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2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 66e - Life Companies; Investment in Limited Partnership Interests

Section 66E. A domestic life company may invest in or otherwise acquire and hold a limited partnership interest in any limited partnership formed pursuant to chapter one hundred and nine or pursuant to the laws of any state or of the United States.
No limited partnership interest shall be acquired under this section if the cost thereof would exceed two per cent of the assets of such company nor if such cost, plus the book value on the date of such acquisition of all limited partnership interests held under this section, would exceed ten per cent of such assets.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 66f - Acquisition of Interest in Limited Liability Company by Domestic Life Company

Section 66F. A domestic life company may invest in or otherwise acquire and hold a limited liability company interest in any limited liability company formed pursuant to the General Laws or pursuant to the laws of any state or of the United States.
No limited liability company interest shall be acquired under this section if the cost thereof would exceed two percent of the assets of such domestic life company nor if such cost, plus the book value on the date of such acquisition of all limited liability company interests held under this section, would exceed ten percent of such assets.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 68 - Unauthorized Investments; Disposition

Section 68. All property held by any domestic company the investment in or loan on which by such company is prohibited by this chapter shall be sold and disposed of forthwith unless the time be extended by the commissioner in the manner provided in section sixty-six or has been so extended.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 69 - Impaired Capital; Assessment; Effect of Non-Compliance With Commissioner; Order

Section 69. If the net assets of the company do not amount to more than three fourths of its capital, it may make good its capital by assessment of its stock.
Shares on which such assessment is not paid within sixty days after demand shall be forfeitable, and may be cancelled by a vote of the directors, and new shares issued to make up the deficiency.
If such company shall not, within three months after notice from the commissioner, make good its capital as aforesaid, or reduce the same as provided in section seventy-one, its authority to transact new business shall cease.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 70 - Increase of Stated Capital

Section 70. A company which shall increase its stated capital by issue of additional shares of any class of its capital stock, whether by way of a stock dividend under section seventy-two, an offering to its shareholders or otherwise, may submit to the commissioner a certificate setting forth the proceedings thereof and the amount of such increase, signed and sworn to by its president and secretary and a majority of its directors. If the commissioner finds that the increase is made in conformity to law, he shall endorse his approval thereon; the company may thereafter transact business upon the capital as increased, and the commissioner shall, upon payment of the fee prescribed by section fourteen, issue his certificate to that effect. For purposes of this section and section seventy-one a company's stated capital means its capital stock actually paid in any such amount of its actual net surplus as has been added to capital.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 71 - Reduction of Stated Capital

Section 71. No company shall reduce its stated capital to an amount less than required by section forty-eight or fifty-one nor shall it reduce such capital unless the commissioner determines that the reduction is in conformity to law and will not be prejudicial to the public. Except as provided in this section or in section seventy-two, no assets or property shall be distributed to a company's shareholders, whether by way of dividend, purchase of its own stock or otherwise, if its stated capital would be impaired thereby. Within ten days after a meeting of stockholders at which any reduction of the company's stated capital is voted, the company shall submit to the commissioner a certificate setting forth the proceedings thereof, the method of reduction and the amount thereof and of the assets and liabilities of the company, signed and sworn to by its president, secretary and a majority of its directors. If the commissioner finds that the reduction is made in conformity to law and that it will not be prejudicial to the public, he shall endorse his approval thereon; the company may thereafter transact business upon the capital as reduced, and the commissioner shall, upon payment of the fee prescribed by section fourteen, issue his certificate to that effect.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 72 - Dividends

