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2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 113x - Motor Vehicle Glass Repair Covered by Motor Vehicle Liability Insurance; Prohibited Acts by Insurers; Penalty

Section 113X. (a) When motor vehicle glass repair is to be performed within the commonwealth and is covered in whole or in part by motor vehicle liability insurance, the insurer, producer, adjuster or third party administrator for the insurer shall not:
(1) require a person to use a particular registered motor vehicle glass repair shop for motor vehicle glass repair services;
(2) use or employ unfair or deceptive acts or practices to induce a person to use a particular registered motor vehicle glass repair shop to provide motor vehicle glass repair services; provided, however, that unfair or deceptive acts shall include, but not be limited to, engaging in an act or practice designed to intimidate, threaten or coerce a person to use, or for having used, a particular registered motor vehicle glass repair shop; or
(3) knowingly contract with, refer motor vehicle glass repair services to or otherwise negotiate with a motor vehicle glass repair shop to provide motor vehicle glass repair services if the repair shop is not a registered motor vehicle glass repair shop as provided in chapter 100A.
(b) When an insured selects a registered motor vehicle glass repair shop to provide motor vehicle glass repair services, an appraiser or employee of an independent appraisal company, insurance company, its employees or representatives or third party biller shall not require the motor vehicle glass repair to be made at a different registered motor vehicle glass repair shop.
(c) Once a registered motor vehicle glass repair shop has been selected to provide motor vehicle glass repair services, an insurer or third party biller shall not assign or dispatch the repair work or forward a related policy or policyholder's contact or repair scheduling information to a different registered motor vehicle glass repair shop without the knowledge and consent of the insured.
(d) An insured may at any point in time elect to change the insured's choice of registered motor vehicle glass repair shop.
(e) An insurer may, either directly or through its producers, adjusters or third party administrator, provide directly or through other means, including electronic transmissions, information to assist the insured in selecting a motor vehicle glass repair shop or scheduling a motor vehicle glass repair shop to perform motor vehicle glass repair.
(f) A violation of this section by an insurance company, producer, third party biller or adjuster shall be punishable by a fine of not less than $1,000 nor more than $5,000 for each violation. The fine shall be collected by the division of insurance and retained by the commissioner and shall be used to enforce this section; provided, however, that revenue collected in excess of $100,000 annually shall be deposited in the General Fund. The retained revenue collected may be used by the commissioner to carry out the enforcement of this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 114 - Title Insurance Companies; Applicability of Chapter

Section 114. A company organized under the eleventh clause of section forty-seven or under earlier laws relating to such companies shall not be subject to this chapter, except this section and sections three A, four, six, fifteen, sixteen, seventeen, eighteen, nineteen A, twenty-two, twenty-five, twenty-six, thirty, thirty-two, thirty-three, forty-four, forty-seven to forty-nine, inclusive, fifty-seven to sixty-one, inclusive, sixty-nine to seventy-two, inclusive, one hundred and sixteen, one hundred and seventy-eight to one hundred and eighty A, inclusive, one hundred and eighty-nine, one hundred and ninety-three A and one hundred and ninety-four, and the first paragraph, so far as applicable to the title guaranty fund, and the third paragraph, of section sixty-two. Such company may transact all the kinds of business specified in said eleventh clause.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 116 - Title Guarantee Funds

Section 116. Every such company shall set apart an amount not less than two fifths of its capital, and not less than one hundred thousand dollars in any case, as a title guaranty fund, and shall invest it subject to the limitations imposed by this chapter upon the investment of the capital of other domestic insurance companies, and shall issue no title policy and make no contract of title guaranty or title insurance until such amount is so set apart and invested.
The principal of such title guaranty fund shall be a trust for the protection of title policyholders, and shall be applied only to the payment of losses and expenses incurred by reason of the title guaranty or title insurance contracts of the company. Whenever the company shall increase its capital, two fifths or a sufficient part of the increase shall be set apart and duly invested and added to the title guaranty fund so that such fund shall always be not less in amount than two fifths of the entire capital.
If by reason of losses or other cause the title guaranty fund becomes less than the minimum amount required by this section, the company shall forthwith give written notice thereof to the commissioner, and shall make no further contract of title guaranty or title insurance until the said fund has been restored nor until it has received a certificate from the commissioner to that effect and authorizing it to make such contracts.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 116a - Foreign Title Insurance Companies; Applicability of Chapter

