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2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 47ss - Coverage for Medically Necessary Mental Health Acute Treatment, Community-Based Acute Treatment and Intensive Community-Based Acute Treatment

Section 47SS. (a) For the purposes of this section, the following terms shall have the following meanings unless the context clearly requires otherwise:
''Community-based acute treatment'', 24–hour clinically managed mental health diversionary or step-down services for children and adolescents that is usually provided as an alternative to mental health acute treatment.
''Intensive community-based acute treatment'', intensive 24–hour clinically managed mental health diversionary or step-down services for children and adolescents that is usually provided as an alternative to mental health acute treatment.
''Mental health acute treatment'', 24–hour medically supervised mental health services provided in an inpatient facility licensed by the department of mental health that provides psychiatric evaluation, management, treatment and discharge planning in a structured treatment milieu.
(b) A policy, contract, agreement, plan or certificate of insurance issued, delivered or renewed within or without the commonwealth, which is considered creditable coverage under section 1 of chapter 111M, shall provide coverage for medically necessary mental health acute treatment, community-based acute treatment and intensive community-based acute treatment and shall not require a preauthorization before the administration of such treatment; provided, however, that the facility shall notify the carrier of the admission and the initial treatment plan within 72 hours of admission.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 47t - Scalp Hair Prostheses Necessary Due to Cancer or Leukemia Treatment

Section 47T. (a) For the purposes of this section, the following words shall have the following meanings:
''Prosthesis'', an artificial appliance used to replace a lost natural structure; provided, however, that prosthesis shall include, but not be limited to, artificial arms, legs, breasts, scalp hair or glass eyes.
''Scalp hair prosthesis'', an artificial substitute for scalp hair.
(b) Any blanket or general policy of insurance described in subdivision (A), (C) or (D) of section 110 which provides hospital expense and surgical expense insurance, which is delivered or issued for delivery or subsequently renewed by agreement between the insurer and the policyholder, within or without the commonwealth, or any policy of accident and sickness insurance as described in section 108 which provides hospital expense and surgical expense insurance, which is delivered or issued for delivery or subsequently renewed by agreement between the insurer and the policyholder in the commonwealth, or any employees' health and welfare fund which provides hospital expense and surgical expense benefits and which is issued or renewed to any person or group of persons in the commonwealth, if such policy or fund provides coverage for any other prosthesis, shall provide coverage for expenses for scalp hair prostheses worn for hair loss suffered as a result of the treatment of any form of cancer or leukemia; provided, however, that such coverage shall be subject to a written statement by the treating physician that the scalp hair prosthesis is medically necessary; and provided, further, that such coverage shall be subject to the same limitations and guidelines as other prostheses. Scalp hair prosthesis coverage pursuant to this section shall not exceed an amount of $350 per year.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 47uu - Coverage for Federally-Defined Preventive Services

[ Text of section added by 2023, 28, Sec. 56 effective July 1, 2023. See 2023, 28, Sec. 115.]
Section 47UU. (a) For the purposes of this section, "federally-defined preventive services'' shall mean: (i) evidence-based items or services that currently have a rating of "A'' or "B'' in the recommendations of the United States Preventive Services Task Force; (ii) immunizations with routine use in children, adolescents and adults that currently have a recommendation from the Advisory Committee on Immunization Practices of the federal Centers for Disease Control and Prevention with respect to the individual involved; (iii) with respect to infants, children and adolescents, evidence-informed preventive care and screenings provided for in the comprehensive guidelines supported by the federal Health Resources and Services Administration; and (iv) with respect to women, such additional preventive care and screenings not described in clause (i) as provided for in comprehensive guidelines supported by the federal Health Resources and Services Administration; provided, however, that "federally-defined preventive services'' shall include all other preventive services not subject to cost-sharing, as required by established federal regulatory and sub-regulatory guidance issued on or before July 1, 2023.
(b) A policy, contract, agreement, plan or certificate of insurance issued, delivered or renewed within the commonwealth shall provide coverage for federally-defined preventive services.
(c) Coverage provided pursuant to this section shall not be subject to any cost-sharing, including, but not limited to, co-payments, co-insurance or any deductible, as required by established federal regulatory and sub-regulatory guidance issued on or before July 1, 2023.
(d) Nothing in this section shall prohibit: (i) coverage for items and services in addition to those recommended by the United States Preventive Services Task Force, the Advisory Committee on Immunization Practices of the federal Centers for Disease Control and Prevention or the federal Health Resources and Services Administration; or (ii) denying coverage for items or services not recommended by the United States Preventive Services Task Force, the Advisory Committee on Immunization Practices of the federal Centers for Disease Control and Prevention or the federal Health Resources and Services Administration.
(e) If a recommendation pursuant to subsection (a) is changed during a plan year, a carrier shall not be required to make changes to the health plan during the plan year.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 47v - Coverage for Human Leukocyte or Histocompatibility Locus Antigen Testing

