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2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174b - Regulation of Automobile Clubs › Section 10 - Club Agents; Notice of Employment or Termination; Applications, Requisites; Registration Fee

Section 10. Every automobile club licensed by the commissioner shall, within thirty days of the date of employment of a club agent to sell memberships in the automobile club to the public, file with the commissioner a notice of such employment. Such notice shall have attached thereto an application completed by the club agent and verified by him and shall contain the name, address, age, sex and social security number of such club agent, and also contain proof satisfactory to the commissioner that such applicant is of good reputation and that he has received training from the club or is otherwise qualified in the field of automobile club service contracts, and the laws of this commonwealth pertaining thereto. Upon termination of any club agent's employment by an automobile club, the automobile club shall within thirty days thereafter notify the commissioner of such termination. Notifications and applications shall be upon such forms as the commissioner may prescribe. The registration fee for club agents shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven and such registration shall be renewable on April first of each year unless sooner revoked or suspended.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174b - Regulation of Automobile Clubs › Section 11 - Suspension, Revocation or Refusal of Club Agent's Registration; Grounds

Section 11. The commissioner may suspend, revoke or refuse to renew any club agent's registration, if he finds that the club agent:
(a) has violated any of the provisions of this chapter;
(b) has misappropriated or converted to his own use or has illegally withheld monies required to be held in a fiduciary capacity;
(c) has materially misrepresented the terms or effects of any contract or has engaged in any fraudulent transaction;
(d) has shown himself to be incompetent, untrustworthy or a source of injury and loss to the automobile-club-service-buying public;
(e) has been convicted of a crime involving fraud or dishonesty.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174c - Vehicle Protection Product Warranties Act › Section 1 - Definitions

Section 1. As used in this chapter, the following words shall, unless the context otherwise requires, have the following meanings:—
''Administrator'', a third party other than the warrantor who is designated by the warrantor to be responsible for the administration of its vehicle protection product warranties.
''Incidental costs'', expenses specified in the vehicle protection product warranty and incurred by the warranty holder that relate to the failure of the vehicle protection product to perform as provided in the warranty. Incidental costs may include insurance policy deductibles, rental vehicle charges, the difference between the actual value of the stolen vehicle at the time of theft and the cost of a replacement vehicle, sales taxes, registration fees, transaction fees and mechanical inspection fees.
''Vehicle protection product'', a vehicle protection device, system or service installed on or applied to a vehicle that is designed to prevent loss or damage to a vehicle from a specific cause, and sold with a vehicle protection product warranty. Such products include, but are not limited to, alarm systems, body part marking products, steering locks, window etch products, pedal and ignition locks, fuel and ignition kill switches and electronic, radio and satellite tracking devices.
''Vehicle protection product warranty'', a written warranty by a warrantor that provides for the payment of incidental costs or the provision of services by the warrantor to or for the benefit of the warranty holder if the vehicle protection product fails to prevent loss or damage to a vehicle from a specific cause.
''Warrantor'', a person who is contractually obligated to the warranty holder under the terms of the vehicle protection product warranty. Warrantor does not include an authorized insurer.
''Warranty holder'', a person who purchases a vehicle protection product warranty or to whom it is transferred under the terms of the warranty.
''Warranty reimbursement insurance policy'', a policy of insurance issued to a warrantor to provide reimbursement to the warrantor consistent with the terms of its vehicle protection product warranties and provide direct payment of incidental costs or provision of services to the warranty holder on behalf of the warrantor if the warrantor fails to perform as obligated under the terms of the vehicle protection product warranty within 60 days of a request for payment or services.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174c - Vehicle Protection Product Warranties Act › Section 2 - Vehicle Protection Product Warranty Requirement