Section 116A. A foreign company admitted to transact business under the eleventh clause of section forty-seven shall not be subject to this chapter except this section and sections three A, four, five, fifteen, sixteen, eighteen, nineteen A, twenty-two, twenty-five, twenty-six, one hundred and fifty, one hundred and fifty-one, except subdivision (5) of clause Second, one hundred and fifty-four, one hundred and fifty-five, one hundred and fifty-six, one hundred and fifty-eight, one hundred and fifty-nine, one hundred and eighty-nine, one hundred and ninety-three A and one hundred and ninety-four; provided, however, that nothing contained in section one hundred and fifty or one hundred and fifty-one shall be construed to require any person acting as an insurance agent of such a company to be licensed under section one hundred and sixty-three. Such company may transact all the kinds of business specified in said eleventh clause.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 117 - Steam Boiler Insurance; Term of Policy

Section 117. No company shall issue a policy of insurance on a steam boiler for a longer period than three years. This provision shall not apply to policies issued under authority of section twenty-two A 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 only at locations other than his manufacturing premises.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 117b - Credit Insurance; Combination Policies; Contents; Commissioner's Approval

Section 117B. Two or more companies authorized to transact business under clause Tenth of section forty-seven may issue a single policy of insurance against loss or damage on account of the hazards specified in such clause on which each company shall be severally liable for a specified percentage of any loss or claim. Such policy shall be executed on behalf of the companies by a duly authorized person and need not be countersigned by a resident agent of more than one of such companies in the commonwealth.
No such policy shall be issued or delivered until a copy of the form thereof has been on file for thirty days with the commissioner, unless before the expiration of said thirty days he shall approve the form of the policy in writing; nor if the commissioner notifies the companies in writing within said thirty days that in his opinion the form of the policy does not comply with the laws of the commonwealth specifying his reasons therefor, provided, that such action of the commissioner shall be subject to review by the supreme judicial court; nor unless the corporate names of all the companies are affixed thereto; nor unless such policy contains in substance the following:—
(1) A provision specifying the percentage of loss or claim for which each such company shall be liable.
(2) A provision that any notice, sworn statement, or proof of loss which may be required by the provisions of the policy may be rendered, made, or given to any one of such companies or to the agent named in the policy as the duly authorized agent of the companies, and that such notice, sworn statement, or proof of loss so rendered, made, or given shall be valid and binding as to all such companies.
(3) A provision that, in any action or suit under the policy, service of process may be made on any one of such companies and that such service shall be deemed valid and binding service upon all such companies.
Policies issued under this section which are subscribed by one or more mutual companies and persons insured under such policies and dividends and assessments thereunder shall, as to such companies, be subject to the provisions of the second, third, fourth and fifth paragraphs of section one hundred and two B and, except as otherwise provided in said paragraphs, sections seventy-six, eighty so far as applicable, eighty-one and eighty-three, relative to policies issued by mutual fire companies, persons insured under such policies, and dividends and assessments thereunder. Nothing in this section shall be construed as affecting, except as provided herein, any provision of law relative to the rights, powers, duties and liabilities of mutual companies and persons insured thereby.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 117d - Credit Involuntary Unemployment Insurance

