reglab/housing_qa huggingface dataset:
MA Gen L ch 175 § 93 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 93 - Mutual Liability Companies; Issuance of Policies

Section 93. No policy shall be issued by a mutual company formed to transact business under any one or more of the subdivisions of the sixth clause of section forty-seven until it has secured applications for insurance on risks in the commonwealth, the premiums on which shall amount to not less than one hundred thousand dollars and it has satisfied the commissioner that such premiums have been actually paid to it in full in cash, nor, if it proposes to transact business under subdivision (b) of said sixth clause, until it has also established a fully paid-up guaranty capital of not less than the combined capital and surplus provisions required under section forty-eight and deposited not less than two hundred thousand dollars with the state treasurer, nor, if it proposes to transact business under subdivision (e) of said clause, until it has also made arrangements satisfactory to the commissioner, by reinsurance, as provided in section twenty, to protect it from extraordinary losses caused by any one disaster. Such deposit may be made in the securities and subject to the limitations specified in sections sixty-three and sixty-six, or in cash or in such other securities as the commissioner may approve. Such guaranty capital shall be subject to all the provisions of section seventy-nine relative to the guaranty capital of a domestic mutual fire company, except as hereinafter and in section ninety-three D provided, and except that the maximum limitation of amount set forth in section seventy-nine shall not apply. While a company is transacting business under said subdivision (b) of said clause sixth, the provisions of section seventy-nine relative to the retirement of the guaranty capital shall not apply, nor shall the provisions of said section relative to the reduction of such capital authorize the reduction of its guaranty capital below two hundred thousand dollars. The guaranty capital shall be maintained as long as the company transacts business under said subdivision (b) of said clause sixth. The liability of any policyholder in such a company to pay his proportionate part of any assessments which may be laid by the company, in accordance with law and his contract, on account of losses and expenses incurred while he was a member, shall continue so long as there are outstanding any obligations incurred while he was such a member.
MA Gen L ch 175 § 93a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 93a - Miscellaneous Mutual Companies; Issuance of Policies

Section 93A. No policy shall be issued by a mutual company formed to transact business under the seventh, eighth, ninth, tenth, twelfth or thirteenth clause of section forty-seven until it has secured applications for insurance upon not less than two hundred separate risks in the commonwealth against the hazards specified in said clause, the premiums on which shall amount to not less than twenty-five thousand dollars.
MA Gen L ch 175 § 93b (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 93b - Mutual Surety, Liability and Casualty Companies; Issuance of Policies; Condition Precedent

Section 93B. No policy shall be issued by a mutual company formed to transact business under clause (d) of section forty-eight A until it has secured the applications for insurance required by sections ninety-two, ninety-three and ninety-three A, or any of them, in respect to the classes of business which it proposes to transact, nor, if it proposes to transact business under clause fourth of section forty-seven, until it has established the fully paid-up guaranty capital required by section ninety B, nor, if it proposes to transact business under subdivision (b) of clause sixth of section forty-seven, until it has established the fully paid-up guaranty capital required by section ninety-three.
MA Gen L ch 175 § 93c (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 93c - Mutual Surety, Liability and Casualty Companies; Guaranty Fund; Establishment

Section 93C. Any mutual company formed or authorized to transact business under the third, fifth, sixth, seventh, eighth, ninth, tenth, twelfth or thirteenth clause of section forty-seven or under clause (b), (c) or (d) of section forty-eight A may, except as provided in sections ninety B and ninety-three, at any time establish a guaranty capital as provided in and subject to the provisions of section seventy-nine.
MA Gen L ch 175 § 93d (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 93d - Mutual Surety, Liability and Casualty Companies; Impairment of Guaranty Capital or Decrease in Business; Effect

