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2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 172 - Trust Companies › Section 1 - Definitions

Section 1. (a) As used in sections 1 to 9, inclusive, of this chapter the words ''board'' or ''board of bank incorporation'' shall, unless the context clearly requires otherwise, mean a board consisting of the commissioner of banks, the commissioner of revenue and the state treasurer.
(b) As used in this chapter the following words shall, unless the context clearly requires otherwise, have the following meanings:—
''Capital stock'', the sum of the par value of the preferred and common shares of capital stock, issued and outstanding.
''Commissioner'', the commissioner of banks.
''Common stock'', the shares of capital stock of a trust company, other than preferred stock.
''Incorporators'', subscribers to the agreement of association for the purpose of forming a trust company under this chapter.
''Officer'', any individual designated as such in accordance with the by-laws including, whether or not so designated, the president, vice-president, treasurer and the clerk or secretary, or any individual who performs the duties appropriate to those offices.
''Stockholder'', a registered owner of shares of capital stock of a trust company.
''Surplus account'', an account so designated on the books of a trust company and consisting of such amounts as shall be required by law or shall be transferred thereto by vote of the board of directors.
''Trust company'' or ''corporation'', a trust company incorporated as such in the commonwealth.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 172 - Trust Companies › Section 3 - Use of Words ''trust Company''

Section 3. No person, other than a trust company, shall use the words ''trust company'', even though said words may be separated by 1 or more other words, as part of the person's or its name or in any representation describing the person's or its business, powers, services or functions. Any person who violates this section shall be punished by a fine of $100 for each day during which such violation continues.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 172 - Trust Companies › Section 5 - Formation of Trust Company; Agreement of Association

Section 5. Fifteen or more individuals who associate themselves by a written agreement to form a trust company may, upon compliance with sections 4 to 9, inclusive, become a corporation, with all the powers and privileges and subject to all the duties, restrictions and liabilities set forth in all general laws relating to such corporations. The agreement of association shall specifically state:
(1) That the incorporators associate themselves with the intention of forming a corporation;
(2) The name by which the corporation shall be known;
(3) The location of the principal office of the corporation, which shall be within the commonwealth;
(4) The purposes for which the corporation is formed and the nature of the business to be transacted;
(5) The amount and classes of its capital stock, and the number of shares into which any class is to be divided;
(6) the amount of the surplus account;
(7) the amount of the undivided profits account; and
(8) the name of each incorporator and the number of shares of capital stock, if any, which the individual agrees to take and the class or classes of such shares.
The name of each incorporator shall be subscribed to the agreement of association.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 172 - Trust Companies › Section 6 - Notice of Intention to Form Trust Company; Application for Certificate

Section 6. A notice of the intention of the subscribers to form such a trust company shall be given to the board of bank incorporation.
A notice in such form as said board shall approve, shall be published at least once a week, for 3 successive weeks, in 1 or more newspapers designated by the board, and published in the city or town in which it is proposed to establish the trust company, or if there is no newspaper in such city or town, in a newspaper published in the city or town which is nearest to the proposed location. Such notice shall specify the names of the proposed incorporators, the name of the corporation and the location of the same. The subscribers to said agreement shall apply to the board for a certificate that public convenience and advantage will be promoted by the establishment of such trust company. Such an application for a proposed trust company shall be accompanied by an investigation fee, the amount of which shall be determined by the secretary of administration and finance pursuant to section 3B of chapter 7. In determining whether the public convenience and advantage will be promoted by the establishment of such trust company, the board shall consider the adequacy of its capital structure, the general character of its management, the adequacy of banking facilities in the area and the convenience and needs of the community to be served. The board may grant such certificate, which shall be deemed to be revoked if the applicants therefor do not become incorporated and begin business not more than 1 year after its date of issue; provided, however, that the board may grant an additional extension upon a demonstration of good cause; and provided further, that the board may impose terms and conditions on such extension. If the board refuses to issue such certificate, no further proceeding shall be taken by the applicant during the year next following the date of such refusal except with the approval of the board; provided, however, the applicant may renew the application as of right after 1 year from the date of such refusal, and may dispense with further notice or publication unless the board orders such notice or publication.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 172 - Trust Companies › Section 7 - First Meeting of Incorporators