Section 47V. Any individual policy of accident and sickness insurance issued pursuant to section 108, and any group blanket policy of accident and sickness insurance issued pursuant to section 110, except policies providing supplemental coverage to Medicare or to other government programs, delivered, issued or renewed by agreement within or without the commonwealth shall provide coverage for the cost of human leukocyte antigen testing or histocompatibility locus antigen testing that is necessary to establish bone marrow transplant donor suitability. The coverage shall cover the costs of testing for A, B or DR antigens, or any combination thereof, consistent with rules, regulations and criteria established by the department of public health pursuant to section 218 of chapter 111.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 47y - Coverage for Medically Necessary Hypodermic Syringes or Needles

Section 47Y. (a) No individual policy of accident and sickness insurance issued or renewed pursuant to section 110 shall restrict or discontinue coverage for medically necessary hypodermic syringes or needles, notwithstanding section 27 of chapter 94C. The term ''medical necessity'' shall be construed in accordance with the guidelines set forth in subsection (b) of section 16 of chapter 176O. Nothing in this section shall prohibit applicable co-payments, deductibles, coinsurance or other cost sharing features.
(b) This section shall not apply to individual policies of accident and sickness insurance that are accident only, credit-only, limited scope dental benefits if offered separately, disability income insurance, coverage issued as a supplement to liability insurance, insurance arising out of a workers' compensation law or similar law, automobile medical payment insurance, insurance under which benefits are payable with or without regard to fault and which is statutorily required to be contained in a liability insurance policy or equivalent self insurance, long-term care if offered separately, coverage supplemental to the coverage provided under 10 U.S.C. chapter 55 if offered as a separate insurance policy, any policy subject to chapter 176K and hospital indemnity insurance policies if offered as independent, non-coordinated benefits. For the purposes of this section, ''hospital indemnity insurance policies'' shall mean policies issued pursuant to this chapter which provide a benefit not to exceed $500 per day, as adjusted on an annual basis by the amount of increase in the average weekly wages in the commonwealth as defined in section 1 of chapter 152, to be paid to an insured or a dependent, including the spouse of an insured, on the basis of a hospitalization of the insured or a dependent.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 47z - Coverage for Prosthetic Devices and Repairs

Section 47Z. (a) Any blanket or general policy of insurance, except a blanket or general policy of insurance which provides supplemental coverage to Medicare or other governmental programs, described in subdivision (A), (C) or (D) of section 110 which provides hospital expense and surgical expense insurance and which is issued or subsequently renewed by agreement between the insurer and the policy holder, within or without the commonwealth, during the period this section is effective, or any policy of accident or sickness insurance as described in section 108 which provides hospital expense and surgical expense insurance, except a policy which provides supplemental coverage to Medicare or other governmental programs, and which is delivered or issued for delivery or subsequently renewed by agreement between the insurer and the policy holder in the commonwealth, during the period that this section is effective, or any employees' health and welfare fund which provides hospital expense and surgical expense benefits and which is promulgated or renewed to any person or group of persons in the commonwealth, while this section is effective, shall provide coverage for prosthetic devices and repairs under the same terms and conditions that apply to other durable medical equipment covered under the policy, except as otherwise provided in this section.
(b) In this section, ''prosthetic device'' shall mean an artificial limb device to replace, in whole or in part, an arm or leg.
(c) No such policy shall impose any annual or lifetime dollar maximum on coverage for prosthetic devices other than an annual or lifetime dollar maximum that applies in the aggregate to all items and services covered under the policy.
(d) No such policy shall apply amounts paid for prosthetic devices to any annual or lifetime dollar maximum applicable to other durable medical equipment covered under the policy other than an annual or lifetime dollar maximum that applies in the aggregate to all items and services covered under the policy.
(e) Any such policy may include a reasonable coinsurance requirement for prosthetic devices and repairs, not to exceed 20 per cent of the allowable cost of the prosthetic device or repair, unless all covered benefits applying coinsurance under the plan do so at a higher amount. If such policy provides coverage for services from nonparticipating providers, the contract may include a reasonable coinsurance requirement for prosthetic devices and repairs, not to exceed 40 per cent of the allowable cost of the device or repair when obtained from a nonparticipating provider, unless all covered benefits applying coinsurance under the plan do so at a higher amount.
(f) Any such policy may require prior authorization as a condition of coverage for prosthetic devices.
(g) Any such policy shall only be required to provide coverage for the most appropriately medically necessary model that adequately meets the needs of the policyholder.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 48a - Mutual Companies; Formation; Capital and Surplus

