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2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19o - Transfer of Assets and Liabilities of Reorganized Insurer

Section 19O. In addition to any dividend in compliance with section 72, a reorganized insurer may, either pursuant to the plan of reorganization or upon the prior approval of the commissioner, on any one or more occasions on or after the effective date, transfer assets or liabilities, including any one or more of its subsidiaries, to the mutual holding company or to one or more persons owned or controlled by the mutual holding company; provided, however, that in any such transfer, in either a single instance or in the aggregate, the liabilities so transferred may not be greater than the assets so transferred. The commissioner shall approve such a proposed transfer unless the commissioner finds that the transfer would materially adversely affect the ability of the reorganized insurer to meet its obligations under its policies. If such a transfer is to be made upon the prior approval of the commissioner rather than under a plan of reorganization, the other provisions of sections 19F to 19W, inclusive, including, without limitation, the requirement of filing a plan of reorganization, shall not apply. The provisions of section 206C shall not apply to any transfer effected pursuant to this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19p - First Offer of Voting Stock After Effective Date of Plan of Reorganization; Application

Section 19P. (a) The offering of voting stock by the reorganized insurer or intermediate stock holding company to any person other than the mutual holding company or a wholly owned subsidiary thereof, which offering is the first to occur after the effective date of the plan of reorganization, shall be made only in accordance with such provisions as the plan of reorganization may contain governing such a first offering, or with the prior approval of the commissioner after submission of an application by the proposed issuer. The commissioner shall approve any such application unless he finds, in the case of a public offering, that the offering would not be conducted in a manner generally consistent with customary practices for initial public offerings, to the extent reasonably comparable, or, in the case of any other offering, that the offering would be prejudicial to the members of the mutual holding company. None of the foregoing shall be deemed to prohibit the filing of a registration statement with the Securities and Exchange Commission and the state secretary prior to such approval.
For the purposes of determining whether an application meets the requirements of this section, the commissioner may employ staff personnel and outside consultants. All reasonable costs related to the review of such an application, including those costs attributable to the use of staff personnel, shall be borne by the issuer submitting the application.
For purposes of this section, any securities of the reorganized insurer or any intermediate stock holding company that are convertible into voting stock shall be considered voting stock.
[There is no subsection (b).]
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19t - Domestic Mutual Insurance Company Reorganizing With Existing Domestic or Foreign Mutual Holding Company; Terms and Conditions

Section 19T. (a) By complying with the provisions of sections 19F to 19W, inclusive, a domestic mutual insurance company may reorganize with an existing domestic or foreign mutual holding company, in which case the plan of reorganization of the domestic mutual insurer shall provide that the domestic mutual insurer will become a domestic stock insurer, that the members of the domestic mutual insurer will become members of the mutual holding company, that the owners of policies issued by the domestic mutual insurer and in force on the effective date shall as of the effective date have equity rights in the mutual holding company, and that the mutual holding company will acquire, directly or through one or more intermediate stock holding companies, at least 51 per cent of the voting stock of the reorganized insurer.
(b) An existing domestic mutual holding company may, with the approval of the commissioner:
(i) acquire direct or indirect ownership of a converting foreign mutual insurer that becomes a stock insurer in compliance with the law of its state of domicile;
(ii) grant membership interests and equity rights to the members or policyholders of a foreign mutual insurer that merges with a direct or indirect domestic or foreign subsidiary of the domestic mutual holding company and such a subsidiary, if it is a domestic insurer, may merge with such a foreign mutual insurer pursuant to section 19A or 19B notwithstanding the provisions in said sections to the effect that they do not authorize mergers between mutual insurers and stock insurers.
The commissioner may consider the fairness of the terms and conditions of the transaction, whether the interests of the members of each domestic mutual holding company that is a party to the transaction are protected, and whether the proposed transaction is in the public interest.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19v - Transactions Entered Into by Mutual Insurers for Purpose of Avoiding Total Gross Investment Income Earned Excise

