Insurers having both direct premiums written in Massachusetts of less than $1,000,000 in any calendar year and less than 1,000 policyholders or certificate holders of direct written policies nationwide at the end of such calendar year shall be exempt from 211 CMR 26.00 for such year, (unless the Commissioner makes a specific finding that compliance is necessary for the Commissioner to carry out statutory responsibilities); except that insurers having assumed premiums pursuant to contracts and/or treaties of reinsurance of $1,000,000 or more shall not be so exempt.
Foreign or alien insurers required to file Management's Report of Internal Control over Financial Reporting in another state are exempt from filing the Report in Massachusetts provided the other state has substantially similar reporting requirements and the Report is filed with the insurance commissioner of the other state within the time specified.
211 CMR 26.03