Section 72. No stock company shall make a dividend, either in cash or stock certificates, except from its actual net surplus computed as required by law in its annual statement, nor shall any such company which has ceased to do new business divide any portion of its assets, except surplus, to its stockholders until it shall have performed or cancelled its policy obligations. Any such company may declare and pay, annually, semi-annually or quarterly from its surplus, cash dividends to its stockholders of not more than ten per cent of its capital stock in a year, and if the dividends in any year are less than ten per cent the difference may be made up in any subsequent year from surplus accumulations; but any such company may pay such dividend as the directors may consider prudent out of any surplus remaining after deducting from the assets all securities and book accounts on which no part of the principal or interest has been paid within the last year and for which foreclosure or suit has not been commenced for collection, or which after judgment obtained thereon shall have remained more than two years unsatisfied and on which interest shall not have been paid, and also deducting all interest due and unpaid on any property of the company.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 74 - Mutual Fire Companies; Further Insurance by Certain Companies; Certificates

Section 74. No mutual fire company operating on the cash premium plan as provided in section eighty-one, nor any mutual fire company with a guaranty capital of less than the combined capital and surplus provisions required under section forty-eight, either of which has become insolvent, or through reinsurance or cancellation or expiration of risks has on its books less than one million dollars of insurance in force, not reinsured, or has less than four hundred separate risks in the commonwealth, shall make any further insurance until it has secured applications for policies which, together with the unreinsured risks in force, shall amount to not less than one million dollars in not less than four hundred separate risks in the commonwealth, said applications to be subject to the provisions of the preceding section applying to the subscriptions for insurance in a new company; provided, that whenever such reinsurance has been effected for the purpose of reducing the company's liability on account of excessive loss, the number and amount of said applications for policies shall not be required within one year thereafter. Upon the filing of applications under this section with the commissioner, he may make such investigation as he deems proper, and, if his findings warrant it, grant a certificate to such company to issue policies.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 75 - Mutual Fire Companies; Underwriters; Compensation

Section 75. No officer or other person whose duty it is to determine the character of the risks, and upon whose decision the application shall be accepted or rejected by a mutual fire company, shall receive as any part of his compensation a commission upon the premiums; but his compensation shall be a fixed salary, and, if the directors so determine, a share of the net profits. Nor shall such officer or person aforesaid be an employee of any officer or agent of the company.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 76 - Mutual Fire Companies; Members; Annual Meetings; Voting Rights

Section 76. Every person insured by a mutual fire company shall be a member while his policy is in force, entitled to one vote for each policy he holds, and shall be notified of the time and place of holding its meetings by a written notice or by an imprint, in type not smaller than long primer, upon the filing-back of each policy, receipt or certificate of renewal, as follows:
The assured is hereby notified that by virtue of this policy he is a member of the Insurance Company, and is entitled to vote either in person or by proxy at any and all meetings of said company. The annual meetings are held at its home office on the day of in each year, at o'clock.
The blanks shall be duly filled in print, and shall be a sufficient notice.
Any city or town or other political subdivision of the commonwealth or any other corporation becoming a member of such a company may authorize any person to represent it in such company, and such representative shall have all the rights of any individual member. The contingent mutual liability of any city or town or other political subdivision of the commonwealth becoming a member of such a company shall not be deemed a liability within the meaning of section thirty-one of chapter forty-four. The commissioner shall, upon request of any official of a city or town or other political subdivision of the commonwealth, furnish a list of the mutual companies authorized to transact business in the commonwealth. A mutual fire insurance company may hold its annual meeting at a location other than its home office; provided, however, that such other location shall be within the Commonwealth; and, provided further, that the commissioner of insurance shall be informed in writing of such other location at least thirty days prior to the annual meeting. When the location of the annual meeting has been established, notice thereof shall be prominently posted in the company's home office within five business days prior to such meeting.
Any person holding property in trust may insure the same in such company, and as such trustee assume the liabilities and be entitled to the rights of a member, but shall not be personally liable upon such contract of insurance.
Members may vote by proxies dated and executed within three months, and returned and recorded on the books of the company three days or more, before the meeting at which they are to be used. No person shall, as attorney or otherwise, cast more than twenty votes, and no officer shall, himself or by another, ask for, receive, procure to be obtained or use a proxy to vote.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 77 - Mutual Fire Companies; Directors

