Massachusetts General Laws ch. 21C sec. 27 – Examination and regulation of insolvency fund; reports
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Section 27. The insolvency fund shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner each year, not later than one hundred and twenty days after the end of the insolvency fund’s fiscal year, a report of its activities during the preceding fiscal year, and for any year in which it expended, received or held any funds, in which it incurred any financial obligations or in or before which it received a notice of any potential covered claim, a financial report in a form approved by the commissioner.
Terms Used In Massachusetts General Laws ch. 21C sec. 27
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.