Section 2. (a) A vehicle protection product warranty is required for all vehicle protection products sold or offered for sale in the commonwealth and shall:
(1) identify the warrantor, the seller of the vehicle protection product, the warranty holder and the terms of the sale and the warranty;
(2) conspicuously state that the obligations of the warrantor to the warranty holder are guaranteed under a warranty reimbursement insurance policy if the warrantor elects to use a warranty reimbursement insurance policy to demonstrate financial responsibility under section 4;
(3) conspicuously state that if the warrantor fails to perform under the terms of the warranty within 60 days of a request for payment or services, the warranty holder may seek payment or services directly from the insurer through the warrantor's warranty reimbursement insurance policy and the insurer shall make payment or provide services directly to the warranty holder on behalf of the warrantor if the warrantor elects to use a warranty reimbursement insurance policy to demonstrate financial responsibility under section 4;
(4) conspicuously state the name and address of the insurer issuing the warranty reimbursement insurance policy if the warrantor elects to use a warranty reimbursement insurance policy to demonstrate financial responsibility under section 4; and
(5) disclose how the incidental costs are to be calculated for reimbursement, which may be, without limitation, a fixed amount specified in the warranty or sales agreement, or by the use of a formula itemizing specific incidental costs incurred by the warranty holder.
(6) not require as a condition of financing that a retail purchaser of a motor vehicle purchase a vehicle protection product.
(7) contain the following disclosure in bold type of a minimum font size of 10 points:
''THIS AGREEMENT IS A PRODUCT WARRANTY AND IS NOT INSURANCE.''
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174c - Vehicle Protection Product Warranties Act › Section 3 - Warranty Reimbursement Insurance Policy

Section 3. (a) A vehicle protection product sold or offered for sale in the commonwealth shall have its warranty liability backed by a warranty reimbursement insurance policy issued by an insurer authorized to do business in the commonwealth who has filed its policy form with the division of insurance, or the warrantor shall demonstrate proof of financial responsibility through meeting a minimum net worth requirement as required in section 4.
(b) The warrantor shall perform as obligated under the warranty within 60 days of a warranty holder's request for payment or services under the terms of the warranty. If the warrantor fails to perform under the terms of the warranty within 60 days of the request and if the warrantor has elected to demonstrate its financial responsibility through maintaining a warranty reimbursement insurance policy under section 4, the warranty holder may seek payment or services directly from the insurer through the warrantor's warranty reimbursement insurance policy and the insurer shall make payment or provide services directly to or for the benefit of the warranty holder on behalf of the warrantor.
(c) Vehicle protection product warranties that meet the requirements of this chapter shall not be subject to chapter 140D, 174, 175, or 176. Vehicle protection product warranties are express warranties and not insurance.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174c - Vehicle Protection Product Warranties Act › Section 4 - Minimum Net Worth to Be Maintained by Warrantor

Section 4. (a) A vehicle protection product shall not be sold, or offered for sale in the commonwealth unless the warrantor either covers the warrantor's warranty liability with a warranty reimbursement insurance policy or maintains a minimum net worth in order to ensure adequate performance under the warranty under the conditions set forth in this section. No other financial security requirements or financial standards for warrantors shall be required.
(b) A warranty reimbursement insurance policy shall state that:—
(1) the insurer issuing the warranty reimbursement insurance policy shall, in the event of warrantor's failure to do so, reimburse or pay on behalf of the warrantor all incidental costs that the warrantor is legally obligated to pay or shall provide the service that the warrantor is legally obligated to perform under the vehicle protection product warranty; and
(2) if the warrantor fails to perform under the terms of the warranty within 60 days of a request for payment or services, the warranty holder may seek payment or services directly from the insurer through the warrantor's warranty reimbursement insurance policy and the insurer shall make payment or provide services directly to the warranty holder on behalf of the warrantor.
(c) If the vehicle protection product warrantor elects to demonstrate financial responsibility by maintaining a minimum net worth, the warrantor, or its parent company shall maintain a net worth or stockholders' equity of not less than $30,000,000.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174c - Vehicle Protection Product Warranties Act › Section 5 - Warrantor Registration With State Secretary

