such amendment.