Section 7. The first meeting of the incorporators shall be called by a notice signed either by that incorporator who is designated in the agreement for the purpose, or by a majority of the incorporators, and such notice shall state the time, place and purposes of the meeting. A copy of the notice shall, at least 7 days before the day appointed for the meeting, be given to each incorporator or left at the incorporator's residence or usual place of business, or deposited in the post office, postage prepaid, and addressed to the incorporator at such incorporator's residence or usual place of business, and another copy thereof and an affidavit of 1 of the signers that the notice has been duly served shall be recorded with the records of the corporation. If all the incorporators shall, in writing endorsed upon the agreement of association, waive such notice and fix the time and place of the meeting, no notice shall be required. At such first meeting, or at any adjournment thereof, the incorporators shall organize by the choice by ballot of a temporary clerk who shall be sworn, by the adoption of by-laws and by the election in such manner as the by-laws may determine, of directors, a clerk or secretary, and such other officers as the by-laws may prescribe. The temporary clerk shall make and attest a record of the proceedings until the clerk or secretary has been chosen and sworn, including a record of such choice and qualification.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 172 - Trust Companies › Section 9 - List of Stockholders; Issuance of Certificate Authorizing Corporation to Begin Transaction of Business

Section 9. When all the capital stock has been issued, a list of the stockholders, with the name, residence and post office address of each, and the number of shares in each class held by each stockholder, shall be filed with the board of bank incorporation, which list shall be verified by the clerk of the corporation. Upon receipt of such list the board shall cause an examination to be made of the method of payment of the capital stock, of the personnel of the corporation, including the officers and directors thereof, and if, after such examination, it appears that the whole capital stock, surplus account and undivided profits account have been paid in cash, that all requirements of law have been complied with, that the bank is a member of the Federal Deposit Insurance Corporation, and that the qualifications of the personnel are satisfactory, the board shall, if satisfied that the public convenience and advantage will be promoted thereby, issue a certificate authorizing such corporation to begin the transaction of business. No such corporation shall begin the transaction of business until such a certificate has been granted.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 172 - Trust Companies › Section 10 - Adoption of By-Laws; Regulations Controlling Assignment and Transfer of Shares; Quorum

Section 10. Such corporation may adopt by-laws for the proper management of its affairs and as appropriate to exercise all powers necessary, convenient or incidental to the purposes for which the corporation was formed. The corporation may also establish regulations controlling the assignment and transfer of its shares. A majority in interest of the stockholders entitled to vote shall constitute a quorum at any meeting unless the by-laws require more than a majority.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 172 - Trust Companies › Section 11 - Stockholder Voting; Votes by Proxy

Section 11. Stockholders entitled to vote may vote in person or by proxy. No proxy dated more than 6 months before the date of the meeting named therein shall be valid, and no proxy shall be valid after the final adjournment of such meeting. A proxy with respect to stock held in the name of 2 or more persons shall be valid if executed by any 1 of them unless at or prior to the exercise of the proxy such corporation receives a specific written notice to the contrary from any 1 of them. A proxy purporting to be executed by or on behalf of a stockholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Except as otherwise provided in the articles of organization or by-laws of the corporation, special meetings of the stockholders may be called pursuant to section 7.02 of chapter 156D.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 172 - Trust Companies › Section 13 - Election of Officers

Section 13. The clerk or secretary shall be elected by the stockholders at their annual meeting or at a special meeting duly called for the purpose.
The president shall be elected by and from the board of directors and shall be chairman thereof unless the board designates a director in lieu of the president to be chairman. The directors shall elect the treasurer and any other officers including an executive vice president. The president as may be required or permitted by law or by-law may select other officers. The officers elected by the board shall hold their respective offices during the pleasure of the directors. The directors may fill a vacancy in the office of clerk or secretary until the next meeting of the stockholders.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 172 - Trust Companies › Section 14 - Meetings of Board of Directors; Action Without Meeting

Section 14. Subsection (a) to (e), inclusive, shall apply to meetings of the board and its committees.
(a) The board of directors shall meet at intervals, not less frequent than quarterly; provided, however, upon application in writing by the corporation, the commissioner may waive or modify this requirement. Unless the articles of organization, the by-laws, or a resolution by the board otherwise provide, members of the board of directors or a committee designated thereby may participate in a meeting of the board or committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting may simultaneously hear each other and participation by those means shall constitute presence in person at a meeting. Members may transmit written authorizations that may be required during the meeting by electronic facsimile or other commercially acceptable transmission.
(b) Unless the articles of organization or bylaws provide that action required or permitted by this chapter or any other general law to be taken by the directors shall be taken only at a meeting, the action may be taken without a meeting if the action is taken by the unanimous consent of the members of the board of directors. The action must be evidenced by 1 or more consents describing the action taken, in writing, signed by each director, or delivered to the corporation by electronic transmission, to the address specified by the corporation for the purpose or, if no address has been specified, to the principal office of the corporation, addressed to the secretary or other officer or agent having custody of the records of proceedings of directors, and included in the minutes or filed with the corporate records reflecting the action taken.
(c) Action taken under this section is effective when the last director signs or delivers the consent, unless the consent specifies a different effective date.
(d) A consent signed or delivered under this section has the effect of a meeting vote and may be described as such in any document.
(e) This section shall also apply to committees and their members.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 2 - Purpose; Construction

