Massachusetts § 177U - Reinsurance intermediary manager license required; annual financial statements; actuary opinion of loss reserves; notice of termination; prohibited appointments
Full text of Massachusetts Massachusetts General Laws § 177U — Reinsurance intermediary manager license required; annual financial statements; actuary opinion of loss reserves; notice of termination; prohibited appointments, with citation guidance and answers to common questions.
§ 177U. Reinsurance intermediary manager license required; annual financial statements; actuary opinion of loss reserves; notice of termination; prohibited appointments
Section 177U. (A) A reinsurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary manager on its behalf unless such person is licensed as required by section one hundred and seventy-seven O.
(B) The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary manager which such reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the commissioner.
(C) If a reinsurance intermediary manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary manager. This opinion shall be in addition to any other required loss reserve certification.
(D) Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the reinsurance intermediary manager.
(E) Within thirty days of termination of a contract with a reinsurance intermediary manager, the reinsurer shall provide written notification of such termination to the commissioner which shall include a statement of all reasons for such termination.
(F) A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder or subproducer of its reinsurance intermediary manager. This subsection shall not apply to relationships governed by sections two hundred and six to two hundred and six D, inclusive, or, if applicable, sections one hundred and seventy-four F to one hundred and seventy-four K, inclusive.
Source: official Massachusetts text · Last verified 2026-08-27
Frequently Asked Questions About Massachusetts § 177U
What does Massachusetts General Laws § 177U cover?
Section 177U ("Reinsurance intermediary manager license required; annual financial statements; actuary opinion of loss reserves; notice of termination; prohibited appointments") is part of the Massachusetts General Laws, the codified statutory law of Massachusetts. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Massachusetts § 177U?
A common citation format is "Massachusetts General Laws § 177U" (Massachusetts). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Massachusetts law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Massachusetts official source linked on this page or consult a licensed Massachusetts attorney.
How does Massachusetts § 177U apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Massachusetts can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Massachusetts.