Section 5. (a) A warrantor shall register with the state secretary on a form prescribed by the secretary.
(b) Warrantor registration records shall be filed annually and shall be updated within 30 days of any change. The registration records shall contain the following information:
(1) the warrantor's name, including a fictitious or assumed name under which the warrantor does business in the commonwealth, principal office address, and telephone number;
(2) the name, address, and telephone number of administrators designated by the warrantor to be responsible for the administration of vehicle protection product warranties in the commonwealth;
(3) the name, address, and telephone number of the insurer issuing the warranty reimbursement insurance policy if the warrantor is meeting the financial responsibility requirements of section 4 by using a warranty reimbursement insurance policy;
(4) a copy of the warranty reimbursement insurance policy or policies or other financial information required by sections 4 or 5;
(5) a statement indicating whether the warrantor elects to maintain a minimum net worth or a warranty liability reimbursement insurance policy as required under section 4;
(6) if the warrantor elects to meet the financial responsibility requirements of section 4 through the minimum net worth requirement, the warrantor shall file a sworn statement of a duly authorized officer of the company or its independent auditor that the company meets the minimum net worth requirement of section 4 along with the financial records specified in this subsection. In place of filing financial records, the warrantor may provide a record reference for locating the records at the Securities and Exchange Commission; the records the warrantor shall provide to the state secretary are a copy of the warrantor's or the warrantor's parent company's most recent form 10–K or form 20–F filed with the Securities and Exchange Commission within the last calendar year or, if the warrantor does not file with the Securities and Exchange Commission, a copy of the warrantor or the warrantor's parent company's audited financial statements that shows a net worth of the warrantor or its parent company of at least $30,000,000. If the warrantor's parent company's form 10–K, form 20–F, or audited financial statements are filed to meet the warrantor's financial stability requirement, then the parent company shall agree to guarantee the obligations of the warrantor relating to warranties issued by the warrantor in the commonwealth; the private financial information filed under this subsection which is not otherwise a public record shall be confidential as a trade secret of the entity filing the information and not subject to public disclosure.
(c) The state secretary may charge each registrant a reasonable fee to offset the cost of processing the registration and maintaining the records in an amount not to exceed $250 annually.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174c - Vehicle Protection Product Warranties Act › Section 6 - Investigations by State Secretary of Possible Violations of Chapter 174c; Administrative Fines; Payment of Investigation Costs

Section 6. (a) The state secretary, in his discretion, may make public or private investigation within or outside of the commonwealth as he considers necessary to determine whether a person has violated or is about to violate this chapter. For purposes of an investigation or proceeding, the secretary or an officer designated by him may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of books, papers, correspondence, memoranda, agreements or other documents or records which the secretary considers relevant or material to the inquiry. In the case of contumacy by or refusal to obey a subpoena issued to a person, the superior court for the county in which the person is found or is an inhabitant or transacts business, upon application by the secretary, may issue to the person an order requiring him to appear before the secretary, or the officer designated by him, there to produce documentary evidence if so ordered or to give evidence concerning the matter under investigation or in question. Failure to obey the order of the court may be punished by the court as a contempt of court.
(b) If the state secretary determines, after notice and opportunity for hearing, that a person has engaged in or is about to engage in an act or practice constituting a violation of this chapter, he may order that person to cease and desist from the unlawful act or practice and may take affirmative action, including the imposition of an administrative fine, the issuance of an order for accounting, disgorgement or recession or other relief as in his judgment may be necessary to carry out this chapter. An administrative fine imposed pursuant to this chapter shall not exceed $5,000 for each violation.
(c) In addition, a person whom the state secretary has investigated who has been found to have violated this chapter shall pay for all costs incurred in the conduct of the investigation. The costs shall include, but not be limited to, the salaries and other compensation paid to clerical, administrative, investigative and legal personnel of the secretary in the conduct of the investigation.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 2a - Reinsurance Contracts; Status

Section 2A. Contracts of reinsurance shall be deemed contracts of insurance as defined in section two, and authority to make contracts of insurance shall include authority to make contracts of reinsurance covering the same classes of risks, but the hazards under such contracts shall be deemed distinct in nature from the hazard originally insured. No provision of law relative to the form of insurance policies shall apply to contracts of reinsurance unless made specifically applicable thereto.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 3 - Unauthorized Insurance, Annuity or Variable Annuity Contracts; Prohibition