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 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and 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 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 4 - Restrictions on Application

Section 4. This chapter shall apply to risks located in this commonwealth insured by insurance companies authorized to transact business in this commonwealth under the First, Second or Third clauses of section forty-seven of chapter one hundred and seventy-five, even though such risks 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. Inland marine insurance shall be deemed to include insurance now or hereafter defined by law, or by interpretation thereof, or, if not so defined or interpreted, by ruling of the commissioner, or as established by general custom of the business, as inland marine insurance.
This chapter shall not apply—
(a) To reinsurance, other than joint reinsurance to the extent stated in section thirteen.
(b) To insurance of vessels or craft, their cargoes, marine builders' risks, marine protection and indemnity, or other risks commonly insured under marine, as distinguished from inland marine, insurance policies.
(c) To insurance of hulls of aircraft, including their accessories and equipment, or against liability arising out of the ownership, maintenance or use of aircraft.
(d) To motor vehicle insurance, nor to insurance against liability arising out of the ownership, maintenance or use of motor vehicles.
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 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 5 - Rates; General Provisions

Section 5. (a) Rates shall be made in accordance with the following provisions:—
1. Manual, minimum, class rates, rating schedules or rating plans, shall be made and adopted, except in the case of specific inland marine rates on risks specially rated, and except in the case of special rates on other than inland marine risks where manual, minimum, class rates, rating schedules or rating plans are not readily available.
2. Rates shall not be excessive, inadequate or unfairly discriminatory.
3. Due consideration shall be given to past and prospective loss experience within and outside this commonwealth, to the conflagration and catastrophe hazards, to a reasonable margin for underwriting profit and contingencies, to dividends, savings or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members or subscribers, to past and prospective expenses both countrywide and those specially applicable to this commonwealth, and to all other relevant factors within and outside this commonwealth; and in the case of fire insurance rates consideration shall be given to the experience of the fire insurance business during a period of not less than the most recent five-year period for which such experience is available. In considering catastrophe hazards with respect to homeowners insurance rates, the commissioner shall consider catastrophe reinsurance and factors relating thereto.
(b) Except to the extent necessary to meet the provisions of subdivision 2 of subsection (a) of this section, uniformity among insurers in any matters within the scope of this section is neither required nor prohibited.
(c) Rates made in accordance with this section may be used subject to this chapter.
(d) Nothing in this chapter shall abridge or restrict the freedom of contract between insurers and agents or brokers with respect to commissions or between insurers and their employees with respect to compensation.
(e) Two or more insurers who by virtue of their business associations in the United States represent themselves to be or are customarily known as an ''insurance company group'', or similar insurance trade designation, shall have the right to make the same filings or to use the same rates for each such insurer subject to subdivisions 1, 2 and 3 of subsection (a) of this section; and nothing contained in this chapter shall be construed to prohibit an agreement to make the same filings or use the same rates and concerted action in connection with such filings or rates by such insurers. This subsection shall not apply to two or more insurers who are not under the same common executive or general management or control and who act in concert in underwriting groups or pools.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 7 - Defective Filing; Remedy of Aggrieved Persons

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 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 9 - Filings by Voting Organization; Adherence by Members; Deviation; Application; Hearing

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 deviation from the class rates, schedules, rating plans or rules respecting any kind of insurance, or class of risk within a kind of insurance, or combination thereof. Such application shall specify the basis for the modification and a copy thereof shall also 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. In considering the application for permission to file such deviation the commissioner shall give consideration to the available statistics and the principles for rate making as provided in section five. The commissioner shall issue an order permitting the deviation 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 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 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 10 - Rating Organizations; 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.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 11 - Rating Organization; Duties; Appearance by Agent or Broker