Section 117D. (a) A licensed property and casualty insurance company may, notwithstanding any law or regulation to the contrary, issue a general or blanket policy of insurance to a bank, association, financial or other institution, vendor, or to a parent holding company, or to the trustee, trustees or agent designated by one or more banks, associations, financial or other institutions, or vendors under which debtors, guarantors or purchasers are insured against loss of employment resulting from involuntary unemployment, in an amount with respect to each obligation not to exceed the total of the scheduled payments on the obligation; provided, further, that where the coverage is for less than the full amount of said obligation, the periodic benefit payment shall cover either the full amount of each periodic payment on said obligation or the maximum periodic benefit set forth in said policy until the maximum aggregate benefit of said policy is reached.
(b) The following method of determination of premium rates with respect to credit involuntary unemployment insurance contained in clause (c) is required only for such insurance written in connection with consumer credit transactions which are subject to section twelve G of chapter two hundred and fifty-five, section ten of chapter two hundred and fifty-five B, section fourteen A of chapter two hundred and fifty-five C, or subsection C of section twenty-six of chapter two hundred and fifty-five D, for which an identifiable charge is paid by insured persons.
(c) The following are the procedures for determining the maximum premium rates permitted to be charged any account:
(A) The premium rates charged for credit involuntary unemployment insurance policies shall be reasonable in relation to the benefits provided as indicated by a minimum annual loss ratio of sixty percent. All credit involuntary unemployment insurance premium rates and applicable policies in connection therewith shall be filed for approval with the commissioner of insurance. The commissioner shall approve such rates and policies if such rates are reasonable in relation to benefits provided.
(B) Each insurer writing said involuntary unemployment insurance shall file with the commissioner of insurance annually supporting rate documentation as specified by the commissioner.
(C) After submission of such experience, the commissioner of insurance may review said insurance claims experience and loss ratio data from said credit insurance supplement forms and determine whether the rates in effect comply with the standards set forth in paragraph (A). If the commissioner determines the rates generating such loss ratios do not comply with the standards set forth in said paragraph (A), the commissioner may require any insurer to file rates that will meet such standards or submit reasons acceptable to the commissioner why it should not be required to do so.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 118 - Life Company Defined

Section 118. All companies doing business in the commonwealth under any charter, compact, agreement or statute of this or any other state, involving the payment of money or other thing of value to families or representatives of policy and certificate holders or members, conditioned upon the continuance or cessation of human life, or involving an insurance, guaranty, contract or pledge for the payment of endowments or annuities, shall be deemed to be life companies, and shall not make any such insurance, guaranty, contract or pledge in the commonwealth, or to or with any resident thereof, which does not distinctly state the amount of benefits payable, the manner of payment and the consideration therefor, nor any such insurance, guaranty, contract or pledge the performance of which is contingent upon the payment of assessments made upon survivors; provided that corporations incorporated for any educational, charitable, benevolent or religious purpose shall not be deemed life companies and shall not be subject to this chapter. Nothing herein relating to the consideration for the policy shall apply to any extra compensation which may be charged by a company to the insured for engaging in military or naval service in time of war.
All life insurance hereafter transacted by the corporations which formerly issued policies on the assessment plan under chapter four hundred and twenty-one of the acts of eighteen hundred and ninety and acts in amendment thereof shall be carried on in accordance with this chapter; but such corporations may carry out in good faith their assessment contracts made with their members prior to July first, eighteen hundred and ninety-nine.
Any domestic stock company organized to make contracts for the payment of variable annuities shall be deemed to be a life company with power to transact any one or more of the categories of business set forth in the sixteenth clause of section forty-seven, and the assets of any such company set aside for such variable annuity contracts shall be deemed to be one or more separate investment accounts, established under and meeting the requirements of section one hundred and thirty-two G, and all policies and contracts issued and insurance business transacted by any such company shall be in accordance with the provisions of this chapter applicable to life companies; but such provisions to the contrary notwithstanding, any such company may retain its corporate name. The provisions of this paragraph shall apply notwithstanding any inconsistent provision in the agreement of association or charter of any such domestic stock company.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 119a - Proceeds of Annuity Contract or Policy of Life Insurance Retained by Life Company; Alienation, Assignment, Etc. by Beneficiary

Section 119A. If, under the terms of any annuity contract or policy of life insurance, or under any written agreement supplemental thereto, issued by any life company, the proceeds are retained by such company at maturity or otherwise, no person entitled to any part of such proceeds, or any instalment of interest due or to become due thereon, shall be permitted to commute, anticipate, encumber, alienate or assign the same, or any part thereof, if such permission is expressly withheld by the terms of such contract, policy or supplemental agreement; and if such contract, policy or supplemental agreement so provides, no payments of interest or of principal shall be in any way subject to such person's debts, contracts or engagements, nor to any judicial processes to levy upon or attach the same for payment thereof. No such company shall be required to segregate such funds but may hold them as a part of its general corporate funds.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 119b - Refund of Prepaid Individual Life Insurance Premiums Upon Death of Insured