Section 93D. No domestic mutual company transacting business under clause three, five, six, seven, eight, nine, ten, twelve or thirteen of section forty-seven, or under clause (b), (c) or (d) of section forty-eight A, whose amount of insurance in force or premiums or number of risks on its books become at any time from any cause less than the amounts or number required by section ninety A, ninety-two, ninety-three, ninety-three A or ninety-three B, and no mutual company transacting business under the fourth clause of section forty-seven whose guaranty capital required by section ninety B or whose guaranty fund established under section ninety C is impaired on the basis fixed by sections ten to twelve, inclusive, and no mutual company transacting business under subdivision (b) of the sixth clause of section forty-seven whose guaranty capital required by section ninety-three is so impaired, shall make any further insurance until it has secured applications for policies which shall restore the amount of insurance or premiums or number of risks to the amounts and number required by said section ninety A, ninety-two, ninety-three, ninety-three A and ninety-three B, nor until such guaranty capital or guaranty fund is restored to the amount required by said section ninety B, ninety C or ninety-three, nor until such company in any case has obtained a certificate as provided in section seventy-four.
MA Gen L ch 175 § 93e (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 93e - Mutual Life, Liability and Casualty Companies; Issuance of Policies; Dividends

Section 93E. No policy shall be issued by a mutual company formed to transact business under the sixteenth clause of section forty-seven, or under clause (e) of section forty-eight A, until it has established a fully paid-up guaranty capital of not less than the combined capital and surplus provisions required under section forty-eight. Such guaranty capital shall be divided into shares of one hundred dollars each, to be invested as provided by this chapter for the investment of the capital stock of domestic companies, other than life. Stockholders of such guaranty capital and policyholders of such a company shall be subject to the same provisions of law relative to their right to vote as apply respectively to stockholders in stock companies and policyholders in mutual companies. The stockholders of such guaranty capital shall be entitled to annual dividends, not exceeding eight per cent, payable from the net surplus of the company, and such guaranty capital shall be redeemed by an appropriation of net surplus for that purpose whenever the net surplus, computed on the basis fixed by sections nine to twelve, inclusive, is twice the amount of said guaranty capital.
MA Gen L ch 175 § 93f (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 93f - Non-Assessable Policies; Issuance

Section 93F. Any mutual fire company, or any company specified in the first paragraph of section ninety, which has and maintains a surplus to policyholders, including any guaranty capital or guaranty fund, at least equal to the minimum paid-up capital and assets that are on the effective date of this section required by this chapter of a stock insurance company transacting the same kind or kinds of business may issue non-assessable policies, and the provisions of section eighty-one relating to contingent liability of policyholders shall not apply to any such non-assessable policies. Any such mutual company shall keep on deposit with the state treasurer the sum of two hundred thousand dollars, subject to the provisions of section eighty-five A. This section shall not apply to any company unless such company or its predecessor or predecessors, if any, prior to merger or consolidation shall have been actively engaged in the insurance business in one or more states of the United States continuously for ten or more years. A company issuing a non-assessable policy under authority of this section may state therein, or on the filing back thereof, or in both such places, that such policy is non-assessable.
MA Gen L ch 175 § 94 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 94 - Mutual Life Companies; Members, Voting Rights; Selection and Qualifications of Directors

Section 94. Except as provided in this section and in sections thirty-six, one hundred and thirty-two D and one hundred and thirty-seven, every person insured under a policy of life or endowment insurance issued by a domestic mutual life company shall be a member thereof and entitled to one vote, and, except in the case of a policy of life or endowment insurance which is a contract on a variable basis, one vote additional for each five thousand dollars of insurance in excess of the first five thousand dollars, every person holding an annuity or pure endowment contract issued by any such company shall be a member thereof and entitled to one vote and, except in the case of an annuity contract which is a contract on a variable basis, one vote additional for each one hundred and fifty dollars of annual annuity income in excess of the first one hundred and fifty dollars, and, except as provided in section one hundred and ten, every person insured under any policy of insurance issued by any such company under clause Six of section forty-seven shall be a member thereof and entitled to one vote. Holders of such policies or contracts shall be notified of the annual meetings of the company by written notice, or by an imprint in the form prescribed by section seventy-six upon the filing back of its policies or contracts, or, in the case of policies upon which premiums are payable monthly or oftener, on some other prominent place on each policy, and also upon premium receipts or certificates of renewal. Members and shareholders may vote by proxies dated and executed within three months and returned and recorded on the books of the company seven days or more before the meeting at which they are to be used; but no member or shareholder of such a company shall, in person or by proxy, cast more than twenty votes. After the first election, the directors shall be chosen by and from the policyholders; provided, that in case of a company having outstanding a guaranty capital, one third of the directors may be chosen by and from the stockholders thereof. No person shall be qualified to serve as a director after he ceases to be such a policyholder or stockholder, as the case may be. The provisions of section sixty shall apply to the officers of every such company, and the provisions of the third paragraph of section seventy-seven shall apply to every such company.
MA Gen L ch 175 § 94a (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 94a - Definitions Applicable to Secs. 94b to 94m and Remainder of This Chapter, and to Chapter 152