Section 77. The number of the board of directors of every such company and requirements for eligibility, if any, shall be fixed by or determined in the manner provided in the by-laws but shall not be less than seven, and not less than five shall constitute a quorum. Such companies having a guaranty capital shall choose one half of the directors from the shareholders and one half from the policyholders who are not shareholders.
Directors shall hold office for one year or for the term provided in the by-laws, and until their successors are qualified. The by-laws of such a company may divide its board of directors into one, two, three or four classes, and provide for the election thereof in such manner that one class only shall retire and their successors be chosen each year.
Special meetings of the members of such a company may be called by the directors, or as the by-laws may provide, and shall be called by the secretary, or in case of the death, absence, incapacity or refusal of the secretary, by any other officer upon written application of at least one half of one per cent of the members or the owners of one fifth of the guaranty capital, upon such notice as the by-laws provide, and, in case none of the officers is able and willing to call a special meeting, the supreme judicial or superior court, upon application of at least one half of one per cent of the members or the owners of one fifth of the guaranty capital, shall have jurisdiction in equity to authorize one or more of such members or stockholders to call a meeting by giving such notice as is required by law.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 78 - Mutual Fire Companies; Laws Applicable; Records; Perjury; Inspection; Jurisdiction

Section 78. Such companies shall be subject to the first paragraph of section fifty-eight, except that a treasurer shall be chosen, to the first paragraph of section fifty-nine, and to the first and third paragraphs of section sixty.
The secretary shall keep a record of the votes, which shall show whether cast in person or by proxy; a record of all other proceedings of all meetings of the directors or the members; 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. The records so kept shall be evidence of all elections and of the transactions to which they relate, and shall be open to the inspection of any interested person. A secretary who wilfully makes a false record shall be deemed guilty of perjury.
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 policyholders 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 member or policyholder, relative to the affairs of the corporation. The supreme judicial or superior court shall have jurisdiction in equity, upon application of any interested person, to order any or all of said copies or records to be exhibited in legible form to him and to such other persons as may become parties to said petition at such a place and time as may be designated in the order.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 81 - Mutual Fire Companies; Premiums; Contingent Liability

Section 81. Mutual fire companies, except as provided in the following section, shall charge and collect upon their policies a full mutual premium in cash or, except as provided in section seventy-three, in notes absolutely payable; provided, that this section shall not be construed to prohibit extension of credit to policyholders with respect to such premium. Any such company shall in its by-laws and policies fix the contingent mutual liability of its members for the payment of losses and expenses not provided for by its cash funds, which liability shall not be less than an amount equal to and in addition to the cash premium written in his policy. The total amount of the liability of the policyholder shall be plainly and legibly stated upon the filing-back of each policy. Whenever any reduction is made in the contingent liability of members, such reduction shall apply proportionally to all policies in force.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 82 - Mutual Fire Companies; Power of Certain Companies to Take Deposit Notes

Section 82. Mutual fire companies organized prior to May twenty-first, eighteen hundred and eighty-seven, and now lawfully doing business upon the plan of taking deposit notes for a percentage of the amount insured by their policies, and making a call or assessment thereon for expenses and for the payment of losses only after such losses are incurred, may continue such system of business, and such deposit notes shall constitute the entire liability of their members.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 85 - Mutual Fire Companies; Penalty for Guaranty Against Assessments; Personal Liability of Officers