Section 119B. Upon the death of an insured, the proceeds payable under any policy of individual life insurance, other than a single-premium life insurance policy, delivered or issued for delivery in the commonwealth which is in force on a premium-paying basis on the date of death, shall include premiums paid for any period beyond the end of the policy month in which death occurred, unless such refund of premiums is due some other person pursuant to contract provisions.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 119c - Interest on Proceeds Payable Under Policy of Individual Life Insurance Upon Death of Insured

Section 119C. Upon the death of an insured, the proceeds payable under any policy of individual life insurance which is in force on the date of death shall include the payment of interest at the rate for proceeds left on deposit with the insurer beginning thirty days after the death of the insured and shall not be payable until receipt by the insurer of proof of the insured's death. In the event the insurer does not pay interest on proceeds left on deposit with the insurer, the rate of interest shall be six per cent. If the beneficiary brings an action to enforce such payments and prevails, the court shall award interest in accordance with the provisions of section six C of chapter two hundred and thirty-one, in lieu of any interest payment contained in this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 120 - Discrimination by Life Company in Amount or Payment of Premiums or Rate Charged, in Benefits Payable, or in Any Other Term of Contract Prohibited

Section 120. No life company and no officer or agent thereof shall make or permit any distinction or discrimination in favor of individuals between insurants of the same class and equal expectation of life in the amount or payment of premiums or rates charged for policies of life or endowment insurance, or annuity or pure endowment contracts, or in the dividends or other benefits payable thereon, or in any other of the terms and conditions of the contracts it makes.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 120a - Refusal to Issue Policy of Individual Life Insurance for Reason of Mental Retardation Prohibited

Section 120A. No insurer authorized to issue policies upon the lives of persons in the commonwealth may refuse, for the sole reason of mental retardation, to issue a policy of individual life insurance on the life of any person residing in the commonwealth who has reached the age of three years, if there is no other insurance in force or pending consideration on the life of such person. Insurer as used in this section shall include every life insurance company as defined in section one hundred and eighteen and every fraternal benefit society as defined in section one of chapter one hundred and seventy-six.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 120b - Refusal to Issue Policy of Individual Life Insurance for Reason of Blindness Prohibited

Section 120B. No insurer authorized to issue policies on the lives of persons in the commonwealth may refuse, for the sole reason of blindness, to issue a policy of individual life insurance on the life of any such person residing in the commonwealth.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 120c - Discrimination in Cancellation, Issuance, Renewal or Rates of Policies on the Lives of Persons for Reason of Exposure to Diethylstilbestrol or Des Compounds Prohibited

Section 120C. No insurer, agent or broker authorized to issue policies on the lives of persons in the commonwealth shall cancel, refuse to issue or renew, charge any excessive rates or restrict any length of coverage or in any way practice discrimination against persons primarily because the insured person has had a suspected, alleged or confirmed exposure to the potential hazards and afflictions of diethylstilbestrol or compounds commonly referred to as DES. The practices prohibited under this section shall include not only those overtly discriminatory but also practices and devices which are fair in form but discriminatory in practice.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 120d - Discrimination in Cancellation, Issuance, Renewal or Rates of Policies of Life Insurance or Endowment Insurance for Reason That Individual Has Been Victim of Abuse Prohibited

Section 120D. No company, and no officer or agent thereof, and no insurance broker, shall cancel, refuse to issue or renew, or in any way make or permit any distinction or discrimination in the amount or payment of premiums or rates charged, in the length of coverage, or in any other of the terms and conditions of a policy of life insurance or endowment insurance on the life of any person residing in the commonwealth, who has applied for or consented in writing to the purchase of such coverage, based on information that such person has been a victim of abuse, as defined by section one of chapter two hundred and nine A. No company, and no officer or agent thereof, and no insurance broker shall seek information that such person has been a victim of abuse as defined by said section one of said chapter two hundred and nine A. The practices prohibited under this section shall include not only those overtly discriminatory but also practices and devices which are fair in form but discriminatory in practice. Nothing in this section shall be construed as creating a special class of insureds who have been victims of abuse as defined by said section one of said chapter two hundred and nine A. Any violation of this section shall constitute an unfair method of competition or an unfair or deceptive act or practice in violation of chapters ninety-three A and one hundred and seventy-six D.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 120f - Discrimination in Terms or Conditions of Group or Individual Annuity, Pure Endowment Contract or Certificate Prohibited