Section 11. Every rating organization and every insurer which makes its own rates shall, within a reasonable time after receiving written request therefor and upon payment of such reasonable charge as it may make, furnish to any insured affected by a rate made by it, or to the authorized representative of such insured, all pertinent information as to such rate. Every rating organization and every insurer which makes its own rates shall provide within this commonwealth reasonable means whereby any person aggrieved by the application of its rating system may be heard, in person or by his authorized representative, on his written request to review the manner in which such rating system has been applied in connection with the insurance afforded him. If the rating organization or insurer fails to grant or reject such request within thirty days after it is made, the applicant may proceed in the same manner as if his application had been rejected. Any party affected by the action of such rating organization or such insurer on such request may, within thirty days after written notice of such action, appeal to the commissioner, who, after a hearing held upon not less than ten days' written notice to the appellant and to such rating organization or insurer, may affirm or reverse such action.
An insurance agent holding a license under section one hundred and sixty-three of chapter one hundred and seventy-five and an insurance broker holding a license under section one hundred and sixty-six of said chapter shall have the right to appear on behalf of the assured pursuant to the provisions of this section when so authorized by him in writing.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 12 - Advisory Organizations

Section 12. (a) Every group, association or other organization of insurers, whether located within or outside this commonwealth, which assists insurers which make their own filings or rating organizations in rate making, by the collection and furnishing of loss or expense statistics, or by the submission of recommendations, but which does not make filings under this chapter, shall be known as an advisory organization.
(b) Every advisory organization shall file with the commissioner (1) a copy of its constitution, its articles of agreement or association or its certificate of incorporation and of its by-laws, rules and regulations governing its activities, (2) a list of its members, (3) the name and address of a resident of this commonwealth upon whom notices or orders of the commissioner or process issued at his direction may be served, and (4) an agreement that the commissioner may examine such advisory organization in accordance with section fourteen.
(c) If, after a hearing, the commissioner finds that the furnishing of such information or assistance involves any act or practice which is unfair or unreasonable or otherwise inconsistent with any provision or provisions of this chapter, he may issue a written order specifying in what respects such act or practice is unfair or unreasonable or otherwise inconsistent with such provision or provisions, and requiring the discontinuance of such act or practice.
(d) No insurer which makes its own filings, and no rating organization, shall support its filings by statistics or adopt rate making recommendations, furnished to it by an advisory organization which has not complied with this section or with an order of the commissioner involving such statistics or recommendations issued under subsection (c) of this section. If the commissioner finds such insurer or rating organization to be in violation of this subsection he may issue an order requiring the discontinuance of such violation.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 13 - Joint Reinsurance; Regulation

Section 13. (a) Every group, association or other organization of insurers which engages in joint underwriting or joint reinsurance, shall be subject to regulation with respect thereto as herein provided, subject, however, with respect to joint underwriting, to all other provisions of this chapter and, with respect to joint reinsurance, to sections fourteen and sixteen to eighteen, inclusive.
(b) If, after due notice and a hearing, the commissioner finds that any activity or practice of any such group, association or other organization is unfair or unreasonable or otherwise inconsistent with any provision or provisions of this chapter, he may issue a written order specifying in what respects such activity or practice is unfair or unreasonable or otherwise inconsistent with such provision or provisions, and requiring the discontinuance of such activity or practice.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 14 - Rating and Advisory Organizations; Examination

Section 14. The commissioner shall, at least once in five years, make or cause to be made an examination of each rating organization licensed in this commonwealth as provided in section eight and he may, as often as he may deem it expedient, make or cause to be made an examination of each advisory organization referred to in section twelve and of each group, association or other organization referred to in section thirteen. The reasonable costs of any such examination shall be paid by the rating organization, advisory organization, or group, association or other organization examined, upon presentation to it of a detailed account of such costs. The officers, manager, agents and employees of such rating organization, advisory organization, or group, association or other organization may be examined at any time under oath and shall exhibit all books, records, accounts, documents, or agreements governing its method of operation. In lieu of any such examination the commissioner may accept the report of an examination made by the insurance supervisory official of another state, pursuant to the laws of such state.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 14a - Fire Insurance Ratings; Hearings

Section 14A. The commissioner shall have jurisdiction to change fire insurance ratings given by any company, rating organization, advisory organization, group association or other organization making a fire insurance rating on application by a city or town after a duly notified hearing.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 15 - Commissioner; Rule-Making Power