Section 85. A director or other officer of a mutual fire company who officially or privately gives a guaranty to a policyholder thereof against an assessment to which he would otherwise be liable shall be punished by a fine of not more than one hundred dollars.
If the directors of any such company neglect or omit for six months to lay and collect with all practicable diligence any assessment they are required to make by sections eighty-three and eighty-four, they shall be personally liable for all debts and claims then outstanding against the company, or that may accrue until such assessment is laid and put in process of collection.
If the treasurer of such company unreasonably neglects to collect an assessment made by order of the directors, and to apply the same to the payment of the claims for which it was made, he shall be personally liable to the person having such claims for the amount of the assessment, and he may repay himself out of any money afterward received for the company on account of said assessment.
If sufficient property of any such company cannot be found to satisfy an execution against it, and it has property belonging to the period assessed the proceeds of which can be applied to satisfy such execution, if the directors neglect to pay the same, or neglect for thirty days after the rendition of judgment to make an assessment and deliver the same to the treasurer for collection, or to apply such assessment when collected to the payment of the execution, they shall be personally liable for the amount of the execution.
If the directors of any such company are liable to pay an execution against it, the creditor may recover the same by a suit in equity or by an action at law against the directors. The director who pays an execution against the company for which he is personally liable may sue in equity for contribution any of the directors for their proportion, and also the company or the individual members thereof to the extent of their several liability to assessment therefor.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 85a - Mutual Fire Companies; Non-Assessable Policies; Issuance

Section 85A. The commissioner may authorize a mutual fire company, which has and maintains a surplus to policyholders, including any guaranty capital, of not less than the combined capital and surplus provisions required under section forty-eight to 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 fire company shall keep on deposit with the state treasurer the sum of two hundred thousand dollars. 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 such other securities as the commissioner may approve. Any deposit under this section or section ninety-three F, when made with the state treasurer and approved by the commissioner, shall be subject to section one hundred and eighty-five. The commissioner shall allow to the credit of a company in the account of its financial condition all assets deposited with the state treasurer in accordance with the requirements of this section. 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.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 88 - Mutual Marine Companies; Applicability of Secs. 76, 77 and 78

Section 88. Sections seventy-six, seventy-seven and seventy-eight shall apply to all domestic mutual marine companies, and each subscriber to the agreement specified in section eighty-six shall be a member of the company during the term of his subscription and entitled to one vote.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 89 - Mutual Marine Companies; Liability of President or Director

Section 89. If a subscriber to the agreement specified in section eighty-six fails to pay his subscription or any assessment thereon, and it is proved that the president or a director certified falsely under said section in regard to such subscriber, the person certifying shall be liable to the company for such amount as the subscriber fails to pay.
If any such company is at any time liable for losses beyond the amount of its assets, the president and directors shall personally be liable for all losses on insurance effected while the company was in such condition.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 90 - Provisions Relating to Mutual Fire Companies Applicable to Other Mutual Companies

Section 90. Mutual companies, other than life, formed to transact or transacting business under any one or more of clauses three, four, five, six, seven, eight, nine, ten, twelve and thirteen of section forty-seven, or under clause (a), (b), (d) or (e) of section fifty-four, and the officers, directors, agents and members of such companies shall, except as provided in clause (e) of said section fifty-four and in sections ninety A, ninety B, ninety-two, ninety-three, ninety-three A, ninety-three B, ninety-three C, ninety-three D, one hundred and ten and one hundred and thirteen B, be subject to all the provisions of this chapter relating to mutual fire companies and their officers, directors, agents and members, so far as applicable; provided, that, except to the extent set forth in section ninety-three F, the provisions of section eighty-five A shall not apply thereto.
A policyholder in any domestic mutual company specified in the first paragraph of section fifty-five or in any domestic mutual company incorporated on or after April sixth, nineteen hundred and eleven and prior to January first, nineteen hundred and twenty-seven under a special charter and authorized to transact the same kinds of business as the mutual companies specified as aforesaid shall not be liable to pay his proportionate part of any assessments which may be laid by such companies unless he is notified of such assessment within one year after the expiration or cancellation of his policy.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 90a - Policies; Issuance by Mutual Fire and Marine and Automobile Companies; Conditions Precedent

