Massachusetts Insurance Industry – Governance, Risk and Compliance

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

The Massachusetts insurance industry report 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.

What are the market dynamics in the Massachusetts insurance industry?

The Massachusetts DOI is entrusted with the task of supervising of the Massachusetts insurance industry and is instrumental in ensuring the stability and efficient functioning of insurance and reinsurance companies. The primary responsibilities of the Massachusetts DOI in the insurance industry are regulating and supervising the conduct of the insurance services industry in Massachusetts, protecting the consumers or holders of insurance contracts, providing regular updates on local and international insurance market developments, licensing companies involved in the insurance business, proposing improvements of existing regulations and incorporating new legislation, maintaining the submission of the annual financial planning and statement of insurance companies operating in the state.

What are the different types of licenses issued in the Massachusetts insurance industry?

The different types of insurance licenses issued in the Texas insurance industry are life insurance license, non-life insurance license, composite insurance license, mutual insurance license and reinsurance license.

Life insurance license in the Massachusetts insurance industry

Insurers with a life insurance license can underwrite and sell insurance contracts related to risks, such as life policies, annuities, and pure endowments.

Non-life insurance license in the Massachusetts insurance industry

Non-life insurers underwrite and sell contracts regarding several insurance contracts including accident and health insurance, fire insurance, loss and damages to property, motor insurance (hull and liability), aviation insurance (hull and liability).

Composite insurance license in the Massachusetts insurance industry

A composite license where one company can underwrite both life and general insurance is not granted in the US. However, insurers operating general insurance and those operating life insurance can belong to the same parent group. In Massachusetts, life-assurance companies may carry on activities within accidents and sickness lines as specified in Section 22A of the General Laws. However, for other lines, composite insurance may be permitted provided the insurer obtains prior approval from the Commissioner of DOI.

Mutual insurance license in the Massachusetts insurance industry

According to Section 48A of General Laws, ten or more persons who are residents of Massachusetts may form a mutual company if a license for the same is obtained in accordance with the law.

Reinsurance license in the Massachusetts insurance industry

Section 54B states that a company authorized to transact business in accordance with Section 47 except life insurance can reinsure risks of any kind, provided it has met the capital requirements.

Which key associations oversee the Massachusetts insurance industry?

The key bodies overseeing the Massachusetts insurance industry are International Association of Insurance Supervisors (IAIS), National Association of Insurance Commissioners (NAIC), Federal Insurance Office (FIO), American Insurance Association (AIA), National Association of Mutual Insurance Companies (NAMIC), Property Casualty Insurers of America (PCI), and Reinsurance Association of America (RAA).

International Association of Insurance Supervisors

The IAIS, established in 1994, is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in 140 countries. In addition to members, the association also includes 135 observers representing industry associations, professional associations, insurers, reinsurers, consultants and international financial institutions.

National Association of Insurance Commissioners

The NAIC is a voluntary association created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five US territories. It was created in 1871 to address the need to coordinate the regulation of multi-state insurers. With the help of the NAIC, state insurance regulators conduct peer reviews, establish standards and best practices, and coordinate their regulatory oversight. The main aim of the NAIC is to assist state insurance regulators in serving the public interest and achieving fundamental insurance regulatory goals.

Federal Insurance Office

The FIO was established under the US Treasury Department in accordance with the Dodd-Frank Act. It is headed by a Director, appointed by the Secretary of the Treasury. The FIO is not a regulatory agency but plays an important role by providing expertise and advice regarding insurance to the Treasury Department and other US federal agencies. It works closely with the NAIC to engage in international discussions with US insurance regulators, and to serve as a source of information for the federal government.

American Insurance Association

The AIA was established in 1866 as a property-casualty insurance trade organization. The AIA consists of 325 members insurance companies, including personal and commercial automotive insurance, commercial property and liability cover for small businesses, workers’ compensation, homeowners’ insurance, medical malpractice cover, and product liability insurance

National Association of Mutual Insurance Companies

The NAMIC is a property and casualty insurance trade association representing mutual insurance companies in the US and Canada. In addition to mutual insurers, NAMIC members include stock insurance companies, reinsurance companies, and industry vendor companies.

Reinsurance Association of America

The RAA is a trade association representing property and casualty reinsurers operating in the US. The RAA’s objective is to promote a globally competitive and financially robust regulatory environment that ensures healthy business for reinsurers. Reinsurance underwriters and intermediaries licensed in the US engaged in cross-border business are also members. The RAA is engaged in legislative and legal affairs.

Massachusetts insurance industry, by association

Massachusetts insurance industry, by associationFor more association insights, download a free sample

Market report scope

Key license types Life Insurance License, Non-Life Insurance License, License for Reinsurance, Composite Insurance License, and Mutual Insurance License
Key associations International Association of Insurance Supervisors (IAIS), National Association of Insurance Commissioners (NAIC), Federal Insurance Office (FIO), American Insurance Association (AIA), National Association of Mutual Insurance Companies (NAMIC), and Reinsurance Association of America (RAA)

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’s 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.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the state.
  • 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.

Table of Contents

Table of Contents

MASSACHUSETTS

Legislation Overview

Supervision and Control

Legislation

Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation

License

Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure

Taxation

Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

About GlobalData

Contact Us

Table

List of Tables

The US – Massachusetts – Tax Rates for the Financial Year 2021

Figures

List of Tables

The US – Massachusetts – Tax Rates for the Financial Year 2021

Frequently asked questions

  • What are the key license types in Massachusetts insurance industry?

    The different types of insurance licenses issued in the Texas insurance industry are life insurance license, non-life insurance license, composite insurance license, mutual insurance license and reinsurance license.

  • Which key associations oversee the Massachusetts insurance industry?

    International Association of Insurance Supervisors (IAIS), National Association of Insurance Commissioners (NAIC), Federal Insurance Office (FIO), American Insurance Association (AIA), National Association of Mutual Insurance Companies (NAMIC), and Reinsurance Association of America (RAA) are the key associations overseeing the Massachusetts insurance industry.

Massachusetts Insurance Industry – Governance, Risk and Compliance thematic reports
Currency USD
$950

Can be used by individual purchaser only

$1,900

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Massachusetts Insurance Industry – Governance, Risk and Compliance was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Massachusetts Insurance Industry – Governance, Risk and Compliance in real time.

  • Access a live Massachusetts Insurance Industry – Governance, Risk and Compliance dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.