Changes in the Requirements for Workers Compensation Insurers Doing Business in Massachusetts

[LOGO] MITT ROMNEY GOVERNOR KERRY HEALEY LIEUTENANT GOVERNOR # COMMONWEALTH OF MASSACHUSETTS ## Office of Consumer Affairs and Business Regulation ## DIVISION OF INSURANCE 1000 Washington Street, Suite 810 • Boston, MA 02118-6200 (617) 521-7794 • Toll-free (877) 563-4467 http://www.mass.gov/doi BETH LINDSTROM DIRECTOR, CONSUMER AFFAIRS AND BUSINESS REGULATION JULIANNE M. BOWLER COMMISSIONER OF INSURANCE ### 2004-12 Changes in the Requirements for Workers Compensation Insurers Doing Business in Massachusetts TO: All Insurers Writing Workers Compensation Insurance in Massachusetts FROM: Julianne M. Bowler Date: December 27, 2004 RE: Required Deposits to be Maintained by Foreign Insurers Effective January 1, 2005 all foreign Workers Compensation insurers rated "A-" or higher by AM Best will no longer be required to maintain a Workers Compensation deposit in accordance with the calculation required in the Massachusetts C-1 Form. The new required Workers Compensation deposit amount for said companies is $50,000. There is no change to the rules for general and special deposits. All companies with an AM Best rating of B++ or lower should continue to file the Massachusetts C-1 Form on April 1, 2005 and are not included in the new requirements. Companies entitled to a return of deposits will be contacted by Ursula McCarthy (617-521-7391) during the first quarter of 2005 to arrange for the return of the securities.