P&CMAmedium
Under M.G.L. c. 175 §206B (MA Insurance Holding Company System Act), a person seeking to acquire control of a domestic Massachusetts insurer generally must:
File a Form A statement with the DOI Commissioner and obtain prior approval
BNotify only the insurer's board of directors
CRegister the transaction with the Massachusetts Secretary of the Commonwealth
DPost a $250,000 deposit with the State Treasurer
Why this is the answer
M.G.L. c. 175 §206B, part of Massachusetts' version of the NAIC Insurance Holding Company System Model Act, governs acquisitions of control. Acquiring 10% or more of voting securities is presumed to be control, triggering a Form A pre-acquisition filing with the DOI Commissioner, public hearing rights, and approval based on fairness, competence, and solvency factors.
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