Chapter 176L

Section 1. As used in this chapter the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Authorized insurer'', an insurer licensed by or admitted to do business in the commonwealth or a surplus lines carrier approved to do busin…

Section 10. Nothing in this chapter shall be construed to exempt a risk retention group or purchasing group from the policy form or coverage requirements of any motor vehicle no-fault or motor vehicle financial responsibility law of the commonwealth.

Section 11. The commissioner is authorized to make use of any of the powers established under the laws governing insurance to enforce those laws not specifically preempted by the Risk Retention Act of 1986 including the commissioner's administrative authority to investigate, issu…

Section 12. (A) No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in the commonwealth from a risk retention group unless such person, firm, association or corporation is licensed in accordance wi…

Section 13. An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in all states or in any territory or possession of the United States, upon a finding that such a group is in…

Section 14. The commissioner may in accordance with provisions of chapter thirty A, after notice of hearing, promulgate rules and regulations as are necessary or proper to carry out the provisions of this chapter.

Section 2. (A) A risk retention group shall be chartered and licensed under the laws of the commonwealth to write only liability insurance pursuant to the provisions of this chapter and, except as provided elsewhere in this chapter, must comply with (1) all of the laws, rules, re…

Section 3. A risk retention group chartered and licensed in another state which seeks to do business as a risk retention group in the commonwealth shall comply with the laws of the commonwealth, and shall satisfy the following requirements: (A) Before offering insurance in the co…

Section 4. (A) No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in the commonwealth, nor shall any risk retention group, or its insureds or claimants against its insurers, rec…

Section 6. A purchasing group and its insurer or insurers shall be subject to all applicable laws of the commonwealth except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance for the purchasing group, from any law that would: (A…

Section 7. (A) A purchasing group which intends to do business in the commonwealth shall, prior to doing business, submit to the commissioner a statement which shall: (1) identify the state in which the group is domiciled; (2) identify all other states in which the group does or …

Section 8. (A) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acti…

Section 9. Premium taxes and taxes on premiums paid for coverage of residents or risks located in the commonwealth by a purchasing group or any members of a purchasing group shall be: (A) imposed at the same rate and subject to the same interest, fines and penalties as are applic…