Section 67.10 - Reinsurance; Security Bond or Deposit; Fidelity Bond; ChangesTo maintain its certificate of approval, a group shall comply with the requirements of M.G.L. c.1 52, 211 CMR 67.00, and any other applicable laws or regulations, and the following:
(1) Each group containing private employers shall maintain a combined provable net worth as prescribed in 211 CMR 67.08(2)(c), but not less than $1,000,000;(2) Each group containing private employers shall maintain a security bond or deposit in an amount and form as prescribed in 211 CMR 67.08(2)(d), but not less than $100,000;(3) Each group shall maintain specific and aggregate excess insurance or reinsurance in an amount and form as prescribed in 211 CMR 67.21;(4) Each group's administrator shall maintain a fidelity bond in a form and amount as prescribed by 211 CMR 67.06(2)(b)9. and;(5) Each group shall notify the Commissioner of any change in the manner of its compliance with 211 CMR 67.10(1) through (4) no later than 20 days after such change, including, but not limited to, cancellation, nonrenewal or change in amount and terms of coverage of any excess insurance, security bond or deposit or fidelity bond.Amended by Mass Register Issue 1320, eff. 8/26/2016.