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2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 193j - Solicitation of Proxies

Section 193J. (a) It shall be unlawful for any person in contravention of such rules and regulations, as the commissioner may prescribe as necessary or appropriate in the public interest or for the protection of investors, to solicit or to permit the use of his name to solicit any proxy or consent or authorization in respect of any security of a domestic insurer not listed on a national securities exchange.
(b) It shall be unlawful for any broker required to be registered under chapter one hundred and ten A, to give, or to refrain from giving, in contravention of such rules and regulations as the commissioner may prescribe as necessary or appropriate in the public interest or for the protection of investors, a proxy, consent, or authorization in respect of any security of a domestic insurer not listed on a national securities exchange if the security is carried for the account of a customer.
(c) Unless proxies, consents, or authorizations in respect of a security of a domestic insurer not listed on a national securities exchange are solicited by or on behalf of the management of the issuer from the holders of record of such security, in accordance with the rules and regulations prescribed under this section, prior to any annual or other meeting of the holders of such security, such issuer shall file with the commissioner and transmit to all holders of record of such security information substantially equivalent to the information which would be required to be transmitted if a solicitation were made.
(d) The provisions of this section shall not apply to a domestic insurance company having not more than ninety-nine stockholders, or having ninety-five per cent or more of its stock owned or controlled by a parent or affiliate insurer and the remaining shares held by less than five hundred stockholders.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 193k - Professional Services; Provisions for Payment; Discrimination

Section 193K. Wherever an insurance policy, certificate or service contract provides for reimbursement or payment for any services which may be legally performed by any person, licensed under the provisions of chapter one hundred and twelve, reimbursements or payments under such insurance policy, certificate or service contract shall not be denied because of race, color or creed nor shall any insurer make or permit any unfair discrimination against particular individuals or persons licensed under said chapter to whom reimbursement or payment would be due and payable.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 193p - Fire Insurance Policies; Nonrenewal Notice Provision; Requisites of Notice

Section 193P. Except as otherwise specifically provided in this chapter, no policy providing protection against loss by reason of fire to a dwelling or contents thereof shall be issued unless it contains a provision that the insurer will give written notice of its intent not to renew or reissue a policy to the insured at least forty-five days prior to the expiration of the policy which notice shall state or be accompanied by a writing stating the specific reasons for such decision.
The notice so required shall, except as hereinafter provided, be sent or delivered either to the named insured at the mailing address shown in the policy or to the insurance agent of the company or the insurance broker who negotiated the issuance of the policy. If the policy was executed on behalf of the company, in whole or in part, by or on behalf of an insurance agent or broker of the company such notice shall be sent to such insurance agent or broker. Every such insurance agent or broker receiving such notice shall, within fifteen days of its receipt, send a copy to the insured or the principal unless such agent or broker has replaced the insurance. Any company which fails to send such notice or which sends such notice and subsequently renews such policy, shall recognize the agent or broker designated by the insured in the same manner as provided by any contract, custom, or usage then in effect between such agent or broker and such company.
Nothing in this section shall be construed to require notice if an insurer within the same group of insurers issues a succeeding policy to the insured that provides coverage on the same terms and conditions as the preceding policy. Insurers that offer or issue a succeeding policy to the insured through a different company within the same company group shall notify the insured in writing of any changes in coverage from the preceding policy at the time of issuance.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 193t - Discrimination Based on Blindness, Intellectual Disability, or Physical Impairment

Section 193T. No insurance company offering for sale policies of life, accident, health, disability, or sickness insurance, or any other policy of insurance, shall make any distinction or discrimination as to the issuance of such policy or the rates or premiums charged therefor solely on the basis of the insured's blindness or partial blindness, intellectual disability or physical impairment, except where such distinction or discrimination is based on sound actuarial principles or is related to actual experience.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 195 - Insurance Companies Writing Fire and Multiple Peril Policies Required to Contribute to Costs of Training Firefighting Personnel, Enforcement of Certain Fire Code Regulations, Fire Education Programs, Equipment and Facility Improvements