Section 3. No company shall make a contract of insurance or annuity, including any such insurance or annuity contract which is a contract on a variable basis, upon or relative to any property or interests or lives in the commonwealth, or with any resident thereof, and no person shall negotiate, solicit, sell or in any manner aid in the transaction of such contracts, or of their continuance or renewal, except as authorized by this chapter or chapter one hundred and seventy-six, or except as otherwise expressly authorized by law; and any such contract and the negotiation, solicitation, sale or transaction thereof by any person shall not be subject to the provisions of chapter one hundred and ten A.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 3a - Administration and Enforcement of Insurance Laws by Commissioner of Insurance; Report of Violations

Section 3A. The commissioner shall administer and enforce the provisions of this chapter, chapter one hundred and fifty-six B insofar as made applicable under this chapter, except section eleven of said chapter one hundred and fifty-six B, chapter one hundred and seventy-six. If upon complaint, examination or other evidence exhibited to him he is of the opinion that any provision of said chapters has been violated, he shall forthwith report the facts to the attorney general or to the proper district attorney who shall cause the offender to be prosecuted therefor.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 3b - Action for Injunction Restraining Violations of Chapter

Section 3B. The attorney general may, at the request of the commissioner, maintain and prosecute, in the name of the commonwealth, an action against any insurer, its officers, directors, trustees or agents or against any broker or adjuster or against any other person or persons subject to the provisions of this chapter, for the purpose of obtaining an injunction restraining such person or persons from doing any acts in violation of the provisions of this chapter. In such action, if the court finds that a defendant is threatening or is likely to do any act or acts in violation of this chapter, and that such violation will cause irreparable injury to the interests of the people of the commonwealth, the court may grant an injunction restraining such violation. The court may on motion and affidavits grant a preliminary injunction and interlocutory injunction, upon such terms as may be just; but the people of the commonwealth shall not be required to give security before the issuance of any such injunction.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 3c - Promulgation of Regulations Defining Certain Terms Relating to Medical Insurance

Section 3C. The commissioner shall promulgate regulations, subject to the approval of the commissioner of medical assistance, defining ''qualified medical insurance'', ''qualified individual medical insurance'', ''qualified two-person family medical insurance'', and ''qualified family medical insurance'' as those terms are employed in section 9C of chapter 118E. In promulgating said regulations, the commissioner shall make reasonable efforts to conform the definitions of such qualified plans to the standards in effect for small group insurance policies issued pursuant to chapter 176J.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 4b - Annual Report to Commissioner of Cancellations and Non-Renewals of Homeowners Policies

Section 4B. The commissioner, each year, shall direct and cause the twenty-five admitted insurers with the largest homeowners market share in the commonwealth, based upon statewide written premium and the joint underwriting association, formed pursuant to the provisions of chapter one hundred and seventy-five C, to submit directly for his inspection and examination a tabulation and report, for each postal zip code within credit-eligible territories, as defined by chapter one hundred and seventy-five C, of all other postal zip codes in the city of Boston, and such other postal zip codes as may be designated by the commissioner of insurance, of the number of effected cancellations and number of effected non-renewals of homeowners policies covering properties within such zip codes; provided, however, that the personal privacy of policyholders shall be preserved and all tabulations furnished pursuant hereto shall be deemed materials described in subclause (c) of clause Twenty-sixth of section seven of chapter four.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 4c - Nondiscrimination in Provision, Renewal, or Cancellation of Homeowners Insurance

Section 4C. No insurer licensed to write and engaged in the writing of homeowners insurance in this commonwealth nor the joint underwriting association, formed pursuant to the provisions of chapter one hundred and seventy-five C, shall take into consideration when deciding whether to provide, renew, or cancel homeowners insurance the race, color, religious creed, national origin, sex, age, ancestry, sexual orientation, children, marital status, veteran status, the receipt of public assistance or disability of the applicant or insured. Nothing herein shall preempt any existing remedy provided by law for any action that constitutes a violation of this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 4d - Coverage to Be Made Available to Residential Owners for Release of Heating Oil