Section 90A. No policy shall be issued by a mutual company formed to transact business under the third clause of section forty-seven, or under clause (b) or (c) of section forty-eight A, and having no guaranty capital or having a guaranty capital of less than the combined capital and surplus provisions required under section forty-eight, until not less than one million dollars of insurance in not less than four hundred separate risks upon property located in the commonwealth, in case of a company formed under said third clause or said clause (b), or not less than two million dollars of insurance in not less than eight hundred separate risks as aforesaid, in case of a company formed under said clause (c), has been subscribed for and entered on its books and the premiums thereon have been actually paid to it in full in cash.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 90b - Policies; Issuance by Mutual Fidelity and Corporate Surety Companies; Guaranty Capital; Members

Section 90B. No policy shall be issued by a mutual company formed to transact business under the fourth clause of section forty-seven 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 which shall be subject to the provisions of section seventy-nine, except as hereinafter and in section ninety-three D provided.
Any such company may, subject to all the provisions of section seventy-nine relative to the increase of the guaranty capital of a domestic mutual fire company increase said guaranty capital subject to the written approval of the commissioner. While a company is transacting business under said fourth clause, the provisions of section seventy-nine relative to the retirement of guaranty capital of a mutual fire company shall not apply, nor shall the provisions of said section relative to the reduction of guaranty capital authorize the reduction of its guaranty capital below the combined capital and surplus provisions required under section forty-eight.
Upon establishing any guaranty capital in an amount in excess of five hundred thousand dollars or increasing its guaranty capital to an amount in excess thereof, any mutual company formed to transact business under said fourth clause shall deposit with the state treasurer the sum of two hundred thousand dollars. Such deposit may be made in securities and in that event shall be subject to the limitations contained in sections sixty-three and sixty-six, or may be made in cash or such other securities as the commissioner may approve, and in any event shall be subject to section one hundred and eighty-five.
Whenever the amount of the net surplus, computed on the basis fixed by sections ten to twelve, inclusive, of any mutual company formed to transact business under said fourth clause which has a guaranty capital of more than the combined capital and surplus provisions required under section forty-eight equals twice the amount of said guaranty capital, said guaranty capital shall be reduced to the combined capital and surplus provisions required under section forty-eight by an appropriation of such net surplus for that purpose.
The principal on any bond or obligation executed by a mutual company as surety shall be deemed the member of the company under sections seventy-six, seventy-nine, eighty, eighty-one, eighty-three to eighty-five, inclusive, and ninety.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 90c - Guaranty Fund; Creation in Lieu of Guaranty Capital by Certain Mutual Companies

Section 90C. Any mutual company empowered by subdivision (e) of section fifty-four to transact the kinds of business set forth in the fourth clause of section forty-seven, which has net cash assets, computed on the basis fixed by sections ten to twelve, inclusive, of not less than two million dollars may, in lieu of a guaranty capital as provided in section ninety B, if previously authorized by a vote of its policyholders at any meeting and with the written approval of the commissioner, segregate a portion of its net cash assets to an amount of not less than the combined capital and surplus provisions required under section forty-eight and constitute said amount a guaranty fund.
Any such fund shall be maintained so long as the company transacts business under said clause fourth, shall be invested as provided by this chapter for the investment of the capital stock of domestic stock companies, and shall not be reduced or dissolved except with the written approval of the commissioner.
The said fund shall be applied solely to the payment of claims under policies or contracts issued or executed under said clause fourth, but only in case the company has exhausted its assets, exclusive of uncollected premiums.
No company with such a guaranty fund which ceases to transact business shall divide among its policyholders any of its assets or guaranty fund, until it shall have performed or cancelled all obligations under its policies and contracts.
Any company may, subject to the provisions of this section, from time to time increase its guaranty capital subject to the written approval of the commissioner; provided, however, that no such increase shall be made unless the net cash assets of the company, computed as aforesaid, inclusive of the amount of said fund, amount to at least two million dollars at the time the increase is made.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.