Section 48A. Ten or more persons, residents of this commonwealth, may form a mutual company, (a) to transact the business set forth in any one of the clauses of section forty-seven, except the eleventh, fourteenth, fifteenth or seventeenth; (b) to transact the business set forth in the first and third, the first and eighth, the third and eighth, or in the first, third and eighth clauses; (c) to transact the business set forth in the first and second clauses, in the first and seventeenth clauses, in the first, second and eighth clauses, or in the first, second, eighth and seventeenth clauses; (d) to transact the business set forth in any two or more of the fourth, fifth, sixth, seventh, eighth, ninth, tenth, twelfth and thirteenth clauses thereof; or (e) to transact the business set forth in the sixth and sixteenth clauses thereof, except subdivision (e) of said sixth clause.
A company formed under the provisions of this section shall be subject to the combined capital and surplus provisions of section forty-eight.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 49 - Formation of Corporation

Section 49. The company shall be formed in the manner described in and be subject to sections eleven, twelve and thirteen of chapter one hundred and fifty-six B, except as otherwise expressly provided in this chapter.
The name of the corporation shall be subject to approval by the commissioner and shall contain the word ''insurance'' or ''assurance'' or, if organized on the mutual plan, the words ''mutual insurance'' or ''mutual assurance'' or, if organized under the fifteenth clause of section forty-seven, the word ''reinsurance'', and, if organized under the sixteenth clause of said section forty-seven or under the sixth and sixteenth clauses thereof, the word ''life'' or the words ''variable annuity life''.
The agreement of association shall state the classes of insurance it proposes to transact and on what business plan or principle; and, if a mutual company, the amount of capital stock and the par value of shares shall be omitted.
At the first meeting, only the directors and such other officers as the by-laws require shall be chosen, and the president, secretary and such other officers as the by-laws authorize them to choose shall be chosen by the directors.
The president, secretary and a majority of directors shall execute and make oath to the articles of organization specified in section thirteen of said chapter one hundred and fifty-six B, which shall, with the records and by-laws of the company, be submitted to the commissioner, and he instead of the state secretary shall have the powers and perform the duties relative thereto specified in section six of said chapter one hundred and fifty-six B; provided, that the commissioner shall not approve the articles of organization of a company formed to transact business under any of the clauses of section forty-seven until he is satisfied, by such examination as he may make and such evidence as he may require, that: (1) the incorporators are of good repute and intend in good faith to operate the company; (2) the company has capable management; (3) the company has a reasonable prospect for success in the kind or kinds of business which it proposes to transact; and (4) the actuarial projections, policy forms, rates, dividends, commissions and other expenses contemplated, as well as reinsurance market and taxes are sound and reasonable. He shall execute a certificate of his findings in such form as he may prescribe, which shall be attached to the articles of organization prior to the filing thereof with the state secretary.
The fee to be paid to the state secretary by a stock company or a mutual company upon the filing of the articles of organization shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 49a - Domestic Insurers; Requirements; Transfer of Domicile

