Massachusetts General Laws ch. 40M sec. 2 – Definitions
Section 2. ”Administrator”, an individual, partnership, corporation, or unincorporated association engaged by a public employer self-insurance group’s board of trustees and to provide day to day management of the group.
Terms Used In Massachusetts General Laws ch. 40M sec. 2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
”Commissioner”, the commissioner of insurance.
”Insolvent” or ”Insolvency”, the inability of a public employer self-insurance group to pay its outstanding lawful obligations as they mature in the regular course of business, as may be shown either by an excess of its required reserves and other liabilities over its assets or by its not having sufficient assets to reinsure all of its outstanding liabilities after paying all accrued claims owed by it.
”Public employers self-insurance group” or ”group”, a not-for-profit association consisting of five or more employers, all of whom are public entities, who enter into agreements to pool their liabilities for property and casualty benefits. For purposes of this chapter, a municipal electric department self-insurance trust fund established pursuant to sections one hundred and twenty-nine to one hundred and thirty-two, inclusive, of chapter one hundred and sixty-four shall not be a ”public employers self-insurance group” or ”group”.