Section 120F. No company, officer or agent thereof shall make or permit a distinction, classification or discrimination, or otherwise recognize a difference in life expectancy, on the basis of race, color, religion, sex, marital status or national origin in the terms or conditions of a group or individual annuity, pure endowment contract or certificate covering residents of the commonwealth which is issued or delivered within or without the commonwealth on or after January 1, 2009, including, but not limited to, the amount or method of payment of premiums or rate charges or in the benefits payable. A violation of this section shall constitute an unfair method of competition or an unfair or deceptive act or practice in violation of chapter 176D.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 121 - Sale or Purchase of Securities in Connection With Contract of Life or Endowment Insurance or Annuity Prohibited

Section 121. No life company and no officer or agent thereof and no insurance broker shall make any contract of life or endowment insurance or any annuity or pure endowment contract or any agreement as to such contract other than as plainly expressed in the policy issued thereon; or give, sell or purchase, or offer to give, sell or purchase, as inducement to placing or negotiating any such contract or the continuance or renewal thereof or in connection therewith, any stocks, bonds or other securities of any company or other corporation, association or partnership, or any dividends or profits accrued thereon.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 122 - Discrimination Against Colored Persons of African Descent in Conditions and Premium Charged for Policies of Life Insurance Prohibited

Section 122. No life company shall make any distinction or discrimination between white persons and colored persons wholly or partly of African descent as to the premiums or rates charged for policies upon the lives of such persons; nor shall any such company demand or require greater premiums from such colored persons than are at that time required by such company from white persons of the same age, sex, general condition of health and prospect of longevity; nor shall any such company make or require any rebate, diminution or discount upon the amount to be paid on such policy in case of the death of such colored person insured, nor insert in the policy any condition, nor make any stipulation whereby such person insured shall bind himself or his heirs, executors, administrators and assigns to accept any amount less than the full value or amount of such policy in case of a claim accruing thereon, by reason of the death of such person insured, other than such as are imposed upon white persons in similar cases; and any such stipulation or condition so made or inserted shall be void.
Any such company which shall refuse the application of any such colored person for insurance upon such person's life shall furnish such person, on his request therefor, with the certificate of a regular examining physician of such company who made the examination, stating that such refusal was not because such applicant is a person of color, but solely upon such grounds of the general health and prospect of longevity of such person as would be applicable to white persons of the same age and sex.
A company or an officer or agent thereof who violates any provision hereof shall be punished by a fine of not more than one hundred dollars.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 122a - Discrimination Based Upon Lawful Travel Experiences or Plans Prohibited; Life Insurance Policies

Section 122A. (a) An insurer or producer authorized to issue policies on the lives of persons in the commonwealth shall not make a distinction or otherwise discriminate between persons, reject an applicant, cancel a policy or demand or require a higher rate of premium for reasons based solely upon an applicant's or insured's past lawful travel experiences or future lawful travel plans.
(b) This section shall not prohibit an insurer from excluding or limiting coverage under a life insurance policy, or refusing to offer life insurance, based upon past lawful travel or future lawful travel plans, or from charging a different rate for that coverage, when that action is based upon sound actuarial principle or is related to actual or reasonably expected experience and is not based solely on the destination's inclusion on the United States Department of State Travel Warning List.
(c) A violation of this section shall constitute an unfair method of competition or unfair and deceptive act or practice pursuant to chapter 176D.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 123 - Application for Issuance of Policy of Life or Endowment Insurance; Change of Designation of Beneficiary