Section 195. (a) Sums for the estimated expenses for the purposes specified in subsection (b) shall be paid to the commonwealth by insurance companies writing fire, homeowners multiple peril or commercial multiple peril policies on property situated in the commonwealth within 30 days after notice from the commissioner of such estimated expenses. The commissioner shall apportion such estimated charges among all such companies and shall assess them for the same on a fair and reasonable basis. The commissioner shall subsequently apportion actual costs among all such companies and shall make assessment adjustments for the same for any variation between estimated and actual costs on a fair and reasonable basis. Such estimated and actual costs shall include an amount equal to the cost of fringe benefits as established by the secretary of administration and finance under section 6B of chapter 29.
(b) The costs to be paid under subsection (a) shall be for the following purposes: (1) the operation of state fire training facilities and curriculum for firefighting personnel; (2) implementing sections 26G1/2 and 34A to 34D, inclusive, of chapter 148, and chapter 304 of the acts of 2004; (3) student awareness of fire education programs; (4) the firefighting equipment grant program; and (5) capital improvements to state fire service facilities, including reimbursing the General Fund for debt service on bonds issued to pay for these capital improvements.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 196 - Payment Under Liquor Liability Insurance; Notice to Attorney General

Section 196. Where a payment is made by an insurer under the terms of a policy of liquor liability insurance, it shall be the duty of the insurer to give notice of said payment to the office of the Attorney General within ten days of payment.
Said notice shall include, but not be limited to the following: the name of the insured, name of claimant(s), amount paid, date(s) or incident for which payment is made.
In the absence of fraud, malice or criminal act, no insurance company, or person who furnished information on its behalf, or any duly licensed insurance agent or broker, through whom the policy was issued shall be liable for damages in a civil action or subject to criminal prosecution for any conduct reasonably undertaken pursuant to the provisions of this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 204 - Regulations Governing Replacement of Life Insurance Policies and Annuities; Promulgation

Section 204. The commissioner shall, after notice and hearing pursuant to chapter thirty A, promulgate regulations governing the replacement of life insurance policies and annuities. Such regulations shall be based upon the model regulation governing replacement of life insurance and annuities developed by the National Association of Insurance Commissioners. Such regulations shall, in addition to other provisions, require the delivery of a notice regarding replacement of a life insurance policy or annuity contract.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 205 - Policies Providing Supplemental Coverage to Medicare; Approval by Commissioner; Employers or Trade Unions Exception; Regulations

Section 205. Notwithstanding any provision of sections one hundred and eight, one hundred and ten, one hundred and ninety A, one hundred and ninety B and one hundred and ninety C of chapter one hundred and seventy-five to the contrary, no policy which provides supplemental coverage to medicare shall be delivered, issued for delivery or renewed unless the commissioner shall have approved the policy or certificate in writing nor unless the policy or certificate complies with standards promulgated by the commissioner for such policies and certificates provided, however, that nothing in this section shall be construed to apply to, affect or prohibit the issue of any general or blanket policy of insurance which provides supplemental coverage to medicare delivered, issued for delivery or renewed to: one or more employers or trade unions, the trustees of a fund established by one or more employers or trade unions, or a combination thereof, covering employees, former employees, or a combination thereof, or covering members or former members of the trade unions, or a combination thereof.
The commissioner shall promulgate regulations to implement this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 208 - Merger of Insurance Holding Company System Into Domestic Insurance Subsidiary

Section 208. Any member of an insurance holding company system, as such is described in sections two hundred and six to two hundred and six D, inclusive, may, at any time that its assets are at least eighty percent committed to or used in the insurance business of its domestic insurance subsidiary, company or companies, be merged into any one of its domestic insurance subsidiaries. In any such merger, the resulting corporation shall be the domestic insurance company. Any such merger shall be subject to sections nineteen A and nineteen C as if both of such companies were insurance companies.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 209 - Commissioner's Issuance of Licenses to Banks or Credit Unions to Act as Insurance Producers

Section 209. The commissioner may issue a license pursuant to section 162M and section 162N to a bank or credit union chartered by the commonwealth pursuant to chapter 168, 170, 171 or 172, and to a bank or credit union chartered by the United States, to act as an insurance producer pursuant to this chapter and in accordance with the provisions of section 2A of chapter 167F and section 75B of chapter 171, respectively, for the solicitation and sale of insurance products as the company, for which such bank or credit union acts as producer, is authorized to issue in the commonwealth.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 210 - Procedure for Resolution of Consumer Complaints Relative to Banks or Credit Unions Acting as Insurance Agents