Section 49A. Any insurer which is organized under the laws of any other state and is admitted to do business in the commonwealth for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type and by designating its principal place of business at a place in the commonwealth. Said domestic insurer will be entitled to like certificates and licenses to transact business in this state, and shall be subject to the authority and jurisdiction of the commonwealth.
Any domestic insurer may, upon the approval of the commissioner, transfer its domicile to any other state in which it is admitted to transact the business of insurance, and upon such a transfer shall cease to be a domestic insurer, and shall be admitted to the commonwealth, if qualified, as a foreign insurer. Said commissioner shall approve any such proposed transfer unless he shall determine such transfer is not in the interest of the policyholders of the commonwealth.
The certificate of authority, agents' appointments and licenses, rates and other items which the commissioner of insurance allows, in his discretion, which are in existence at the time an insurer licensed to transact the business of insurance in the commonwealth transfers its corporate domicile to this or any other state by merger, consolidation or any other lawful method shall continue in full force and effect upon such transfer if such insurer remains duly qualified to transact the business of insurance in the commonwealth. All outstanding policies of a transferring insurer shall remain in full force and effect and need not be endorsed as to the new name of the company or its new location unless so ordered by said commissioner. Every transferring insurer shall file new policy forms with said commissioner on or before the effective date of the transfer, but may use existing policy forms with appropriate endorsements if allowed by, and under such conditions as approved by, said commissioner. Every such transferring insurer shall notify said commissioner of the details of the proposed transfer, and shall file promptly any resulting amendments to corporate documents filed or required to be filed with the commissioner.
Said commissioner may promulgate rules and regulations necessary to carry out the purposes of this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 50 - Stock Companies; Amendment of Articles of Organization

Section 50. A stock company may amend and restate its articles of organization as provided in sections seventy, seventy-one and seventy-four of chapter one hundred and fifty-six B, subject to the provisions of sections forty-eight and seventy-one of this chapter. A stock company by a two thirds vote of all its stock entitled to vote, at a meeting duly called for the purpose, may authorize an amendment of its articles of organization to alter, add to or change, to the extent authorized by this chapter, the classes of insurance for transaction of which it is incorporated and to provide for the transaction of insurance on a participating plan.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 50a - Mutual Companies; Amendment of Articles of Organization

Section 50A. A mutual company, by a majority vote of those members present and voting, at a meeting duly called for the purpose, may authorize an amendment of its articles of organization to change its corporate name. A mutual company, by a two thirds vote of those members present and voting, at a meeting duly called for the purpose, may authorize an amendment of its articles of organization to alter, add to or change, to the extent authorized by this chapter, the classes of insurance for transaction of which it is incorporated and may authorize any other amendment or restatement of its articles of organization, provided, only, that any provision added to or changes made in its articles of organization by such amendment or restatement could have been included in, and any provision deleted thereby could have been omitted from, original articles of organization filed at the time of such meeting.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 50b - Amendment of Articles of Organization; Submission; Approval; Filing; Effective Date

Section 50B. Articles of amendment or restatement of articles of organization by any stock or mutual company signed and sworn to by the president and secretary and a majority of the directors, setting forth such amendment or change and the due adoption thereof, shall, within thirty days after their adoption, be submitted to the commissioner, who shall examine them in the same manner and with the same powers as in the case of original articles of organization. If he finds that they conform to the requirements of law he shall so certify and endorse his approval thereon, and they shall thereupon be filed in the office of the state secretary, upon the receipt of a fee in accordance with subsection (b) of section one hundred and fourteen of chapter one hundred and fifty-six B, and said articles of amendment shall then be deemed to be a part of the charter or articles of organization of the company. Such amendment shall become effective when the articles of amendment are filed in the office of the state secretary, unless said articles specify, in accordance with the vote adopting the amendment, a later effective date not more than thirty days after such filing in which event the amendment shall become effective on such later date.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 51 - Domestic Stock Companies; Kinds of Business That May Be Transacted; Power to Combine