Section 123. No life company shall issue any policy of life or endowment insurance in this commonwealth except upon a written application therefor signed or assented to in writing by the person to be insured; provided, that such a company may issue a policy on the life of a minor under the age of fifteen on an application signed by the parent, guardian or other person having legal custody of such minor; and provided, further, that such a company may issue a single policy on the lives of any two or more members of a family on an application signed by either parent, a step-parent, or by a husband or wife. For the purposes of this paragraph members of a family shall mean husband, wife, children, adopted children, or step-children.
No life insurance company shall accept or take action on any written request to change the designation of beneficiary under any policy of life or endowment insurance unless the signature of the person requesting the change is witnessed by a disinterested person. For purposes of this section, a disinterested person is one who is over eighteen years of age and not designated as a beneficiary in the requested change. Upon receipt and acceptance of the change of designation of beneficiary, the insurance company shall provide written notice of the change to the insured at the owner's last known address.
This section shall not apply to contracts based upon the continuance of life, such as annuity or pure endowment contracts, whether or not they embody an agreement to refund, upon the death of the holder, to his estate or to a specified payee, any sum not exceeding the premiums paid thereon with compound interest, nor shall it apply to contracts of group life insurance.
Any company violating this section, or any officer, agent or other person soliciting or effecting, or attempting to effect, a contract of insurance contrary to the provisions hereof, shall be punished by a fine of not more than one hundred dollars.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 123a - Insurable Interest of Corporation in the Life or Physical or Mental Ability of Corporate Director, Officer, Employee, Etc.

Section 123A. (1) A corporation, foreign or domestic shall be deemed to have an insurable interest, including without limitation, in the life or physical or mental ability of: (i) any of its directors, officers, or employees or the directors, officers, or employees of any of its subsidiaries; (ii) any other person whose death or physical or mental disability might cause financial loss to the corporation; (iii) a shareholder pursuant to any contractual arrangement with said shareholder concerning the reacquisition of shares owned by him at the time of his death or disability or (iv) the principal obligor pursuant to a contract obligating the corporation as part of compensation arrangements or pursuant to a contract obligating the corporation as guarantor or surety. The trustee of a trust established by a corporation for the sole benefit of the corporation shall have the same insurable interest in the life or physical or mental ability of any person as does the corporation. The trustee of a trust established by a corporation providing life, health, disability, retirement, or similar benefits to employees of the corporation or its subsidiaries and acting in a fiduciary capacity with respect to such employees, retired employees or their dependents or beneficiaries shall have an insurable interest in the lives of employees or retired employees for whom such benefits are to be provided.
(2) A charitable institution as defined under section 501 (c)(3), (c)(6), (c)(8), and (c)(9) of the Internal Revenue Code shall be deemed to have an insurable interest, without limitation, in the life of any donor.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 124 - Claims Under Policy Issued by Life Company; Binding Effect of Statements in Application for Life Insurance Policy Issued Without Medical Examination

Section 124. In any claim arising under a policy issued in the commonwealth by any life company, without previous medical examination, or without the knowledge and consent of the insured, or, if said insured is a minor, without the consent of the parent, guardian or other person having legal custody of said minor, the statements made in the application as to the age, physical condition and family history of the insured shall be held to be valid and binding on the company; but the company shall not be debarred from proving as a defense to such claim that said statements were wilfully false, fraudulent or misleading.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 125 - Beneficiaries of Policy of Life or Endowment Insurance; Entitlement to Proceeds Against Creditors of Person Effecting Policy

Section 125. If a policy of life or endowment insurance is effected by any person on his own life or on another life, in favor of a person other than himself having an insurable interest therein, the lawful beneficiary thereof, other than himself or his legal representatives, shall be entitled to its proceeds against the creditors and representatives of the person effecting the same, whether or not the right to change the named beneficiary is reserved by or permitted to such person; provided, that, subject to the statute of limitations, the amount of any premiums for said insurance paid in fraud of creditors, with interest thereon, shall enure to their benefit from the proceeds of the policy; but the company issuing the policy shall be discharged of all liability thereon by payment of its proceeds in accordance with its terms, unless before such payment the company shall have written notice, by or on behalf of a creditor, of a claim to recover for certain premiums paid in fraud of creditors, with specification of the amount claimed. No court, and no trustee or assignee for the benefit of creditors, shall elect for the person effecting such insurance to exercise such right to change the named beneficiary.
Any person to whom a policy of life or endowment insurance, issued subsequent to April eleventh, eighteen hundred and ninety-four, is made payable may maintain an action thereon in his own name.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 126 - Policy of Life or Endowment Insurance Payable to or for the Benefit of a Married Woman

