P&CMAmedium
Under M.G.L. c. 175 §180A et seq., when a Massachusetts domestic insurer is found to be in hazardous financial condition, the DOI Commissioner may petition which court for a delinquency proceeding such as rehabilitation, conservation, or liquidation?
AThe United States District Court for the District of Massachusetts
BThe Massachusetts Probate and Family Court
CThe Governor's Council sitting as a tribunal
The Massachusetts Supreme Judicial Court
Why this is the answer
Insurance insolvencies are carved out of the federal Bankruptcy Code and handled exclusively under state law. M.G.L. c. 175 §§6, 180B and 180C direct the DOI Commissioner to apply to the Supreme Judicial Court to be appointed receiver and to rehabilitate, conserve, or liquidate troubled MA-domiciled insurers.
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