Section 51. No domestic stock company shall transact any business other than that specified in its charter or agreement of association, except that it may transact the kinds of business specified below by reference to the several clauses of section forty-seven, as follows:
(a) The first and second, if authorized to transact either, or the seventeenth, if authorized to transact any one or more of the first, second and eighth clauses, provided it has a paid-up capital of not less than four hundred thousand dollars, or the first and second excepting ocean marine insurance, if authorized to transact either, provided it has a paid-up capital of not less than three hundred thousand dollars, or subdivision (d) of the second clause, if authorized to transact the first.
(b) Any one or more of the fourth, fifth, sixth, seventh, eighth, ninth, tenth, twelfth and thirteenth, if authorized to transact any one of said clauses, provided it conforms to the requirements of section forty-eight in respect to paid-up capital.
(c) The eighth, if authorized to transact the first.
(d) The sixth, if authorized to transact life insurance, provided, it has a paid-up capital of not less than eight hundred thousand dollars and net cash assets over all liabilities, computed on the basis fixed by sections nine to twelve, inclusive, of not less than eight hundred thousand dollars, exclusive of said capital.
(e) The first, if authorized to transact fire insurance.
(f) The fifth, if incorporated by special act to insure against loss or damage caused by the explosion of steam boilers.
(g) Such other form or forms of insurance coverage not included in the provisions of section forty-seven and not contrary to law as the commissioner in his discretion may authorize and license and which shall be transacted only upon such terms and conditions as he may from time to time prescribe and upon payment of the fee prescribed by section fourteen.
Nothing in this section shall permit any domestic stock company to combine classes of business which may not be combined under section forty-eight.
A company transacting or seeking to transact business under this section shall be subject to the combined capital and surplus provisions required under section forty-eight.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 54a - Domestic Companies; Risks and Hazards in Other States

Section 54A. Any domestic company authorized to transact any of the kinds of business specified in the second clause of section forty-seven may, outside the commonwealth, make contracts of insurance insuring property of any kind or description against any and all risks of loss or damage.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 54b - Reinsurance of Risks; Exceptions

Section 54B. Any company authorized to transact the kinds of business specified in any one of the first, second, fourth, sixth or twelfth clauses of section forty-seven may, except with respect to policies of life and endowment insurance and contracts for the payment of annuities and pure endowments, reinsure risks of every kind or description and may write any and all kinds of insurance other than the policies and contracts hereinbefore excluded; provided, that it maintains a surplus to policyholders, including any guaranty capital, of not less than one million dollars; and provided, further, that any foreign mutual company which is not permitted by the laws of its domiciliary state to establish or maintain a guaranty capital may transact business under this section provided it maintains a surplus to policyholders of not less than one million, two hundred thousand dollars unimpaired on the basis fixed by sections ten to twelve, inclusive, and has made a deposit in an amount and subject to the conditions specified in subdivision (3)(c) of clause Second of section one hundred and fifty-one.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 54c - Motor Vehicle Insurance

Section 54C. Any company authorized to transact the kinds of business specified in the first or second clause, or in subdivision (b) of the sixth clause, of section forty-seven may insure against any loss of or damage to, or loss of use of, or mechanical failure or mechanical breakdown of motor vehicles other than motorboats, or aircraft, their fittings or contents, or against legal liability for loss or damage on account of injury to or death of any person or on account of any damage to property of another, arising out of the ownership, maintenance or use of said vehicles or aircraft, provided it maintains a surplus to policyholders including any guaranty capital, of not less than six hundred thousand dollars.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 54d - Personal Property Floater

Section 54D. Any company authorized to transact the kinds of business specified in any of the first, second, fourth, sixth or twelfth clauses of section forty-seven may insure, by means of an all-risk type of policy commonly known as the personal property floater, against any and all kinds of loss of or damage to, or loss of use of, any individual's personal property other than merchandise.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 54e - Dwelling Houses; Comprehensive and Medical Coverages

Section 54E. Any company authorized to insure against loss or damage by fire, which has been actively engaged in the fire insurance business in one or more states of the United States continuously for ten years, or less than ten years with the approval of the commissioner, or whose predecessor or predecessors, if any prior to merger or consolidation, shall have been so engaged for such period, may, notwithstanding the provisions of sections forty-eight, fifty-one, clause (e) of fifty-four, or fifty-four B, insure against loss or damage to dwellings and appurtenant structures and to the contents thereof and any other personal property of a similar nature of the insured or members of his household resulting from any peril proper to insure against in this commonwealth, and may, in addition, insure against the legal liability of the insured or of members of his household arising out of non-business pursuits, and insure with respect to medical, surgical and hospital expenses; provided, that insurance against loss or damage by perils other than the peril of fire may be written only when insurance against the peril of fire is written in the same policy and on forms which have been submitted to and approved by the commissioner; and provided, further, that no such company shall issue any insurance under the authority of this section unless it possesses a surplus to policyholders of not less than four hundred and seventy-five thousand dollars or until it has made reinsurance arrangements satisfactory to the commissioner, as provided in section twenty.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 54f - Commercial Property, Goods in Storage or Transit, and Other Merchandise or Equipment; Coverage by Certain Companies in Fire Insurance Policies