Section 210. The commissioner, in conjunction with the commissioner of banks, shall establish a procedure for the prompt resolution of consumer complaints relative to the activities of a bank or credit union as a licensed insurance agent or broker.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 211 - Information Relating to Insurance Activities of Banks or Credit Unions Furnished to Federal Agencies

Section 211. The commissioner may, in his discretion, furnish to the commissioner of banks and to federal bank regulatory agencies information relating to the insurance activities of any bank or federal bank, as those terms are defined in section 1 of chapter 167, and to federal credit union regulatory agencies information relating to the insurance activities of any credit union or federal credit union, as those terms are defined in section 1 of chapter 171, which are licensed pursuant to section 209.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 214 - Suspension, Revocation or Refusal of Renewal of Life Settlement Provider or Life Settlement Broker License

Section 214. (a) The commissioner may suspend, revoke or refuse to renew the license of a licensee if the commissioner finds that:
(1) there was a material misrepresentation in the application for the license;
(2) the licensee or any officer, partner, member or director has been convicted or determined by a regulator to have committed a fraudulent or dishonest practice, is subject to a final administrative action or is otherwise shown to be untrustworthy or incompetent to act as a licensee;
(3) if a life settlement provider, the licensee demonstrates a pattern of unreasonably withholding payments to policy owners;
(4) the licensee no longer meets the requirements for initial licensure;
(5) the licensee or any officer, partner, member or director has been convicted of a felony or a misdemeanor of which criminal fraud is an element, or the licensee has pleaded guilty or had the case continued without a finding with respect to a felony or a misdemeanor of which criminal fraud or moral turpitude is an element, regardless of whether a judgment of conviction has been entered by the court;
(6) the life settlement provider has entered into a life settlement contract using a form that has not been approved under sections 213 to 223E, inclusive;
(7) the life settlement provider has failed to honor contractual obligations set out in a life settlement contract;
(8) the life settlement provider has assigned, transferred or pledged a settled policy to a person other than a life settlement provider licensed under this chapter, a purchaser, an accredited investor or qualified institutional buyer as defined respectively in Regulation D of Rule 501 of the federal Securities Act of 1933, 17 C.F.R. section 230.501, as amended, or rule 144A of the federal Securities Act of 1933, 17 C.F.R. section 230.144A, as amended, a financing entity, a special purpose entity or a related provider trust; or
(9) the licensee or any officer, partner, member or key management personnel has violated sections 213 to 223E, inclusive.
(b) Before the commissioner denies a license application or suspends, revokes or refuses to renew the license of a licensee under sections 213 to 223E, inclusive, the commissioner shall conduct a hearing in accordance with chapter 30A.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 215 - Approval of Life Settlement Contract Form and Disclosure Statement Form

Section 215. (a) No person shall use any form of life settlement contract or provide to an owner a disclosure statement form unless it has been filed with and approved by the commissioner. The commissioner shall disapprove a life settlement contract form or disclosure statement form if, in the commissioner's opinion, the contract fails to meet the requirements of sections 219, 220, 222 and subsection (b) of section 223B or are unreasonable, contrary to the interests of the public or are otherwise misleading or unfair to the owner.
(b) No insurer shall, as a condition of responding to a request for verification of coverage or in connection with the transfer of a policy under a life settlement contract, require that the owner, insured, life settlement provider or life settlement broker sign any form, disclosure, consent, waiver or acknowledgment that has not been expressly approved by the commissioner for use in connection with a life settlement contract.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 216 - Annual Statement of Life Settlement Provider

