Section 12. (A) Any monies for a fund year in excess of the amount necessary to fund all obligations, including reserves for claims and reserves for incurred but not reported claims for that fund year may be declared to be refundable by the board of trustees not less than six months after the end of the fund year.
(B) Each member shall be given a written description of the refund plan at the time of application for membership. A refund for any fund year shall be paid only to those employers who remain participants in the group for the entire fund year.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title VII - Cities, Towns and Districts
Chapter 40m - Governmental Units Pooled Insurance
Section 1 - Public Employer Self-Insurance Groups
Section 3 - Certificate of Approval Required
Section 4 - Certificate of Approval; Application; Requirements; Refusal; Service of Legal Process
Section 5 - Certificate of Approval; Duration; Termination; Merger of Groups
Section 6 - Examination of Records; Confidentiality and Privilege
Section 7 - Board of Trustees; Powers and Duties
Section 8 - Membership in Group
Section 9 - Solicitation of Memberships
Section 11 - Rating Plan; Annual Audit
Section 12 - Refund of Excess Funds
Section 13 - Premium Payments; Loss Reserves
Section 15 - Violations; Cease and Desist Orders
Section 16 - Revocation of Certificate of Approval; Grounds; Review
Section 17 - Applicability of Chapter 176v to Groups Governed by This Chapter