Section 54F. Any company authorized to insure against loss or damage by fire, which has been actively engaged in the fire insurance business in one or more states of the United States continuously for ten years, or less than ten years with the approval of the commissioner, or whose predecessor or predecessors, if any prior to merger or consolidation, shall have been so engaged for such period, may, notwithstanding the provisions of sections forty-eight, fifty-one, clause (e) of fifty-four, or fifty-four B, insure against loss or damage to, or the legal liability of the insured with respect to, commercial property, including goods in storage and in transit, stocks of merchandise, furniture and fixtures, equipment, materials and supplies and the insured's interests in improvements and betterments, whether the property of the insured or the property of others, while anywhere within the continental United States or in transit in Canada; provided, that insurance against loss or damage by perils other than the peril of fire may be written only when insurance against the peril of fire is written in the same policy and on forms which have been submitted to and approved by the commissioner; and provided, further, that no such company shall issue any insurance under the authority of this section unless it possesses a surplus to policyholders of not less than five hundred and twenty-five thousand dollars or until it has made reinsurance arrangements satisfactory to the commissioner, as provided in section twenty.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 54g - Reinsurance or Pooling of Risks by Life Insurance Companies; Regulations; Approval and Certificate; Restrictions

Section 54G. Any company authorized to transact the kinds of business specified in the sixteenth clause of section forty-seven may reinsure either by itself or together with other insurers through pooling arrangements or otherwise for the purposes of spreading the insurance risk, risks of every kind and description and may reinsure in any other company any part or all of any risks assumed by it. Any such reinsurance or pooling of risks shall be subject to any regulations which may be promulgated by the commissioner. The commissioner shall have the authority to promulgate regulations necessary to protect the interests of the insurer's policyholders and the people of the commonwealth including but not limited to financial and solvency requirements and regulations designed to avoid the substantial lessening of competition generally in the insurance business.
No company shall transact business pursuant to this section without the approval of the commissioner and the issuance to it of a certificate authorizing it to transact such business. No such approval shall be given and no certificate shall be issued unless, in the case of a domestic insurer, the company maintains unallocated surplus of not less than one million dollars, and in the case of a foreign insurer, unless it maintains an unallocated surplus of one million dollars and has made a deposit in an amount and subject to the conditions specified in subdivision (3)(c) of clause Second of section one hundred and fifty-one. Companies subject to this section shall comply with all other provisions of law relating to the transaction of the business of reinsurance in the commonwealth.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 55 - Continuation of Mutual Companies Organized to Transact Employers' Liability Insurance or Steam Boiler Insurance

Section 55. Mutual companies organized prior to April sixth, nineteen hundred and eleven, to transact employers' liability insurance may continue such business under the sixth clause of section forty-seven. They may also transact all the kinds of business specified in the said sixth clause if authorized so to do by a vote of two thirds of the policyholders present and voting at a meeting called therefor.
Mutual companies organized prior to March first, nineteen hundred and fifteen, to transact steam boiler insurance may transact all the kinds of business specified in the fifth clause of section forty-seven.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 58 - Domestic Stock Companies; Duties of Directors

Section 58. The board of directors shall annually choose by ballot a president, who shall be a member of the board, a secretary, and, if the by-laws so provide, a treasurer, who may also be the president or secretary, and such other officers as the by-laws may provide.
They shall at each annual meeting of the company submit a full statement of the transactions of the company during the previous year and of its financial condition.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 59 - Domestic Stock Companies; President and Secretary; Duties; Records; Inspection