Section 216. (a) A life settlement provider shall file with the commissioner, annually on or before March 1, a statement containing such information as the commissioner may prescribe by regulation. In addition to any other requirements, the annual statement shall: (i) specify the total number, aggregate face amount and life settlement proceeds of policies settled during the immediately preceding calendar year, together with a breakdown of the information by policy issue year for each carrier; (ii) include the names of the insurance companies whose policies have been settled; and (iii) include only those transactions where the owner is a resident of the commonwealth; provided, however, that an annual statement shall not include individual transaction data regarding the business of life settlements or information that there is a reasonable basis to believe could be used to identify the owner or the insured.
(b) A life settlement provider that willfully fails to file an annual statement or willfully fails to reply within 30 days after receipt of a written inquiry by the commissioner in connection therewith shall, in addition to any other penalties prescribed by law, be subject, upon due notice and opportunity to be heard, to a penalty of up to $250 per day of delay, not to exceed $25,000 in the aggregate, for each such failure.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 217 - Disclosure by Life Settlement Provider, Broker, Insurance Company, etc., of Individual Identification Data of Insured

Section 217. (a) Except as otherwise authorized or required by law, a life settlement provider, life settlement broker, insurance company, life insurance producer, information bureau, rating agency or company or any other person with actual knowledge of an insured's identity shall not disclose the individual identification data of an insured or information that there is a reasonable basis to believe could be used to identify the insured or the insured's financial or medical information to any other person unless the disclosure is:
(1) necessary to effect a life settlement contract between the owner and a life settlement provider and the owner and insured have provided prior written consent to the disclosure;
(2) necessary to effectuate the sale of a life settlement contract, or interests therein, as investments; provided, however, that the sale shall be conducted in accordance with applicable state and federal securities laws; and provided further, that the owner and the insured shall have both provided prior written consent to the disclosure;
(3) provided in response to an investigation or examination by the commissioner or any other governmental officer or agency;
(4) a term or condition to the transfer of a policy by 1 life settlement provider to another life settlement provider;
(5) necessary to allow the life settlement provider or life settlement broker or an authorized representative to make contacts for the purpose of determining health status; provided, however, that for the purposes of this section, the term ''authorized representative'' shall not include a person who has or may have a financial interest in the life settlement contract other than a licensed life settlement provider, licensed life settlement broker, financing entity, related provider trust or special purpose entity; and provided further, that a life settlement provider or life settlement broker shall require its authorized representative to agree in writing to adhere to the privacy provisions of this section; or
(6) required to purchase stop loss coverage.
(b) Private information solicited or obtained in connection with a proposed or actual life settlement contract shall be subject to the provisions applicable to financial institutions under the Gramm Leach Bliley Act, P.L. 106–102 (1999), and all other state and federal laws relating to the confidentiality of nonpublic personal information.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 219 - Advertising by Life Settlement Broker or Provider

Section 219. (a) A licensed life settlement broker or life settlement provider may conduct or participate in advertisements. The advertisements shall comply with all advertising laws or rules and regulations promulgated by the commissioner that are applicable to insurers, life insurance producers, brokers and providers.
(b) Advertisements shall be accurate, truthful and not misleading in fact or by implication.
(c) No person in the business of insurance or the business of life settlements shall:
(1) directly or indirectly market, advertise or solicit the purchase of a new policy for the purpose of or with a significant emphasis on settling the policy;
(2) use the words ''free'' or ''no cost'' or words of similar import in marketing, advertising, soliciting or otherwise promoting the purchase of a policy; or
(3) with respect to a life settlement provider, enter into a life settlement contract unless the related advertisements, as may be prescribed by regulation, have been filed with the commissioner.
(d) Prior to publication, the commissioner may require the submission of advertising material.
(e) The commissioner shall require delivery of a buyer's guide or a similar consumer advisory package in the form prescribed by the commissioner to owners during the solicitation process.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 221 - Use of Policy as Collateral in Premium Finance Loan

