211 CMR, § 13.01
211 CMR 13.00 is applicable to each domestic stock insurer which has any class of equity security held of record by 100 or more persons; provided, however, that 211 CMR 13.00 shall not apply to any insurer if 99% or more of its equity securities are owned or controlled by a parent or an affiliated insurer and the remaining securities are held of record by less than 500 persons. A domestic stock insurer which files with the Securities and Exchange Commission forms of proxies, consents and authorizations complying with the requirements of the Securities Exchange Act of 1934, as amended, and the applicable regulations promulgated there under, shall be exempt from the provisions of 211 CMR 13.00 with respect to any class of securities subject to SEC jurisdiction.
211 CMR, § 13.01