Section 59. The president, or in his absence the vice president, if any, shall preside at all meetings of the directors or stockholders. In the absence of both said officers a temporary president may be chosen. Notwithstanding the foregoing provisions of this paragraph, a company may by its by-laws provide that the chairman of the board of directors, or in his absence the president, or in the absence of both of said officers a vice president, if any, shall preside at all meetings of the directors or stockholders, and that in the absence of all of said officers a temporary presiding officer may be chosen.
The secretary shall keep the records which the company is required to keep by sections thirty-two and forty-eight of chapter one hundred and fifty-six B, a record of all policies issued and of all authorized assignments, transfers and cancellations thereof and such other books and records as the president and directors may require. A secretary who wilfully makes a false record shall be deemed guilty of perjury.
The records so kept shall be open to the inspection of any interested person, but it shall be a defense in any proceeding for neglect or refusal to exhibit for inspection such records or copies, that the actual purpose and reason for the inspection sought are to secure a list of stockholders or other information for the purpose of selling said list or information or copies thereof or of using the same for a purpose other than in the interest of the applicant, as a stockholder or policyholder, relative to the affairs of the corporation.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 60 - Domestic Stock Companies; Bonds of Officers

Section 60. The secretary, the treasurer, if any, and each assistant secretary, and each assistant treasurer of such a company shall, before entering upon his duties, give a bond payable to the company conditioned upon the faithful performance of his duties. The bond shall be executed as surety by a surety company authorized to transact business in the commonwealth and shall be in a form satisfactory to the commissioner and in such penal sum as the directors shall prescribe. If the authority of any such surety company to transact business in the commonwealth is terminated, each officer bonded as aforesaid by such surety company shall forthwith execute a new bond in compliance with this section. A secretary or assistant secretary or treasurer or assistant treasurer, who is covered by a blanket bond, which provides comparable coverage to the individual bonds otherwise required by this section, shall not be required to execute an individual bond in compliance with this section. A secretary or assistant secretary or treasurer or assistant treasurer who enters upon or performs any of the duties of his office without having previously executed a bond or is not covered by a blanket bond in compliance with this section shall be punished by a fine of not less than one hundred nor more than five hundred dollars. The secretary shall be a resident of the commonwealth unless the company shall have a resident agent appointed pursuant to section forty-nine of chapter one hundred and fifty-six B.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 62 - Domestic Stock Companies; Liability of Officers

Section 62. The directors or other officers of such a company making or authorizing an investment or loan in violation of sections sixty-three, sixty-five or sixty-six shall be personally liable to the stockholders for any loss caused thereby.
If they allow to be insured on a single risk a larger amount than authorized by section twenty-one, they shall be personally liable for any loss in excess of the amount to which they might lawfully insure.
If they make or assent to further insurance knowing that the accrued losses of the company equal its net assets, they shall be personally liable for any loss under such insurance.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 65 - Investment in Loans Upon Mortgages

Section 65. No domestic company shall, except in effecting the sale of real estate owned by it, and then only with the approval of the commissioner, invest any of its funds in loans upon mortgages except upon the conditions expressed in paragraph 7, 7A or 7B of section sixty-three; provided, that any such company may make and acquire such loans as are insured under the provisions of the National Housing Act of the United States or ''National Housing Act, Nineteen Hundred and Fifty-four'' of Canada or of any acts in amendment thereof or in addition thereto; provided, further, that any loans heretofore or hereafter so made or acquired, or any loans heretofore or hereafter made or acquired which are guaranteed or insured under the Servicemen's Readjustment Act of 1944 or any amendment thereof, shall qualify as an investment for all purposes of section sixty-three; provided, further, that any such company may acquire and hold bonds and other securities pursuant to section seven of chapter one hundred and twenty-one A whether or not the same are secured by mortgage and without regard to the ratio of loan to fair market value set forth in said paragraph seven of said section sixty-three; provided, further, that in addition to the foregoing any such company may, to an aggregate amount not in excess of ten per cent of the assets of such company, make and hold loans upon real property, including leasehold estates therein, in any state of the United States, or in the District of Columbia or Puerto Rico, or in any province of the Dominion of Canada and, unless approved by the commissioner, to an aggregate amount not in excess of three percent of the assets and not in excess of fifty percent of the surplus, calculated as of the time such loan is made, of such company, make and hold loans upon real property, including leasehold estates therein, in foreign countries other than Canada, notwithstanding the fact that such loans and the mortgages securing the same do not comply with the provisions of said paragraph 7, 7A or 7B of said section sixty-three. Nothing in this section shall prevent any such company from making and holding loans otherwise permitted under this chapter and taking as incidental collateral therefor any type of security including mortgages of real property or any interest or estate therein.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 66a - Life Companies; Acquisition of Housing Projects; Limitations