Section 221. (a) Insurance carriers may inquire in the application for insurance whether the proposed owner intends to pay premiums with the assistance of financing from a lender that will use the policy as collateral to support the financing.
(b) If the premium finance loan provides funds which can be used for a purpose other than paying for the premiums, costs and expenses associated with obtaining and maintaining the life insurance policy and loan, the application shall be rejected as a violation of this chapter.
(c) The insurance carrier may disclose certain information to the applicant and the insured, either on the application or an amendment to the application to be completed not later than the delivery of the policy including, but not limited to, the following disclosure: ''If you have entered into a loan arrangement where the policy is used as collateral and the policy changes ownership at some point in the future in satisfaction of the loan, the following may be true:
(1) a change of ownership could lead to a stranger owning an interest in the insured's life;
(2) a change of ownership could, in the future, limit your ability to purchase future insurance on the insured's life because there is a limit on the amount of coverage insurers will issue on 1 life;
(3) should there be a change of ownership and you wish to obtain more insurance coverage on the insured's life in the future, the insured's higher issue age, a change in health status and other factors may reduce the ability to obtain coverage or may result in significantly higher premiums;
(4) you should consult a professional tax advisor, since a change in ownership in satisfaction of the loan may result in tax consequences to the owner, depending on the structure of the loan.''
(d) The insurance carrier may require certifications from the applicant or the insured, including the following certified statements:
''(1) I have not entered into any agreement or arrangement providing for the future sale of this life insurance policy;
(2) My loan arrangement for this policy provides funds sufficient to pay for some or all of the premiums, costs and expenses associated with obtaining and maintaining my life insurance policy; however, I have not entered into any agreement by which I am to receive consideration in exchange for procuring this policy; and
(3) The borrower has an insurable interest in the insured.''
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 223 - Conflict of Laws

Section 223. (a) If there is more than 1 owner on a single policy and the owners are residents of different states, the life settlement contract shall be governed by the law of the state in which the owner having the largest percentage of ownership resides or, if the owners hold equal ownership, the state of residence of 1 owner agreed upon in writing by all of the owners. The law of the state of the insured shall govern in the event that equal owners fail to agree in writing upon a state of residence for jurisdictional purposes.
(b) A life settlement provider from the commonwealth who enters into a life settlement contract with an owner who is a resident of another state that has enacted laws or adopted regulations governing life settlement contracts shall be governed in the effectuation of that life settlement contract by the laws and regulations of the owner's state of residence. If the state in which the owner is a resident has not enacted laws or regulations governing life settlement contracts, the life settlement provider shall give the owner notice that neither state regulates the transaction upon which the owner is entering. For transactions in those states, however, the life settlement provider shall maintain all records required if the transactions were executed in the owner's state of residence. The forms used in those states shall not require the approval of the commissioner.
(c) If there is a conflict in the laws that apply to an owner and a purchaser in an individual transaction, the laws of the state that apply to the owner shall take precedence and the provider shall comply with those laws.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 223c - Remedies for Violations of Secs. 213 to 223e

Section 223C. (a) If a person violates any provisions of sections 213 to 223E, inclusive, or any rule or regulation promulgated thereunder, the commissioner may seek an injunction in a court of competent jurisdiction in the county wherein the person resides or has a principal place of business and may apply for temporary and permanent orders that the commissioner determines necessary to restrain the person from further committing the violation.
(b) A person damaged by the acts of another person in violation of any provisions of sections 213 to 223E, inclusive, or any rule or regulation promulgated thereunder may bring a civil action for damages against the person committing the violation in a court of competent jurisdiction.
(c) The commissioner may issue a cease and desist order, in accordance with chapter 30A, upon a person who violates any provision of sections 213 to 223E, inclusive, any regulation, rule or order adopted by the commissioner or any written agreement entered into with the commissioner.
(d) When the commissioner finds that an action presents an immediate danger to the public and requires immediate action, the commissioner may issue an emergency cease and desist order reciting with particularity the facts underlying such findings. The emergency cease and desist order shall be effective immediately upon service of a copy of the order on the respondent and shall remain effective for 90 days. If the commissioner begins nonemergency cease and desist proceedings under subsection (c), the emergency cease and desist order shall remain effective, absent an order by an appellate court pursuant to chapter 30A. In the event of a willful violation of this act, the trial court may award statutory damages in addition to actual damages in an amount up to 3 times the actual damage award.
(e) Sections 213 to 223E, inclusive, shall not be waived by any agreement. Except for a valid agreement under subsection (a) of section 223, a choice of law provision shall not be utilized to prevent the application of said sections 213 to 223E, inclusive, to a life settlement contract in which a party to the life settlement contract is a resident of the commonwealth.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 223d - Penalties

