reglab/housing_qa huggingface dataset:
MA Gen L ch 175 § 177j (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 177j - Independent Financial Examination of Managing General Agent; Actuary Opinion of Loss Reserves; Review of Processing Operations; Notification to Commissioner of Appointment or Termination

Section 177J. (A) The insurer shall have on file independent financial examinations, in a form acceptable to the commissioner, of each managing general agent with which it has done or is currently doing business.  (B) If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of a qualified actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This is in addition to any other required loss reserve certification.  (C) The insurer shall periodically, at least semi-annually, conduct an on-site review of the underwriting and claims processing operations of the managing general agent and prepare a written report of its findings.  (D) Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent.  (E) Within thirty days of entry into or termination of a contract with a managing general agent, the insurer shall provide written notification of such appointment or termination to the commissioner. Notices of appointment of a managing general agent shall include a statement of duties which the managing general agent is expected to perform on behalf of the insurer, the lines of insurance for which it is authorized to act, and any other information the commissioner may request. Notices of termination shall state all reasons for such termination.  (F) An insurer shall review its books and records each quarter to determine if any licensed producer has become a managing general agent as defined in section one hundred and seventy-seven G. If the insurer determines that a producer has become a managing general agent pursuant to the above, the insurer shall promptly notify the producer and the commissioner of such determination and the insurer and producer must fully comply with the provisions of this section within thirty days.  (G) An insurer shall not appoint to its board of directors an officer, director, employee, subproducer or controlling shareholder of its managing general agents. 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.
MA Gen L ch 175 § 177k (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 177k - Acts of Managing General Agent Considered Acts of Insurer; Examination by Commissioner

Section 177K. The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined by the commissioner as if it were the insurer.
MA Gen L ch 175 § 177l (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 177l - Administrative Action Against Managing General Agent; Authority of Commissioner; Penalties

Section 177L. (A) Managing general agents shall be considered to be in the business of insurance for purposes of the applicability of chapter one hundred and seventy-six D. In addition to the remedies provided by said chapter one hundred and seventy-six D, in any administrative action against a managing general agent the commissioner may order:  (1) for each separate violation of the managing general agents act, a penalty in an amount up to ten thousand dollars;  (2) the managing general agent to reimburse the insurer, or the rehabilitator or liquidator of the insurer, for any losses incurred by the insurer caused by a violation of the managing general agents act by the managing general agent.  (B) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided for in this chapter or chapter one hundred and seventy-six D.  (C) Nothing contained in this section is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and auditors.
MA Gen L ch 175 § 177m (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 177m - Reinsurance Intermediary Act

Section 177M. Sections one hundred and seventy-seven N to one hundred and seventy-seven W may be cited as the Reinsurance Intermediary Act.
MA Gen L ch 175 § 177p (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 177p - Contracts Between Reinsurance Intermediary Broker and Insurer; Required Provisions

Section 177P. A reinsurance intermediary broker shall represent or perform services for an insurer only pursuant to a written contract which specifies the responsibilities of each party. The contract shall, at a minimum, provide that:  (a) The insurer may terminate the reinsurance intermediary broker's authority at any time.  (b) The reinsurance intermediary broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owing to the reinsurance intermediary broker, and remit all funds due to the insurer within thirty days of receipt.  (c) All funds collected for the insurer's account shall be held by the reinsurance intermediary broker in a fiduciary capacity in a bank which is a qualified United States financial institution as defined herein.  (d) The reinsurance intermediary broker shall comply with section one hundred and seventy-seven Q.  (e) The reinsurance intermediary broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks.  (f) The reinsurance intermediary broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
MA Gen L ch 175 § 177q (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 177q - Maintenance of Records by Reinsurance Intermediary Broker