Section 66A. Any domestic life company may purchase, lease or acquire by gift or otherwise and hold without any limitation of time any real property, or any interest therein, in any state of the United States in which it is authorized to transact business, in Puerto Rico if authorized to transact business therein and in the Dominion of Canada where authorized to transact business therein, and may use such property, as well as any other real property, owned, held or leased by it for a housing project designed to provide accommodations for twenty-five or more families. Such company may use existing structures, may erect or cause to be erected new structures, may use any combination of existing structures and new structures and may maintain, repair, alter, demolish and reconstruct such structures. The word ''structures'', as used in this section, shall include apartment or tenement buildings, and dwelling houses, and buildings or accommodations for retail stores, shops, offices and such other community services as the company may deem proper and suitable for the convenience of the tenants and occupants of such structures, but shall not include hotels. Such a company, alone or jointly with others, may collect and receive rents or income from and may manage, lease, mortgage, sell and convey the whole or any part of such property. No real property shall be purchased, leased, held or improved under this section if the cost or value thereof, or the estimated cost of proposed improvements thereon, or both of them, as the case may be, on the date of such purchase, lease or acquisition, plus the book value on said date of all real property held by the company, exclusive of real estate acquired for the convenient accommodation in the transaction of its business and real estate held pursuant to chapter one hundred and twenty-one A would exceed twenty per centum of its assets.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 66b - Life Companies; Acquisition of Realty; Limitations

Section 66B. Any domestic life company may purchase, lease, acquire by gift or otherwise and hold without any limitation of time any real property, or any interest therein, in any state of the United States in which it is authorized to transact business, in Puerto Rico, if authorized to transact business therein and in the Dominion of Canada where authorized to transact business therein and, unless approved by the commissioner, to the extent the cost or value of such real property together with the estimated cost of any proposed improvements thereon does not exceed, in the aggregate, three percent of the assets or fifty percent of the surplus, calculated as of the time such purchase, lease or acquisition is made, of such company, in foreign countries, and may use such property for investment purposes as well as any other real property owned, held or leased by it. Such company may use existing structures, may erect or cause to be erected new structures, may use any combination of existing structures and new structures, and may maintain, repair, alter, demolish and reconstruct such structures. Such company, alone or jointly with others, may manage, lease, mortgage, sell and convey the whole or any part of such property, and may collect or receive rents or income therefrom. No real property shall be purchased, leased, acquired or improved under this section if the cost or value thereof, or the estimated cost of proposed improvements thereon, or both of them, as the case may be, would exceed two per cent of the assets of such company, except as otherwise approved by the commissioner, nor if any such cost or value, plus the book value on the date of such purchase, lease or acquisition thereof, of all real property held under this section, would exceed fifteen per cent of such assets, nor if any such cost or value, together with the book value on such date of all real property held by the company, exclusive of real estate acquired for the convenient accommodation in the transaction of its business and real estate held pursuant to chapter one hundred and twenty-one A would exceed twenty per cent of its assets. The property shall be valued in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, unless modified by the commissioner as the commissioner considers appropriate.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 66d - Life Companies; Investment in and Acquisition of Stock of Subsidiary Corporations

Section 66D. A domestic life company may invest in, acquire and hold fifty-one percent or more of the capital stock of any corporation as a subsidiary which is: a corporation providing investment advisory or management services; a corporation providing sales services to an investment company; a real property holding, developing, managing or leasing corporation; a data processing or computer service corporation; or a corporation whose business has been approved by the commissioner as complementary or supplementary to the business of a domestic life company; provided, however, that such percentage of capital stock may with the approval of the commissioner be less than fifty-one, excepting (1) an insurance company authorized to transact in the commonwealth the business set forth in the First, Second, Third, Fourth, Fifth or Eighth clause of section forty-seven, and (2) a corporation licensed by the commonwealth as an insurance agent or insurance broker for any business set forth in said clauses.