Section 126. Every policy of life or endowment insurance made payable to or for the benefit of a married woman, or after its issue assigned, transferred or in any way made payable to a married woman, or to any person in trust for her or for her benefit, whether procured by herself, her husband or by any other person, and whether the assignment or transfer is made by her husband or by any other person, and whether or not the right to change the named beneficiary is reserved by or permitted to the person effecting such insurance, shall enure to her separate use and benefit, and to that of her children, subject to the provisions of section one hundred and twenty-five relative to premiums paid in fraud of creditors and to sections one hundred and forty-four to one hundred and forty-six, inclusive. No court, and no trustee or assignee for the benefit of creditors, shall elect for the person effecting such insurance to exercise such right to change the named beneficiary.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 127 - False or Fraudulent Statements in Application for Life or Endowment Insurance; Penalties

Section 127. An insurance agent, examining physician or other person who knowingly or wilfully makes a false or fraudulent statement or representation in or relative to any application for life or endowment insurance, or who makes any such statement for the purpose of obtaining a fee, commission or money, or benefit in a company transacting such business under this chapter, shall be punished by a fine of not less than one hundred nor more than five hundred dollars or by imprisonment for not less than one month nor more than one year, or both; and a person who wilfully makes a false statement of any material fact or thing in a sworn statement as to the death or disability of a policyholder in any such company, for the purpose of procuring payment of a benefit named in the policy, shall be guilty of perjury.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 128 - Age of Competency to Contract for Life or Endowment Insurance

Section 128. Any minor resident in this commonwealth who shall have attained the age of fifteen years shall be deemed competent to contract for life or endowment insurance upon his life, for his own benefit or for the benefit of the husband, wife, children, father, mother, brother, sister or grandparent of such minor, and to exercise and enjoy every right, privilege and benefit provided by any life or endowment insurance contract on the life of such minor, subject to the foregoing limitations as to designation of beneficiary.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 129 - Plain Description Upon Face of Policy of Life or Endowment Insurance or Annuity Required

Section 129. No life company and no officer or agent thereof shall issue a policy of life or endowment insurance or an annuity or pure endowment policy to a resident of the commonwealth not bearing in bold letters upon its face a plain description of the policy, so fully defining its character, including dividend periods and other peculiarities, that the holder thereof shall not be likely to mistake the nature or scope of the contract.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 130 - Policies of Life or Endowment Purporting to Be Issued or to Take Effect More Than Six Months Before Date of Application; Annuities or Pure Endowments Contracts Purporting to Be Issued or to Take Effect at Higher Age

Section 130. No policy of life or endowment insurance shall be issued or delivered in the commonwealth if it shall purport to be issued or to take effect as of a date more than six months before the date of the original written application, if thereby the applicant would rate at an age younger than his age at nearest birthday on the date when the application was made, and no annuity or pure endowment contract shall be so issued or delivered if it shall purport to be issued or to take effect at an age higher than the age of the applicant at his nearest birthday at the time of the original written application.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 131 - Endorsement or Attachment of Application as a Part of Policy of Life or Endowment Insurance

Section 131. Unless a correct copy of the application is endorsed upon or attached to a policy of life or endowment insurance, when issued, the application shall not be considered a part of the policy or received in evidence for any purpose. Every such policy which contains a reference to the application, either as a part of the policy or as having any bearing thereon, shall have endorsed thereon or attached thereto, when issued, a correct copy of the application.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 132a1/2 - Requirements for Other Group Annuity Contracts

Section 132A1/2. A group annuity offered to a resident of the commonwealth under a group annuity contract issued to a group other than one described in section 132A shall be subject to the following requirements:
(a) A group annuity contract shall not be delivered in the commonwealth unless the commissioner finds that:
(1) the issuance of the group annuity contract is not contrary to the best interests of the public;
(2) the issuance of the group annuity contract would result in economies of acquisition or administration; and
(3) the benefits are reasonable in relation to the premiums charged.
(b) The premium for the annuity contract shall be paid either from the contract holder's funds or from funds contributed by the covered persons, or from both.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 132c - Group Annuity Contract; Exemption From Process; Exception

