Section 8. A fund organized under this chapter shall, before it shall be certified pursuant to section three, satisfy the commissioner in its application that a claims reserve exists in accordance with this section. Such claims reserve shall be maintained at a level prescribed by an actuary or by a reasonable substitute for an actuary, which level shall exceed four hundred thousand dollars or some other reasonable minimum to be established by the commissioner by regulation. In establishing this minimum, the commissioner shall consider other legal obligations which might be required of the fund by other governmental units, in order to avoid unnecessary and duplicative or conflicting requirements.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 175f - Medical Malpractice Self-Insurance Trust Funds
Section 3 - Application for Certification; Denial; Approval
Section 4 - Application of Chapter
Section 5 - Rights, Obligations and Responsibilities of Fund and Trustee
Section 6 - Annual Statement of Financial Condition; Penalty for Failure to File
Section 7 - Standards for Proper Accounting Methods to Be Used
Section 10 - Revocation or Suspension of Certification of Fund; Removal of Trustee
Section 12 - Trust Instrument Provisions
Section 13 - Merger or Consolidation of Funds
Section 14 - Legal Requirement of Insurance or Commercial Insurance
Section 15 - Liability of Fund
Section 16 - Fund Declared to Be Charitable and Benevolent Institution; Exemption From Taxes