Section 223D. (a) If a person is found guilty of committing a fraudulent life settlement act, that person shall also be guilty of committing insurance fraud and shall be subject to additional penalties.
(b) The commissioner may levy a civil penalty, not to exceed $10,000 for each violation, upon any person, including those persons and their employees licensed pursuant to sections 213 to 223E, inclusive, who is found to have committed a fraudulent life settlement act or violated any other provision of sections 213 to 223E, inclusive.
(c) The license of a person licensed under sections 213 to 223E, inclusive, that has committed a fraudulent life settlement act shall be revoked for at least 1 year.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 223e - Violation of Secs. 213 to 223e Deemed Unfair Trade Practice

Section 223E. A violation of sections 213 to 223E, inclusive, shall be an unfair trade practice under sections 3 and 4 of chapter 176D and shall be subject to the penalties set forth in section 7 of said chapter 176D.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 224 - Large Commercial Policy Holders; Definitions; Commercial Risks; Records Examination

Section 224. (a) For the purposes of this section, the following words shall have the following meanings:
''Contract of insurance'', a contract of insurance as defined in section 2 providing for property or casualty insurance coverages or any combination thereof.
''Large commercial policyholder'', the holder of a contract of insurance which is a corporation, partnership, trust, sole proprietorship or other business or public entity, has aggregate property and casualty insurance premiums of $30,000 excluding workers' compensation, which has certified that it elects to be treated as a large commercial policyholder and understands the limited regulatory oversight that the election connotes and has certified that it meets 2 of the following criteria:
(1) net worth of $10,000,000;
(2) net revenue or sales of $5,000,000;
(3) more than 25 employees per individual company or more than 50 employees per holding company aggregate;
(4) nonprofit or public entity with an annual budget or assets of $25,000,000 or more;
(5) municipality with a population of 20,000 or more; or
(6) retains a risk manager who shall be a full-time employee or a person retained by a large commercial policyholder, either of which shall be licensed and shall be 1 of the following:— (i) a certified insurance counselor; (ii) a chartered property and casualty underwriter; (iii) an associate in risk management; (iv) a certified risk manager; or (v) a licensed insurance advisor in property and casualty insurance.
(b) As they relate to the regulation of policy form and content and the filing, approval and fixing and establishing of rates, section 6 of chapter 174A, chapter 175, including, but not limited to, sections 22A, 157, 193F, 193G, and 193H, chapter 175A, chapter 175B, chapter 175C, chapter 175D and chapter 176H shall not apply to a contract of insurance issued to a large commercial policyholder. Notwithstanding other requirements of this section, an insurer issuing a contract of insurance to a large commercial policyholder shall maintain underwriting files, premium, loss and expense statistics, financial and other records with regard to the contract of insurance which shall be subject to examination by the commissioner pursuant to section 4.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 225 - Disclosure Notice in Policy Issued Pursuant to Commercial Risks Provisions of Sec. 224; Large Commercial Policy Holders

Section 225. (a) A policy issued pursuant to the commercial risks provisions of section 224 shall contain the following disclosure notice to the policyholder:— The policy applied for is not subject to all insurance laws that apply to other commercial lines products and may contain significant differences from a policy that is subject to all insurance laws. The notice shall also clearly set forth policy conditions and endorsements. The notice shall include, but not be limited to, reference to claims-made versus occurrence triggers, perils, exclusions, location or territory limitations, and defense within limits or outside of limits. The disclosure notice shall also include a policyholder's acknowledgement statement, to be signed and dated by the first named insured before the effective date of coverage. The first named insured shall sign and date a similar notice before each renewal of the policy, except if there are no material changes to the policy. The original and subsequent signed notice, if any, shall be retained in the company underwriting file. The notice shall state: I hereby acknowledge that I have read the above disclosure notice and have received a copy of the same.
(b) The requirements for commercial risk policies issued pursuant to section 224 shall only apply once, at the inception of the policy, except that the requirements shall apply to a renewal of policy where there are material changes to the policy form.
The policy shall be delivered: (1) at least 10 days before the effective date; or (2) permit the insured to terminate the policy, on a pro-rata basis and without penalty, within 20 days of the receipt of the policy.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175a - Regulation of Rates for Certain Casualty Insurance, Including Fidelity, Surety and Guaranty Bonds, and for All Other Forms of Motor Vehicle Insurance, and Regulation of Rating Organizations › Section 1 - Title