Section 177Q. (A) For at least ten years after expiration of each contract of reinsurance negotiated by or through the reinsurance intermediary broker, the reinsurance intermediary broker will keep a complete record for each transaction showing:  (1) the type of contract, limits, underwriting restrictions, classes or risks and territory;  (2) period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;  (3) reporting and settlement requirements of balances;  (4) rate used to compute the reinsurance premium;  (5) names and addresses of assuming reinsurers;  (6) rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary broker;  (7) related correspondence and memoranda;  (8) proof of placement;  (9) details regarding retrocessions handled by the reinsurance intermediary broker including the identity of retrocessionaires and percentage of each contract assumed or ceded;  (10) financial records, including but not limited to, premium and loss accounts; and  (11) when the reinsurance intermediary broker procures a reinsurance contract on behalf of a licensed ceding insurer:  (a) directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or  (b) if placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.  (B) The insurer shall have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary broker related to its business in a form usable by the insurer.
MA Gen L ch 175 § 177r (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 177r - Reinsurance Intermediary Broker License Required; Employment Restrictions; Annual Financial Statements

Section 177R. (A) An insurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary broker on its behalf unless such person is licensed as required by section one hundred and seventy-seven O.  (B) An insurer may not employ an individual who is employed by a reinsurance intermediary broker with which it transacts business, unless such reinsurance intermediary broker is under common control with the insurer and subject to sections two hundred and six to two hundred and six D, inclusive.  (C) The insurer shall obtain a copy of the current annual statement of financial condition or documents providing similar information for each reinsurance intermediary broker with which it transacts business.
MA Gen L ch 175 § 177t (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 177t - Prohibited Acts by Reinsurance Intermediary Manager

Section 177T. The reinsurance intermediary manager shall not:  (A) Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsurers with which such automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.  (B) Commit the reinsurer to participate in reinsurance syndicates.  (C) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed.  (D) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer's policyholder's surplus as of December thirty-first of the last complete calendar year.  (E) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer.  (F) Jointly employ an individual who is employed by the reinsurer unless such reinsurance intermediary manager is under common control with the reinsurer subject to sections two hundred and six to two hundred and six D, inclusive.  (G) Appoint a sub-reinsurance intermediary manager.
MA Gen L ch 175 § 177u (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 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.
MA Gen L ch 175 § 177v (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 177v - Examination of Reinsurance Intermediary by Commissioner

Section 177V. (A) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the commissioner.  (B) A reinsurance intermediary manager may be examined as if it were the reinsurer.
MA Gen L ch 175 § 177w (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 177w - Administrative Action Against Reinsurance Intermediary; Authority of Commissioner; Penalties

Section 177W. (A) A reinsurance intermediary shall be considered to be in the business of insurance for purposes of the applicability of chapter one hundred and seventy-six D. In addition to the remedies provided by that chapter, in any administrative action against a reinsurance intermediary the commissioner may order:  (1) For each separate violation, a penalty in an amount up to ten thousand dollars; (2) The reinsurance intermediary to make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation.  (B) Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in this chapter or any other applicable sections of the General Laws.  (C) Nothing contained in these sections is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights on such persons.
MA Gen L ch 175 § 178 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 178 - Receiver of Insolvent Company; Compensation and Accounts

Section 178. The compensation of receivers of insolvent companies shall be fixed by the supreme judicial court. All accounts rendered to the court by such receivers, except those rendered by the commissioner when appointed under section one hundred and seventy-nine, shall be referred to the commissioner.  Such receivers, at the expiration of one year after final settlement ordered by the court, shall report to the court the names and residences, if known, of the persons entitled to money or dividends from the estate of such companies remaining in their hands uncalled for, with the amount due to each. The court shall thereupon order a notice to be given by the receivers and, upon the expiration of one year after the time of giving such notice, the receivers shall in like manner report the amounts still uncalled for. Unless cause shall appear for decreeing otherwise, such amounts shall then be ordered to be paid to the commonwealth, and schedules signed by the receivers shall at the same time be deposited with the state treasurer and comptroller, setting forth the decree of the court and the names and residences, so far as known, of the persons or parties entitled thereto, alphabetically arranged, and the amount due to each. The comptroller shall forthwith cause notice of such deposit to be mailed to such persons, and, upon certification by him that a claimant is entitled to any part of said deposit, it shall be paid in the same manner as other claims against the commonwealth. Upon the payment to the commonwealth of such unclaimed money or dividends by the receiver and the allowance by the court of his final account, or at the expiration of one year after the final settlement ordered by the court, if he then has in his hands no unclaimed money or dividends, he shall deposit with the commissioner all books and papers of such company, including those relative to his receivership, which shall be preserved by the commissioner, subject to section forty-two of chapter thirty.
MA Gen L ch 175 § 179 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 179 - Receiver of Insolvent Company; Appointment of Commissioner, Deputy or Assistant as Receiver