Section 4D. (a) As used in this section, unless the context clearly requires otherwise, ''residential property'' shall mean a 1 to 4–unit dwelling used for living or sleeping.
(b) The joint underwriting association, formed pursuant to chapter 175C, and each insurer licensed to write and engaged in the writing of homeowners' insurance shall make the following coverage available to residential owners: (1) first-party property coverage for response action costs incurred under chapters 21E or 21K, or regulations promulgated pursuant thereto, in response to a release of heating oil from a residential liquid fuel tank or any piping, fuel supply lines, equipment or systems connected thereto; and (2) liability coverage for third-party claims arising out of a release of heating oil into the environment. Minimum coverage of $50,000 per occurrence for first-party property, minimum coverage of $200,000 per occurrence for third-party liability and for legal defense costs shall be made available, subject to a reasonable deductible not to exceed $1,000 per claim. For the purposes of this section, first-party property coverage shall include response action costs incurred to assess and remediate a heating oil release impacting soil, indoor air or other environmental media on the insured's property and the reimbursement of any associated personal property damage. Third-party liability coverage shall defend and indemnify the insured against any third-party claims and shall include response action costs incurred to address conditions on and off the insured's property arising from a heating oil release on the insured's property that has impacted or is likely to impact groundwater or has migrated to, or is likely to migrate to, a third party's property. First-party and third-party liability coverage shall apply simultaneously and, in addition to, one another when both coverages are applicable. Insurers may charge reasonable premiums for such coverage.
(c) Notwithstanding subsection (b), an insurer and the joint underwriting association may require that an owner supply proof that subsection (b) or (c) of section 38J of chapter 148, and any regulations promulgated relevant thereto, have been met as a precondition to the issuance of a policy for the coverage described in subsection (b).
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 4e - Refusal to Issue or Renew Private Passenger Motor Vehicle Insurance Policy Based on Credit Information Prohibited

Section 4E. No insurer engaged in writing private passenger motor vehicle insurance in the commonwealth shall, in connection with underwriting of said insurance, refuse to issue or renew a private passenger motor vehicle insurance policy or bond based on the ownership or operation of a private passenger motor vehicle based upon credit information, including, but not limited to, a numerical credit-based insurance score or other credit rating of an applicant or insured; and provided, that no insurer shall file rates for private passenger motor vehicle insurance, under chapter 175E, based upon credit information, including, but not limited to, a numerical credit-based insurance score or other credit rating of an applicant or insured. Nothing in this section shall be construed to restrict any insurer from obtaining or using its own payment history information or information contained in an insurance claims history report, a motor vehicle or driver history report or any other report from the registry of motor vehicles or its out-of-state equivalent.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 4f - Liability Insurance and Notice Requirements for Operators of Short-Term Rentals and Hosting Platforms

Section 4F. (a) As used in this section, the terms ''hosting platform'', ''operator'' and ''short-term rental'' shall have the same meanings as under section 1 of chapter 64G unless the context clearly requires otherwise.
(b) An operator shall maintain liability insurance of not less than $1,000,000 to cover each short-term rental, unless such short-term rental is offered through a hosting platform that maintains equal or greater coverage. Such coverage shall defend and indemnify the operator and any tenants or owners in the building for bodily injury and property damage arising from the short-term rental.
(c) Prior to an operator offering a short-term rental through the use of a hosting platform, the hosting platform shall provide notice to the operator that standard homeowners or renters insurance may not cover property damage or bodily injury to a third-party arising from the short-term rental.
(d) Insurers that write homeowners and renters insurance may exclude any and all coverage afforded under the policy issued to a homeowner or lessee for any claim resulting from the rental of any accommodation under chapter 64G. Insurers that exclude the coverage described in this section shall not have a duty to defend or indemnify any claim expressly excluded by a policy. Nothing under this section shall preclude an insurer from providing coverage for short-term rentals.
(e) Any policy or policy form intended to cover operators of short-term rentals from liabilities, whether the policy or policy form is provided by a hosting platform or an operator itself, shall be filed according to instructions provided by the division of insurance.
(f) An operator who intends to operate a short-term rental shall provide notice to any insurer that writes a homeowners or renters insurance policy for the property where such short-term rental is to be located of the operator's intent to operate such short-term rental.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 4g - Verification of Applicant Driving History Prior to Issuing Private Passenger Motor Vehicle Insurance Policy