Section 132C. No group annuity contract, nor the proceeds or benefits thereof, shall be liable, either before or after payment, to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liabilities of the annuitant or his beneficiary or any other person having any right thereunder; nor shall the benefits or proceeds upon the death of an annuitant, when not made payable to a beneficiary, constitute a part of the estate of the annuitant for the payment of his debts.
Nothing in this section shall prevent an annuitant's benefits from being seized, taken, appropriated, assigned, or applied by any legal or equitable process or operation of law to satisfy a support order under chapter two hundred and eight, two hundred and nine, or two hundred and seventy-three.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 132e - Group Annuity Contract; Construction

Section 132E. The term ''annuity'' or ''annuity contract'' when used in this chapter, except in sections one hundred and twenty-nine, one hundred and thirty and one hundred and thirty-two, shall include a group annuity contract unless the context otherwise requires or a different meaning is specifically prescribed.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 132h - Variable Annuity Contracts; Investment of Assets; Limitations; Rules and Regulations

Section 132H. Assets in any separate account established under section one hundred and thirty-two F or one hundred and thirty-two G shall not be deemed to be part of the reserve mentioned in section sixty-three and may be invested and reinvested, except as otherwise provided in said sections one hundred and thirty-two F and one hundred and thirty-two G, wholly or partly, in common stocks and other securities, including the shares of any investment company registered under the Federal Investment Company Act of 1940, as amended, and investments of any other kind permitted by this chapter; provided, however, that not more than ten per cent of all such separate account assets of a life company shall be invested in the capital stock, certificates of participation or shares of any one corporation, association or trust, other than one or more of such investment companies which are open-end, diversified management companies as defined in said Federal Investment Company Act of 1940, if at the time the investment is made all such separate account assets exceed one million dollars. The provisions of section sixty-six placing limitations on the percentage of its capital and surplus which shall be invested by a life company in the capital stock, certificates of participation or shares of any one corporation, association or trust shall not be applicable to investments of assets in such separate accounts, nor shall assets in such separate accounts be taken into consideration in applying such limitations to investment of assets in the life company's general investment account. The provisions of section sixty-six placing limitations on the percentage of the capital stock, certificates of participation or shares of any one corporation, association or trust which a life company shall invest in, acquire or hold, shall not be applicable to purchases for any such separate account. Except as provided in this section, the investment limitations based on percentages of the life company's assets or percentages of capital and surplus, other than that contained in the second sentence in the third paragraph of section sixty-four, shall not apply, either in whole or in part, to any investments of assets by a life company allocated to any separate accounts. Assets allocated by a life company to separate accounts shall be wholly disregarded and shall not be taken into consideration in applying such investment limitations to investment of assets in a life company's general investment account.
The commissioner may issue such rules and regulations as may be necessary to carry out the provisions of this section. The provisions of chapter thirty A shall not be applicable to such rules and regulations.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 132i - Funding Agreements

Section 132I. Any insurer authorized to issue annuity contracts in the commonwealth may issue one or more funding agreements, in fixed or variable amounts or in both, to fund (i) benefits under any employee benefit plan as defined in the federal Employee Retirement Income Security Act of 1974, 29 U.S.C. section 1002; (ii) the activities of any organization exempt from taxation under section 501(c) of the Internal Revenue Code or any similar organization in any foreign country; (iii) any program of the government of the United States, the government of any state, foreign country or political subdivision thereof; (iv) any agreement providing for periodic payments in satisfaction of a claim; or (v) any program of any individual or entity which has assets in excess of $25,000,000. Amounts paid to the insurer under such funding agreements may be allocated by the insurer to its general account or to one or more separate accounts pursuant to section 132F or section 132G. The issuance of a funding agreement in the commonwealth shall constitute doing an insurance business herein. For purposes of section 180F, funding agreements shall be treated as insurance contracts, and the holders thereof shall be entitled to the same priority of distribution as policyholders.