RISK RETENTION AND RISK PURCHASING GROUPS
Statement submitted to commissioner; designation of commissioner as agent for service of process
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 intends to do business;
(3) specify the lines and classifications of liability insurance which the purchasing group has purchased or intends to purchase;
(4) identify the insurance company or companies from which the group has purchased or intends to purchase its insurance and the domicile of such company;
(5) specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members who are resident or whose risks are located in the commonwealth;
(6) identify the principal place of business of the purchasing group; and
(7) provide such other information as may be required by the commissioner to verify that the purchasing group is qualified under the definition of “Purchasing group” in section one.
(B) A purchasing group shall notify the commissioner of any changes in any of the items set forth in subsection (A) at least ten business days prior to the date such change is to take effect.
(C) The purchasing group shall register with and designate the commissioner as its agent solely for the purpose of receiving service of legal process, for which a filing fee shall be determined pursuant to section fourteen of chapter one hundred and seventy-five, except that such requirements shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the Product Liability Risk Retention Act of 1981, 15 USC, Section 3901 et seq., and:
(1) which in any state of the United States was domiciled before April first, nineteen hundred and eighty-six; and
(2) which: (a) before October twenty-seventh, nineteen hundred and eighty-six purchased insurance from an insurance carrier licensed in any state; and (b) since October twenty-seventh, nineteen hundred and eighty-six purchased its insurance from an insurance carrier licensed in any state; or
(3) which was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981, 15 USC, Section 3901, et seq., before October twenty-seventh, nineteen hundred and eighty-six.
(D) Each purchasing group that is required to submit information pursuant to subsection (A) shall also furnish such information as may be required by the commissioner to:
(1) verify that the entity qualifies as a purchasing group;
(2) determine where the purchasing group is located;
(3) determine appropriate tax treatment; and
(4) determine compliance with the provisions of the Liability Risk Retention Act, 15 USC, Section 3901, et seq., and this chapter.
(E) Any purchasing group which was doing business in the commonwealth prior to the enactment of this chapter shall, within thirty days after the effective date of this chapter, furnish notice to the commissioner pursuant to the provisions of subsection (A) and furnish such information as may be required pursuant to subsections (B) and (C).