Section 1. This chapter shall be known and may be cited as the Casualty and Surety Rate Regulatory Law.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175a - Regulation of Rates for Certain Casualty Insurance, Including Fidelity, Surety and Guaranty Bonds, and for All Other Forms of Motor Vehicle Insurance, and Regulation of Rating Organizations › Section 2 - Purpose

Section 2. The purpose of this chapter is to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate or unfairly discriminatory, and to authorize and regulate co-operative action among insurers in rate making and in other matters within the scope of this chapter. Nothing in this chapter is intended (1) to prohibit or discourage reasonable competition, or (2) to prohibit, or encourage except to the extent necessary to accomplish the aforementioned purpose, uniformity in insurance rates, rating systems, rating plans or practices. This chapter shall be liberally interpreted to carry into effect the provisions of this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175a - Regulation of Rates for Certain Casualty Insurance, Including Fidelity, Surety and Guaranty Bonds, and for All Other Forms of Motor Vehicle Insurance, and Regulation of Rating Organizations › Section 3 - Definitions

Section 3. The following words, as used in this chapter, unless the text otherwise requires or a different meaning is specifically required, shall mean—
''Commissioner'', the commissioner of insurance.
''Company'', all corporations, associations, partnerships or individuals engaged as principals in the business of insurance.
''Insurance Company'' or ''Insurer'', the same meaning as company.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175a - Regulation of Rates for Certain Casualty Insurance, Including Fidelity, Surety and Guaranty Bonds, and for All Other Forms of Motor Vehicle Insurance, and Regulation of Rating Organizations › Section 4 - Application; Exceptions

Section 4. This chapter shall apply to risks and operations in this commonwealth insured by insurance companies authorized to transact business in this commonwealth under subdivisions (d), (e) and (f) of the Second clause, under the Third, Fourth, and Fifth clauses, under subdivisions (b), and (c) of the Sixth clause, and under the Seventh, Eighth, Ninth, Tenth and Twelfth clauses of section forty-seven of chapter one hundred and seventy-five, even though such risks or operations are covered by policies or contracts of insurance issued pursuant to section twenty-two A of said chapter one hundred and seventy-five providing coverage under the aforementioned and any other clauses or subdivisions, other than subdivision (e) of the Sixth clause, of said section forty-seven of said chapter one hundred and seventy-five which, as part of the coverage thereof, insure real or personal property against loss or damage by fire at residential locations or which, as part of the coverage thereof, insure the output of a manufacturer against such loss or damage by fire at locations other than his manufacturing premises. This chapter shall also apply to insured legal services plans and membership legal services plans under the provisions of chapter one hundred and seventy-six H, and to regulation of rates for such motor vehicle insurance as is provided through the plan approved under section one hundred and thirteen H of chapter one hundred and seventy-five. The provisions of this chapter shall not apply to reinsurance other than joint reinsurance to the extent stated in section thirteen, nor to insurance against loss of or damage to aircraft or against liability arising out of the ownership, maintenance or use of aircraft, nor to motor vehicle liability insurance coverage which is subject to the provisions of section one hundred and thirteen B of chapter one hundred and seventy-five, including those coverages described in section thirty-four A of chapter ninety and section one hundred and thirteen C of said chapter one hundred and seventy-five except as provided through a plan approved under section one hundred and thirteen H of chapter one hundred and seventy-five.
If any kind of insurance, subdivision or combination thereof, or type of coverage, subject to this chapter, is also subject to regulation by another rate regulatory law of this commonwealth, an insurer to which both laws are otherwise applicable shall file with the commissioner a designation as to which rate regulatory law shall be applicable to it with respect to such kind of insurance, subdivision or combination thereof, or type of coverage.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175a - Regulation of Rates for Certain Casualty Insurance, Including Fidelity, Surety and Guaranty Bonds, and for All Other Forms of Motor Vehicle Insurance, and Regulation of Rating Organizations › Section 7 - Improper Filing; Hearings; Aggrieved Persons; Remedies