Section 94A. The following words and phrases, as used in sections ninety-four B to ninety-four M, inclusive, or elsewhere in this chapter, or in chapter one hundred and fifty-two, shall, unless the context otherwise requires or a different meaning is specifically prescribed, have the following meanings: ''Attorney in fact'', an individual, partnership or corporation acting under power of attorney as the representative of the subscribers in the exchange of reciprocal or inter-insurance contracts and matters incident thereto. ''Subscribers'', the participants or policyholders, who have given to an attorney in fact a power of attorney giving authority to obligate them separately and severally, as specified therein, in the exchange of reciprocal or inter-insurance contracts. ''Exchange'', an aggregation of individuals, partnerships or corporations, herein called subscribers, who or which, under a common name, exchange contracts of insurance on the reciprocal or inter-insurance plan through the office of an attorney in fact, being the place where contracts of insurance are issued. ''Domestic exchange'', an exchange located in the commonwealth. ''Fishing vessel'', any vessel, boat, ship or other craft which is used for, equipped to be used for, or a type which is normally used for fishing, or aiding or assisting one or more vessels at sea in the performance of any activity relating to fishing, including, but not limited to, preparation, supply, storage, refrigeration, transportation or processing. ''Foreign exchange'', an exchange located outside the commonwealth. For the purposes of sections ninety-four A to ninety-four M, inclusive, ''Guaranty fund'', with respect to exchanges, shall have the same meaning as ''Guaranty capital'' as required of mutual companies; provided, that a ''Guaranty fund'', as required in said sections, shall be maintained in the same amounts and be subject to the same laws with regard to impairment as required of ''Guaranty capital'' in the case of domestic mutual companies; and ''Guaranty fund'' with respect to foreign exchanges, shall have the same meaning as ''Guaranty capital'', as required of foreign mutual companies; provided, that a ''Guaranty fund'' as required in said sections, shall be maintained in the same amounts and be subject to the same laws with regard to impairment as required of ''Guaranty capital'' in the case of foreign mutual companies.
MA Gen L ch 175 § 94b (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 94b - Exchange of Reciprocal or Inter-Insurance Contracts

Section 94B. Individuals, partnerships and corporations of this commonwealth, including any association of same holding legal title of ownership to a fishing vessel or vessels, designated in section ninety-four A as subscribers are hereby authorized to exchange reciprocal or inter-insurance contracts with each other or with individuals, partnerships and corporations of other states and countries, providing indemnity among themselves from any loss or damage caused by any of the hazards specified in section forty-seven of this chapter and in chapter one hundred and fifty-two, which any one stock or mutual fire or liability insurance company or association is now or may hereafter be authorized to transact, except the following clauses specified in said section forty-seven: Fourth, Tenth, Eleventh and Sixteenth, subject to sections ninety-four A to ninety-four M, inclusive. Such contracts may be executed by any attorney in fact duly authorized and acting for such subscribers. The principal office of the attorney in fact shall be maintained at such place as is designated by the subscribers in the power of attorney.
MA Gen L ch 175 § 94c (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 94c - Domestic Exchange; Organization; Preliminary Certificate

Section 94C. Domestic exchanges may be organized by three or more individuals, residents of the commonwealth, or partnerships or corporations doing business therein, who shall apply to the commissioner for a preliminary certificate, in such form as he may prescribe, authorizing the applicants or their duly authorized representatives to solicit subscribers under the proposed name of the exchange designated in the application for the preliminary certificate. No preliminary certificate shall be issued until a copy of the form of subscription agreement and of the receipt to be issued in connection therewith have been filed with, and approved by, the commissioner. All moneys collected from such subscribers to such domestic exchange shall be held in trust in a bank approved by the commissioner upon the condition that such money so deposited shall not be withdrawn except with the written approval of the commissioner. Upon the issuance to such an exchange of a certificate of authority to transact business, the commissioner shall release such money on deposit to the exchange, but, if such certificate of authority to transact business is not issued within one year from the date of the preliminary certificate, such money on deposit shall, under the direction of the commissioner, be refunded in full to the subscribers.
MA Gen L ch 175 § 94e (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 94e - Foreign Exchange; License to Transact Business; Application and Declaration; Requirements