[Text of section applicable to all policies issued on or after January 1, 2021. See 2020, 358, Sec. 105.]
Section 4G. (a) An insurer that utilizes an applicant's Massachusetts driving history as a rating or underwriting factor for private passenger motor vehicle insurance in the commonwealth, a licensed insurance producer or third-party representative shall verify the applicant's Massachusetts driving history through the use of the registry of motor vehicles database or a reliable third-party database prior to processing payment or issuing a policy, unless the driving history is unavailable at the time of the initial inquiry due to a temporary website outage, service interruption or other circumstances beyond the control of the insurer, producer or third-party representative. When providing a private passenger automobile insurance quote, an insurer, licensed insurance producer or third-party representative shall provide a disclosure regarding the verification of an applicant's Massachusetts driving history.
[There is no subsection (b).]
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 8a - Summoning of Witnesses

Section 8A. At any hearing which the commissioner is authorized by law to hold, he may by summons require the attendance and testimony of witnesses and the production of books, records and papers touching upon the matters in question at such hearing, and may administer oaths to such witnesses. The fees of such witnesses for attendance and travel shall be the same as for witnesses before the superior court in civil cases and shall be paid by the commonwealth upon the certificate of the commissioner filed with the comptroller. Fees of such witnesses need not be paid or tendered to them prior to their attendance and testimony. This section shall not affect any powers conferred upon the commissioner by section four.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 9a - Computation of Claim Fluctuation Reserve of Domestic Life Insurance Company

Section 9A. (1) In addition to the reserve liability of life insurance companies computed in accordance with the requirements of section nine, the commissioner shall each year compute or cause to be computed for each domestic life insurance company, except as provided in subdivision 2, a reserve liability for claim fluctuations, hereinafter designated as the claim fluctuation reserve, which shall be a part of its entire reserve liability of each such company. To provide for the reserve liability computed in accordance with the requirements of this section each such company shall hold funds in an amount equal thereto above all its other liabilities. The reserve liability required by this section shall be computed at the end of each calendar year by adding to the amount of the reserve liability for claim fluctuations computed at the end of the preceding year (a) interest at the rate of two and one-half per cent, (b) for term insurance policies with premiums payable less than fifteen years, one per cent of the tabular net premiums, and (c) for all other life insurance policies, including provisions for total and permanent disability or for accidental death benefits in, or supplementary to, all such policies, two per cent of the tabular net premiums, and by deducting from the total of the foregoing (a) incurred claim losses which (i) result from a common loss or event, (ii) involve at least five lives, and (iii) total, exclusive of reinsurance, if any, at least five hundred thousand dollars, (b) the excess, if any, of the incurred claim losses for the year (exclusive of the losses specified in (a)) over the expected claim losses for the year calculated on the basis of such claim losses occurring at the rate of one hundred and five per cent of the average rate for the immediately preceding five years, (c) the increase, if any, in the amount of any special contingency reserve for claim losses established by such company as required by law, (d) the net loss from operations of the company, if any, and (e) the excess, if any, of the claim fluctuation reserve, computed in accordance with the requirements of this section, over six per cent of the reserve liability computed in accordance with the requirements of section nine.
(2) This section shall apply to any of the life insurance policies of a domestic life insurance company, if its board of directors elects to comply with and become subject to the provisions of this section and forwards to the commissioner appropriate notice of such determination.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 10 - Liability of Company Other Than Life Company and Health Maintenance Organization Upon Its Contracts of Insurance

Section 10. The commissioner shall determine the liability of a company other than a life company or a health maintenance organization as defined in chapter 175G, upon its contracts of insurance. The determination shall be prepared in accordance with accounting practices and procedures prescribed or allowed by the commissioner. The commissioner shall require that they be maintained and prepared in accordance with the Annual Statement Instructions and Accounting Practices and Procedures Manual adopted by the National Association of Insurance Commissioners unless further modified by the commissioner as he considers appropriate.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 11 - Computation of Assets and Liabilities

Section 11. In addition to the reserve provided for in sections 9 and 10, the commissioner shall charge to each company the liabilities, and allow to the credit of each company in the account of its financial condition only the assets, as are chargeable or allowable, respectively, under accounting practices and procedures prescribed or allowed by the commissioner. Notwithstanding any general or special law to the contrary, the commissioner shall require that value of the liabilities and assets be computed in accordance with the Annual Statement Instructions and Accounting Practices and Procedures Manual adopted by the National Association of Insurance Commissioners, 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 11a - Valuation of Investments