Section 7. (a) If at any time the commissioner finds that a filing does not meet the requirements of this chapter, he shall, after a hearing held upon not less than ten days' written notice, specifying the matters to be considered at such hearing, to every insurer and rating organization which made such filing, issue an order specifying in what respects he finds that such filing fails to meet the requirements of this chapter, and stating when, within a reasonable period thereafter, such filing shall be deemed no longer effective. Copies of said order shall be sent to every such insurer and rating organization.
(b) Any person or organization aggrieved with respect to any filing which is in effect may make written application to the commissioner for a hearing thereon; provided, that the insurer or rating organization that made the filing shall not be authorized to proceed under this subsection. Such application shall specify the grounds to be relied upon by the applicant. If the commissioner shall find that the application is made in good faith, that the applicant would be so aggrieved if his grounds are established, and that such grounds otherwise justify holding such a hearing, he shall, within thirty days after receipt of such application, hold a hearing upon not less than ten days' written notice to the applicant and to every insurer and rating organization which made such filing. If, after such hearing, the commissioner finds that the filing does not meet the requirements of this chapter, he shall issue an order specifying in what respects he finds that such filing fails to meet the requirements of this chapter, and stating when, within a reasonable period thereafter, such filing shall be deemed no longer effective. Copies of said order shall be sent to the applicant and to every such insurer and rating organization.
(c) The commissioner may also call a hearing at any time prior to the proposed effective date of any filing or any later effective date called for by order made pursuant to this chapter. If after such hearing the commissioner finds that any such filing will not meet the requirements of this chapter, said filing shall not take effect.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175a - Regulation of Rates for Certain Casualty Insurance, Including Fidelity, Surety and Guaranty Bonds, and for All Other Forms of Motor Vehicle Insurance, and Regulation of Rating Organizations › Section 9 - Rating Organization; Rights of Members

Section 9. Every member of, or subscriber to, a rating organization shall adhere to the filings made on its behalf by such organization except that any such insurer may make written application to the commissioner for permission to file a uniform percentage decrease or increase to be applied to the premiums produced by the rating system so filed for a kind of insurance, or for a class of insurance which is found by the commissioner to be a proper rating unit for the application of such uniform percentage decrease or increase, or for a subdivision of a kind of insurance (1) comprised of a group of manual classifications which is treated as a separate unit for rate making purposes, or (2) for which separate expense provisions are included in the filings of the rating organization. Such application shall specify the basis for the modification and shall be accompanied by the data upon which the applicant relies. A copy of the application and data shall be sent simultaneously to such rating organization. The commissioner shall set a time and place for a hearing at which the insurer and such rating organization may be heard and shall give them not less than ten days' written notice thereof. In the event the commissioner is advised by the rating organization that it does not desire a hearing he may, upon the consent of the applicant, waive such hearing. The commissioner shall issue an order permitting the modification for such insurer to be filed if he finds it to be justified and it shall thereupon become effective. He shall issue an order denying such application if he finds that the modification is not justified or that the resulting premiums would be excessive, inadequate or unfairly discriminatory. Each deviation permitted to be filed shall be effective for a period of one year from the date of such permission unless terminated sooner with the approval of the commissioner.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175a - Regulation of Rates for Certain Casualty Insurance, Including Fidelity, Surety and Guaranty Bonds, and for All Other Forms of Motor Vehicle Insurance, and Regulation of Rating Organizations › Section 10 - Rating Organization; Action or Decision; Appeal

Section 10. Any member of or subscriber to a rating organization may appeal to the commissioner from the action or decision of such rating organization in approving or rejecting any proposed change in or addition to the filings of such rating organization and the commissioner shall, after a hearing held upon not less than ten days' written notice to the appellant and to such rating organization, issue an order approving the action or decision of such rating organization or directing it to give further consideration to such proposal, or, if such appeal is from the action or decision of the rating organization in rejecting a proposed addition to its filings, he may, in the event he finds that such action or decision was unreasonable, issue an order directing the rating organization to make an addition to its filings, on behalf of its members and subscribers, in a manner consistent with his findings, within a reasonable time after the issuance of such order.
If such appeal is based upon the failure of the rating organization to make a filing on behalf of such member or subscriber which is based on a system of expense provisions which differs, in accordance with the right granted in subdivision 2 of subsection (a) of section five, from the system of expense provisions included in a filing made by the rating organization, the commissioner shall, if he grants the appeal, order the rating organization to make the requested filing for use by the appellant. In deciding such appeal the commissioner shall apply the standards set forth in section five.