Public Hearing Being Held Virtually Via TEAMS
Following up on our September article announcing Hospitality Mutual Insurance company’s plan for reorganization, on December 2nd the Division of Insurance published the following Notice of Hearing, in which it scheduled a public hearing on the application of the Mutual Capital Group, Inc. and Mutual Capital Investment Fund, LP to acquire control of the on the matter for Hospitality Mutual Insurance Company from December 16th, 2024.
A copy of the Division’s announcement has been reprinted below the text of the Notice:
“Pursuant to M.G.L. c. 175, §206B, an application has been made to the Massachusetts Commissioner of Insurance (the “Commissioner”) by the Mutual Capital Group, Inc. and Mutual Capital Investment Fund, LP (“MCGI” or “Applicant”), for approval of a proposal to acquire control of Hospitality Mutual Insurance Company, a Massachusetts domestic insurer (the “Company”).
Pursuant to M.G.L. c. 175, §206B, the Commissioner will hold a public hearing to determine whether to approve the proposed acquisition of control. The public hearing will be held virtually using TEAMS, a digital meeting program, on December 16, 2024, at 11:00 a.m. Public documents filed in connection with this proposed acquisition of control are available for inspection upon request to the Division of Insurance at doidocket.mailbox@mass.gov.
The purpose of the public hearing is to afford those persons identified in M.G.L. c. 175, §206B(d)(2) the opportunity to present evidence, to examine and cross-examine witnesses, to offer oral and written arguments, and to conduct discovery proceedings in the same manner as in the Superior Court Department of the Trial Court. Any discovery proceedings shall be concluded not later than December 11, 2024.
Any person identified in M.G.L. c. 175, §206B(d)(2) who wishes to participate in the hearing must submit to doidocket.mailbox@mass.gov a Notice of Intent to Participate on or before December 12, 2024. The notice must include the person’s name, telephone number, and email address and state their statutory basis for participation. The Notice must also specify the basis for the person’s asserted interest in the proposed acquisition of control, if applicable, as well as whether they intend to make an oral statement, present evidence, cross-examine witnesses, or engage in discovery.
If the Commissioner determines that a person’s interest may be affected by the proposed acquisition of control, that person may participate at the hearing following presentations by the In the Matter of the Proposed Acquisition of Control of Hospitality Mutual Insurance Company by Mutual Capital Group, Inc. and Mutual Capital Investment Fund, LP Docket No. F2024-04
Applicants and/or Company and before any other persons the Commissioner may recognize at the hearing. The length of any oral statements, presentations of evidence, or examination of witnesses, may be limited at the discretion of the Commissioner. Written argument may be submitted at any time prior to the conclusion of the hearing. Persons whom the Commissioner determines have an interest in the proposed acquisition of control will be advised by email that they may participate in the virtual hearing. Persons who do not seek to participate but who wish to attend the public hearing must notify the Division by sending an email including their name, telephone number and email address to doidocket.mailbox@mass.gov by 12:00 p.m. on December 13, 2024. An email with instructions for joining the hearing will be sent to all persons by 5:00 p.m. on December 13, 2024. All submissions, including Notices of Intent to Participate and requests to attend must refer to Docket No. F2024-04.”