Section 11A. Investments shall be valued in accordance with the published valuation standards of the National Association of Insurance Commissioners and in accordance with accounting practices and procedures prescribed or allowed by the commissioner. The commissioner shall require that the value of the investments be computed in accordance with the Accounting Practices and Procedures Manual and the Purposes and Procedures Manual of the Securities Valuation Office of the National Association of Insurance Commissioners, 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 12 - Computation of Reserve Required of Liability Company

Section 12. The commissioner shall each year compute the reserve required of liability companies for outstanding losses under insurance against loss or damage from accident to or injuries suffered by an employee or other person, for which the insured is liable, in accordance with accounting practices and procedures prescribed or allowed by the commissioner. The commissioner shall require that value of the reserves be computed in accordance with the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners, 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 16 - Record of Proceedings; Certified Copies

Section 16. He shall preserve in a permanent form a record of his proceedings, including a concise statement of the result of official examinations of companies.
He shall furnish, upon payment of the fee prescribed by section fourteen, when required for evidence in court, certificates, under seal of the division of insurance, relative to the authority of an insurance agent, broker or company, or an adjuster of fire losses, or an insurance adviser, or a fraternal benefit society, to transact business in the commonwealth on any particular date or for any specified period, and such certificates shall be received by the courts in lieu of the testimony of the commissioner or his representative.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 17 - Annual Report to the General Court

Section 17. He shall annually, and as early as is consistent with full and accurate preparation, make a report to the general court of his official transactions, and shall include therein a report of the condition of the receiverships of insolvent companies; an exhibit of the financial condition and business transactions of the several companies as disclosed by official examinations of the same or by their annual statements, abstracts of which statements, with his valuation of life policies, shall appear therein; and such other information and comments relative to insurance and the public interest therein as he thinks proper.
The annual report of the commissioner on fire, marine and casualty insurance matters shall contain the laws enacted on those subjects in the year of the report, and his annual report on life and related insurance matters shall contain the laws enacted on those subjects in the year of the report.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 18 - Conduct of Business in Corporate Name; Publication of Assets and Liabilities

Section 18. Every company shall conduct its business in the commonwealth in its corporate name and all policies and contracts, other than contracts of corporate suretyship, issued by it shall, except as provided in sections one hundred and two A, one hundred and two C, one hundred and ten C, one hundred and eleven A, one hundred and seventeen A and one hundred and seventeen B of this chapter and in section fifty-six of chapter one hundred and fifty-two, and except as otherwise provided herein, be headed or entitled only by such name. Two or more insurers under a common management who represent themselves to be or are customarily known as an insurance company group or similar insurance trade designation may, with the approval of the commissioner, head or entitle policies or contracts with the name of the group or similar trade designation or with the names of the individual members of the group; provided, that the company assuming the insurance is specifically identified.
When any such company publishes its assets it shall in the same connection and with equal conspicuousness publish its liabilities, both computed on the basis allowed for its annual statements, and any publication purporting to show its capital shall exhibit only the amount of such capital as has been actually paid in cash. Such publications shall be held to include all policies, renewals, signs, circulars, cards or other means by which public announcements are made.
A company or an officer or agent thereof who issues or circulates advertisements in violation of this section shall be punished by a fine of not less than fifty nor more than five hundred dollars.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19c - Merger or Consolidation; Rights of Minority Stockholders

Section 19C. If any stockholder of a domestic company merging or consolidating under the authority of section nineteen A or nineteen B objects to the proposed merger or consolidation in the manner provided in section eighty-six of chapter one hundred and fifty-six B, sections eighty-six through ninety-eight of chapter one hundred and fifty-six B shall be applicable.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19f - Reorganization as Domestic Stock Insurer Owned by Mutual Holding Company

Section 19F. Upon compliance with the requirements and completion of the proceedings prescribed by sections 19G to 19W, inclusive, a domestic mutual insurance company may be reorganized as a domestic stock insurer owned, directly or indirectly, by a mutual holding company.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19i - Receipt of Fee, Commission or Valuable Consideration for Aiding, Promoting or Assisting in Reorganization