Section 94E. Foreign exchanges may apply for a license to transact business in the commonwealth in the manner set forth in section ninety-four D, with the following exceptions and additions:— (a) A declaration setting forth that it has funds necessary to meet the financial requirements of a foreign mutual company transacting the same classes of business as provided in subdivision numbered (3) of clause Second of section one hundred and fifty-one, section one hundred and fifty-two and section fifty-four B, and, in the case of an exchange writing non-assessable policies, that it has complied with the financial requirements of section one hundred and fifty-two A. (b) Instead of that portion of the declaration under section ninety-four D which is required by clause (g) thereof, there shall be filed a declaration setting forth that there is in the possession of the attorney in fact, or trustees duly authorized for that purpose in accordance with the laws of the state where the exchange is located, and available for the payment of losses, funds in the amount required by section ninety-four H, either in cash or invested as required by the laws of the state where the exchange is located. (c) That, except as to the kinds of insurance hereinafter specifically mentioned, instead of that portion of the declaration under said section ninety-four D which is required by clause (h) thereof, the attorney in fact shall file a statement that the exchange has at least one hundred subscribers with insurance in force aggregating not less than two and one half million dollars; provided, that, in the case of employers' liability or workers' compensation insurance, the statement shall set forth that the exchange has at least one hundred subscribers with insurance in force covering a total annual pay roll of not less than two and one half million dollars; and provided, further, that, in the case of automobile insurance, the statement shall set forth that there is in force insurance covering at least one thousand motor vehicles, the premiums on which shall amount to not less than one hundred thousand dollars. (d) The attorney in fact shall file a financial statement under oath in form prescribed by section twenty-five. (e) The attorney in fact shall file a certificate from the proper official of the state where the exchange is located, showing that all provisions of law applicable thereto have been complied with and that authority has been given to transact the classes of business which are sought to be transacted in the commonwealth. (f) The attorney in fact shall file an agreement that no class of business shall be transacted in the commonwealth at such exchange which cannot be transacted by a domestic exchange.
MA Gen L ch 175 § 94f (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 94f - Examination of Application and Declaration by Commissioner; Issuance of License to Transact Business

Section 94F. The commissioner shall examine the application and declaration and all documents filed in connection therewith; and, if he is satisfied that they comply with the law and that the allegations of fact contained therein are true, he shall issue to the attorney in fact a license to transact business, authorizing him to execute for the subscribers under the name designated, such contracts of reciprocal or inter-insurance as are authorized by this chapter, which license shall be subject to section five; provided, however, that no license for a reciprocal insurance exchange consisting of subscribers who are commercial fishing boat owners shall be issued until the applicant has submitted to the commissioner the standards of risk management to be used in evaluating admissions and policy renewals, and until such standards have been certified by the commissioner as being reasonably calculated to provide a risk low enough to permit the reciprocal insurance exchange to remain solvent.
MA Gen L ch 175 § 94g (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 94g - Issuance of Insurance Contracts; Conditions Precedent

Section 94G. The attorney in fact shall execute no insurance contract with any subscriber unless the subscriber shall have agreed that, except as hereinafter provided, in case the funds on hand are not sufficient to meet the losses, he will, upon demand, pay to the attorney in fact an amount at least equal to and in addition to the current annual premium deposit called for by his contract, which liability shall endure as long as there are outstanding any claims on contracts issued while he was a subscriber. The total amount of the contingent liability of the subscriber shall be plainly and legibly stated upon each policy. Any domestic exchange meeting the financial requirements imposed on mutual companies transacting the same classes of business under section eighty-five A and section ninety-three F and which has made the deposit with the state treasurer required thereunder, may issue non-assessable policies. Any foreign exchange meeting the financial requirements imposed on foreign mutual companies transacting the same classes of business under section one hundred and fifty-two A may issue non-assessable policies. The provisions of this section relating to contingent liability of subscribers shall not apply to any such non-assessable policies.