Section 15. (a) The commissioner shall promulgate reasonable rules and statistical plans, reasonably adapted to each of the rating systems on file with him, which may be modified from time to time and which shall be used thereafter by each insurer in the recording and reporting of its loss and countrywide expense experience in order that the experience of all insurers may be made available at least annually in such form and detail as may be necessary to aid him in determining whether rating systems comply with the standards set forth in section five. Such rules and plans may also provide for the recording and reporting of expense experience items which are specially applicable to this commonwealth and are not susceptible of determination by a prorating of countrywide expense experience. In promulgating such rules and plans, the commissioner shall give due consideration to the rating systems on file with him and, in order that such rules and plans may be as uniform as is practicable among the several states, to the rules and to the form of the plans used for such rating systems in other states. No insurer shall be required to record or report its loss experience on a classification basis that is inconsistent with the rating system filed by it. The commissioner may designate one or more rating organizations or other agencies to assist him in gathering such experience and making compilations thereof, and such compilations shall be made available, subject to reasonable rules promulgated by the commissioner, to insurers and rating organizations.
(b) Reasonable rules and plans may be promulgated by the commissioner for the interchange of data necessary for the application of rating plans.
(c) In order to further uniform administration of rate regulatory laws, the commissioner and every insurer and rating organization may exchange information and experience data with insurance supervisory officials, insurers and rating organizations in other states and may consult and co-operate with them with respect to rate making and the application of rating systems.
(d) The commissioner may make reasonable rules and regulations necessary to effect the purposes of this chapter.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 16 - False or Misleading Information

Section 16. No person or organization shall wilfully withhold information from, or knowingly give false or misleading information to, the commissioner, any statistical agency designated by the commissioner, any rating organization, or any insurer, which will affect the rates or premiums chargeable under this chapter.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 17 - Penalties

Section 17. Any person or organization wilfully violating any provision of this chapter shall be punished by a fine of not more than five hundred dollars for each such violation. Such penalty may be in addition to any other penalty provided by law.
The commissioner may suspend the license of any rating organization or insurer which fails to comply with an order of the commissioner within the time limited by such order, or any extension thereof which the commissioner may grant. The commissioner shall not suspend the license of any rating organization or insurer for failure to comply with an order until the time prescribed for an appeal therefrom has expired or, if an appeal has been taken, until such order has been affirmed. The commissioner may determine when a suspension of license shall become effective and it shall remain in effect for the period fixed by him, unless he modifies or rescinds such suspension, or until the order upon which such suspension is based is modified, rescinded or reversed.
No license shall be suspended or revoked except upon a written order of the commissioner, stating his findings, made after a hearing held upon not less than ten days' written notice to such person or organization specifying the alleged violation.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174a - Regulation of Rates for Fire, Marine and Inland Marine Insurance, and Rating Organizations › Section 18 - Aggrieved Parties; Hearing; Review

Section 18. (a) Any insurer or rating organization aggrieved by any order or decision of the commissioner made without a hearing, may, within thirty days after notice of the order to the insurer or organization, make written request to the commissioner for a hearing thereon. The commissioner shall hear such party or parties within thirty days after receipt of such request and shall give not less than fifteen days' written notice of the time and place of the hearing. Within thirty days after such hearing the commissioner shall affirm, reverse or modify his previous action, specifying his reasons therefor. Pending such hearing and decision thereon the commissioner may suspend or postpone the effective date of his previous action.
(b) Nothing contained in this chapter shall require the observance at any hearing held under authority thereof of formal rules of pleading or evidence.
(c) Any order or decision of the commissioner under authority of this chapter shall be subject to review, which shall be on the basis of the record of the proceedings before the commissioner, by appeal to the supreme judicial court at the instance of any party in interest. The order or decision shall be reviewed in accordance with the standards for review provided in paragraph (8) of section fourteen of chapter thirty A.
The court shall determine whether the filing of the appeal shall operate as a stay of any such order or decision of the commissioner. The court may, in disposing of the issue before it, modify, affirm or reverse the order or decision of the commissioner in whole or in part.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174b - Regulation of Automobile Clubs › Section 2 - Definitions

