211 CMR, § 67.19
Current through Register 1533, October 25, 2024
If the administrator or one of its affiliates wishes to provide reinsurance or excess insurance to a group, it shall use an independent third party to obtain at least two quotes from unaffiliated persons for those services. The third party shall present the two quotes, along with the quote from the administrator's affiliate, directly to the board of trustees, and the board shall choose which one to accept. The choice shall be solely at the discretion of the board and need not be the lowest bid. Reinsurance contracts with such affiliates shall be bid annually.
211 CMR, § 67.19