HOUSE DOCKET, NO. 394        FILED ON: 1/12/2009

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 954

The Commonwealth of Massachusetts

_______________

In the Year Two Thousand Nine

_______________

An Act relating to Division of Insurance maintenance assessments..

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Chapter 26 of the Massachusetts General Laws is hereby amended by striking out section 8J, as so appearing in the 2006 Official Edition, and inserting in place thereof, the following:-

“Section 8J.  The commissioner of insurance shall make a special division of insurance maintenance assessment in each fiscal year against each life insurer licensed to do business in the commonwealth.  This maintenance assessment shall be made proportionately against each such life insurer based on the percentage of so much of the direct written premium in Massachusetts as is reported in the columns for life insurance, annuity considerations, and life and health insurance on schedule T of a life insurer’s most recent annual statement required to be filed with the commissioner pursuant to section 25 of chapter 175, as compared to the aggregate of such direct written premium in Massachusetts reported in the columns for life insurance, annuity considerations, and life and health insurance on schedule T of the most recent annual statements required to be filed by all such life insurers.  Each individual life insurer’s assessment shall be in an amount estimated to be sufficient to produce a total aggregate assessment of one million and fourteen thousand dollars.  Estimated assessments shall be paid within thirty days of notice from the commissioner and may be charged to the normal operating costs of the insurer.”