Mass. Gen. Laws ch. 175D § 16

Current through Chapter 223 of the 2024 Legislative Session

Section 175D:16 - Termination of fund by order of commissioner; federal statutory plan on insurer insolvency; distribution of assets

The commissioner may by order terminate the operation of the Fund as to any kind of insurance with respect to which he has found, after notice and hearing, that there is in effect a statutory plan of the United States government to avoid excessive delay or financial loss to claimants or policyholders because of insurer insolvency. Such order for termination shall continue the operation of this chapter with respect to prior insurer insolvencies not covered by such plan. The order shall also provide for a proportionate distribution of the assets of the Fund to insurers which will cease to be members of the Fund on the effective date of the order.

Mass. Gen. Laws ch. 175D, § 16