Section 179. In any proceeding in which application is made by or at the relation of the commissioner for the appointment, either temporary or permanent, of a receiver of a company, the commissioner or one of his deputies or assistants may, in the discretion of the court, be appointed receiver, and when so appointed shall serve without compensation other than his official salary. When authorized in advance by the court, counsel and other assistants may be employed, and paid, from the assets of the company, such sums as the court may fix. Expenses other than those incurred for services in the settlement of the affairs of the company shall, subject to the approval of the court, be paid from its assets. Nothing contained in this section shall affect any provision of sections one hundred and eighty A to one hundred and eighty L, inclusive.
MA Gen L ch 175 § 180 (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 180 - Receiver of Insolvent Company; Examination of Accounts and Transactions

Section 180. The commissioner, his deputy or examiner shall annually or oftener examine the accounts and transactions of all receivers of insolvent companies; and shall also carefully examine all accounts of such receivers referred to him under section one hundred and seventy-eight and make report thereof to the court.  For the above purposes, he, his deputy or examiner shall have free access to the official books and papers of such receivers relative to their transactions and shall have all the powers conferred by section four.  If in his opinion a receiver has violated his duty in office, or further proceedings by receivers to collect an assessment will not offer substantial relief to creditors, the commissioner shall certify the facts to the court.
MA Gen L ch 175 § 180b (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 180b - Domestic Companies; Rehabilitation Proceedings

Section 180B. The commissioner may institute a rehabilitation proceeding against a domestic company conducting an intrastate business only, or against a domestic company transacting business in any other reciprocal state for any cause specified in section six, other than that the company has exceeded its powers or has violated any provision of law, by making application to the supreme judicial court for his appointment as receiver to rehabilitate such company and conserve its assets. The court may on such application issue a temporary injunction restraining the company in whole or in part from further proceeding with its business by appointing the commissioner as temporary receiver forthwith and after due notice and opportunity to be heard, appointing the commissioner as permanent receiver and authorize him to take possession of all property and effects of the company and to conduct its business for the purpose of rehabilitating it by taking such measures as may be proper to eliminate the causes and conditions which caused the institution of such proceeding, subject to the order of the court, or may dismiss the petition.  The receiver may at any time make application to the court for the termination of a proceeding under this section and for the return to the company of all its property and effects, with authority to resume the conduct of its business. The court, if satisfied after due notice and a full hearing that the purposes of the proceedings have been substantially accomplished, shall grant such application, provided that no such application instituted on behalf of an impaired insurer, as defined in section one hundred and forty-seven of chapter one hundred and seventy-five, shall be granted except upon compliance with the terms and conditions of subclause (b) of clause (2) of paragraph (B) of subsection 8 of said section 147.  In any rehabilitation proceeding the court may authorize the receiver to employ such counsel and other assistants as may be necessary for the proper conduct of such proceeding. The compensation of such counsel and assistants and all other necessary expenses of conducting such proceeding shall be paid out of the funds or assets of the insurer in the possession of the receiver.
MA Gen L ch 175 § 180d (2021)
2021 Massachusetts General Laws|Part I - Administration of the Government|Title XXII - Corporations|Chapter 175 - Insurance|Section 180d - Domestic Companies; Duty of Receivers to Give Notice of Appointment

Section 180D. The receiver of any company of which this commonwealth is the domiciliary state, appointed under section six, section one hundred and eighty B or section one hundred and eighty C, shall, within twenty days after his appointment, give notice thereof to all policyholders of the company by written notice, in a form prescribed by the court, sent by mail, postage prepaid, to the last address of the insured appearing on the records of the company.