Section 19I. No director, officer, agent or employee of the reorganizing insurer, or any other person, shall receive any fee, commission or other valuable consideration whatsoever, other than his usual regular salary and compensation, for in any manner aiding, promoting or assisting in such reorganization, except as set forth in the plan of reorganization approved by the commissioner. This provision shall not be deemed to prohibit the payment of reasonable fees and compensation to attorneys at law, accountants and actuaries for services performed in the independent practice of their professions, even though they may be directors of the insurer.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19j - Withdrawal or Amendment of Plan of Reorganization

Section 19J. At any time before the plan of reorganization becomes effective as provided in subsections (a) to (n), inclusive, of section 19K, the mutual insurer may, by vote of a three-fourths majority of the board of directors, withdraw or amend the plan of reorganization. Any such plan amendment shall require the written consent of the commissioner. For a plan amendment, all references in sections 19F to 19W, inclusive, to the plan of reorganization shall be deemed to refer to the plan as amended, but no amendment shall be deemed to change the adoption date of the plan of reorganization. No amendment may change the plan of reorganization in a manner that the commissioner determines is prejudicial to the policyholders of the reorganizing insurer, unless a further hearing is held on the plan as amended, if the amendment is made after the initial public hearing, or unless the plan as amended is submitted for reconsideration by the members, if the amendment is made after the plan has been approved by the members.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19m - Amendment of Amended Articles of Organization or Plan of Reorganization Upon Effective Date; Vote

Section 19M. (a) The amended articles of organization of a reorganized insurer that have been adopted pursuant to a plan of reorganization and filed with the state secretary in accordance with subsections (a) to (n), inclusive, of section 19K may be further amended after the effective date pursuant to section 50.
(b) The plan of reorganization may be amended in other respects after the effective date of such plan as specified in this section. Such an amendment shall take effect upon filing with the state secretary after compliance with the following:
(i) approval by a vote of a majority of the board of directors of the reorganized insurer;
(ii) submission to the commissioner for consent in writing, subject to the provisions of subsection (a) of section 19H;
(iii) approval by a majority of those who vote at a meeting of members of the mutual holding company eligible to vote thereon called for the purpose of considering the amendment to the plan. Members eligible to vote thereon shall be members of the mutual holding company who were members of the former mutual insurer and were entitled to vote on the original plan of reorganization; and
(iv) filed with the commissioner after having been consented to and approved as contemplated by clauses (ii) and (iii).
(c) If an amendment proposed under subsection (b) would adversely affect the rights of one or more classes of members, but not all such members, then only the members of each class whose rights would be adversely affected by the proposed amendment are entitled to vote on the proposed plan amendment.
(d) A member meeting prescribed by clause (iii) of subsection (b) shall be called by the board of directors, the chairperson of the board, or the president of the reorganized company. Voting shall be in person, by proxy or by mail at a meeting of members called for that purpose pursuant to the mutual holding company's articles of organization and by-laws.
(e) At any time before the plan amendment becomes effective, the reorganized company may, by vote of a majority of the board of directors, amend the plan amendment or withdraw its plan amendment. For an amendment to a plan amendment, all references in sections 19F to 19W, inclusive, to the plan amendment shall be deemed to refer to the plan amendment as amended. Any amendment of the plan amendment shall require the written consent of the commissioner. No amendment shall be deemed to change the date of adoption of the plan amendment. No amendment made after approval by the members as provided in clause (iii) of subsection (b) may change the plan amendment in a manner that the commissioner determines is prejudicial to any of the affected members unless the plan amendment as amended is submitted for reconsideration under the procedures prescribed in this section for the original plan amendment.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19n - Continued Use of Word ''mutual'' in Name of Reorganized Insurer

Section 19N. If the name of a mutual insurer reorganizing to a stock insurer pursuant to sections 19F to 19W, inclusive, includes the word mutual, the new stock insurer may continue to use the word mutual in its name unless the commissioner finds that the continued use of the word mutual in its name is likely to mislead or deceive the public.