Section 2. In this chapter, unless otherwise expressly provided or the context otherwise provides, the following words and phrases shall have the following meanings:
''Automobile Club'', any person who in consideration of dues, assessments, or periodic payments of money, promises its members or subscribers to assist them in matters relating to travel and the operation, the use and maintenance of a motor vehicle and the supplying of services which, by way of illustration and not by way of limitation, may include such services as community traffic safety service, travel and touring service, theft or reward service, map service, towing service, emergency road service, bail bond service, legal fee reimbursement service in the defense of traffic offenses, and the participation in an accident and sickness or death insurance benefit program.
''Person'', any person, firm, partnership, corporation or association which conducts an automobile club service business within the commonwealth.
''Commissioner'', the commissioner of insurance.
''Club agent'', any person other than the automobile club itself, who acts or aids in any manner in the solicitation, delivery or negotiation of any service contract or of the renewal or continuance thereof; provided, however, that any person performing only work of a clerical nature in the office of the automobile club shall not be deemed to be a club agent.
''Service contract'', any agreement whereby an automobile club, for a consideration, promises to render, furnish or procure specified services, procure or to reimburse club members therefor.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174b - Regulation of Automobile Clubs › Section 4 - Licensing; Fee

Section 4. An automobile club which offers its members any of the services referred to in section two shall not render any automobile club service prior to being licensed by the commissioner. The annual license fee payable to the commonwealth shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174b - Regulation of Automobile Clubs › Section 7 - Annual Statement of Financial Condition; Filing; Requisites; Failure to File, Suspension or Revocation of License

Section 7. An automobile club shall, with its application for original license, and annually before April first, file with the commissioner a true statement of its financial condition, transactions, and its affairs as of December thirty-first preceding. The statement shall contain such information as may be reasonably required by the commissioner, and shall be verified by the oaths of at least two of the automobile club's principal officers and the statement of financial condition shall be certified by a registered or certified public accountant within the previous six months, as presenting fairly, in accordance with generally accepted accounting principles, the financial position of the automobile club. The commissioner may suspend or revoke the license of any automobile club failing to file its annual statement when due or during any extension of time which the commissioner for good cause may grant.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174b - Regulation of Automobile Clubs › Section 8 - Refusal, Suspension or Revocation of License; Grounds

Section 8. A license may be refused, or a license duly issued may be suspended or revoked, or the renewal thereof refused by the commissioner if, after notice and hearings he finds that the applicant for, or holder of, such license:
(a) has violated any provision of this chapter; or
(b) is in such financial condition that its further transaction of automobile club service in the commonwealth would be hazardous to its members and the automobile-club-service-buying public in the commonwealth, is insolvent; or
(c) has refused or refuses to remove or discharge, or terminate its relationship with a director or officer who has been convicted of any crime involving fraud or dishonesty; or
(d) customarily, or in the regular course of business, compels claimants under its service contract either to accept less than the amount due them or fewer services or compels them to bring suit in order to secure full payment of the amount or all of the services due to said claimants; or
(e) conducts its business outside this commonwealth in such a manner as unjustly to discriminate against or prejudice the interests of the people of this commonwealth; or
(f) is affiliated with and is under the same general management or interlocking directorate or ownership as another automobile club which transacts business in this commonwealth which does not have a certificate of authority therefor; or
(g) has exceeded, or exceeds, its charter powers; or
(h) has refused, or refuses, to be examined, or if its directors, managing officers, employees or representatives refuse to submit to examination by the commissioner when required by the commissioner, or refuse to perform any legal obligation relative to such examination; or
(i) maintains, through its employees, a policy of misrepresenting to the public its service contracts; or
(j) fails to issue service contracts to its members.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 174b - Regulation of Automobile Clubs › Section 9 - Service Contracts; Form; Contents

Section 9. No service contract shall be executed, issued or delivered in this commonwealth until the form thereof has been filed with the commissioner. The service contract may be in the form of a written agreement between the automobile club and the member or it may consist of a completed application, a membership card and a written description of services to be rendered by the automobile club. No service contract shall be executed, issued or delivered in this state unless it contains the following:
(a) The exact corporate or other name of the club.
(b) The location of its home office and its usual place of business in the commonwealth, if any, giving street number and city.
(c) A provision that the contract may be cancelled at any time by given written notice thereof by either the club or the holder, and that the holder will, if the dues or membership fee has been paid thereupon, be entitled to a refund of the unused portion of the consideration paid for such contract, calculated on a pro rata basis over the period of the contract, without any deductions; provided that automobile club may make a reasonable minimum charge.
(d) A provision plainly specifying the services promised, that the holder will not be required to pay any sum, in addition to the amount specified in the contract for any services thus specified, the territory wherein such services are to be rendered, the effective date of the contract and the first renewal date.
(e) A statement on the first page of the service contract in not less than fourteen point type stating, ''This is not an automobile liability insurance contract''.