Synopsis
Timetric’s 'Governance, Risk and Compliance - The Massachusettsan Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Massachusetts.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the state. The report also includes the scope of non-admitted insurance in the state.
Scope
• The report covers details of the insurance regulatory framework in Massachusetts.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the state insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
• The report provides details of taxation imposed on insurance products and insurance companies.
Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Massachusetts, including:
• An overview of the insurance regulatory framework in Massachusetts.
• The latest key changes, and changes expected in the state insurance regulatory framework.
• Key regulations and market practices related to different types of insurance product in the state.
• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Massachusetts.
• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
• Details of the tax and legal systems in the state.
Reasons To Buy
• Gain insights into the insurance regulatory framework in Massachusetts.
• Track the latest regulatory changes, and expected changes impacting the Massachusettsan insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
• Understand key regulations and market practices pertaining to various types of insurance product.
Key highlights
• The Massachusettsan insurance industry is regulated by the DOI.
• Composite insurance is not permitted in Massachusetts.
• 100% FDI is permitted in the Massachusettsan insurance industry.
• Non-admitted insurance is not permitted in the Massachusettsan insurance industry. There are exceptions to this rule, however, as described in the non-admitted Section.
• Key classes of compulsory insurance include motor third-party liability insurance and health insurance.
Table Of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Workers’ compensation insurance
2.4.3 Health insurance
2.4.4 Aviation third-party liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 National Association of Insurance Commissioners
2.5.3 Federal Insurance Office
2.5.4 American Insurance Association
2.5.5 National Association of Mutual Insurance Companies
2.5.6 Property Casualty Insurers of America
2.5.7 Reinsurance Association of America
2.5.8 Division of Insurance
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requireents
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer
List Of Tables
Table 1: Insurance Industry Definitions
Table 2: The US - Massachusetts - Insurance Regulatory Framework Key Features
Table 3: The US - Massachusetts - Life Insurance Regulatory Framework
Table 4: The US - Massachusetts - Property Insurance Regulatory Framework
Table 5: The US - Massachusetts - Motor Insurance Regulatory Framework
Table 6: The US - Massachusetts - Liability Insurance Regulatory Framework
Table 7: The US - Massachusetts - Minimum Capital Requirements
Table 8: The US - Corporate Income Tax Rates at the Federal Level in 2017
Table 9: The US - Massachusetts - Tax Rates for the Financial Year 2017
List Of Figures
Figure 1: The US - Massachusetts - Insurance Supervision and Control at Various Levels
Figure 2: The US - Massachusetts - Insurance Regulatory Frameworks for Company Registration and Operation