Section 19V. Any transaction entered into by a mutual insurer, either during or after the reorganization process authorized by sections 19F to 19W, inclusive, a principal purpose of which is to avoid the total gross investment income earned excise imposed by section 22A of chapter 63 or the investment privilege excise imposed by section 22B of said chapter 63 shall be disregarded by the department of revenue for purposes of computing said excise for the reorganized insurer. The department of revenue, in consultation with the division of insurance, shall promulgate rules and regulations necessary to implement the provisions of this section, and may consult with representatives of the insurance industry and practitioners.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 19x - Disclosure by Mutual Companies of Compensation Paid to Executive Officers and Directors

Section 19X. (a) A mutual company, as defined in section 19G, shall provide clear, concise and understandable disclosure of all compensation awarded to, earned by or paid to the named executive officers or directors designated in subsection (b). A mutual company shall conspicuously publish such disclosure in a format readily accessible to members.
(b) For the purposes of this section, a ''named executive officer or director'' shall mean: (i) a person serving as a company's principal or chief executive officer or acting in a similar capacity during the last completed fiscal year regardless of compensation level; (ii) a person serving as a company's principal or chief financial officer or acting in a similar capacity during the last completed fiscal year regardless of compensation level; (iii) a company's 3 most highly compensated executive officers, other than the chief executive officer and chief financial officer, who were serving as executive officers at the end of the last completed fiscal year; (iv) up to 2 additional persons for whom disclosure would have been provided under clause (iii) but for the fact that the individual did not serve as an executive officer of the company at the end of the last completed fiscal year; and (v) a company's directors.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 20 - Reinsurance

Section 20. (a) A domestic company, except as herein provided, may reinsure in any other company any part or all of any risks assumed by it, and shall file with the annual statement required by section 25 and at such other times as the commissioner may require, schedules of all reinsurance. A contract of reinsurance, other than life, made by a domestic company or by a company incorporated in a foreign country and having its principal office in the commonwealth, ceding more than 75 per cent of its total outstanding risks, shall be subject to the written approval of the commissioner. A reinsurance contract made by a domestic life company shall not cede more than 90 per cent of the risks covered by the reinsurance contract without the permission of the commissioner.
(b) When reinsurance is so effected the ceding company, other than a life company, shall thereafter be charged on the gross premium basis with an unearned premium liability, and a life company shall be charged thereafter with a reserve liability, both the unearned premium and reserve liability representing the proportion of the obligation retained by it. Reinsurance credits shall be established in accordance with section 20A.
(c) A company ceding reinsurance to a mutual company shall not, unless the contract of reinsurance so provides, become thereby a member of the company accepting the reinsurance or be entitled to any dividend or expiration return of premium or be subject to liability to assessment.
(d) A company and any officer or agent thereof effecting or acting in the negotiation of reinsurance in violation of this section shall severally be punished by a fine of $5,000.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 21 - Limitation of Amount Insured in Single Risk; Penalty

Section 21. No company other than a life company shall insure in a single risk an amount larger than ten percent of its surplus to policyholders, unless it has reinsured, as provided in section twenty, the excess over said limit to take effect simultaneously with the original contract. A company violating this section shall be punished by a fine of five thousand dollars for each day during which such violation continues.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 22 - Unauthorized Policy Provisions; Effect

Section 22. No company and no officer or agent thereof shall make, issue or deliver any policy of insurance or any annuity or pure endowment contract containing any condition, stipulation or agreement depriving the courts of the commonwealth of jurisdiction of actions against it; limiting the time for commencing actions against it to a period of less than two years from the time when the cause of action accrues; making any person appointed and licensed as its agent the agent of the applicant or insured or holder of the policy or contract for any purpose; providing that no person shall be deemed an agent of the company unless authorized by the company in writing, or providing that any such policy or contract made in the commonwealth on lives, property or interests therein shall be governed by the laws of any state or country other than this commonwealth. Any such condition, stipulation or agreement shall be void.
No policy of insurance issued by a company under the authority of section twenty-four, one hundred and eight and one hundred and ten, and no contract or agreement entered into by the trustee of any trust fund authorized by chapter one hundred and fifty-one D, shall contain a provision excluding liability on the part of the insurance company or health and welfare fund for hospital, medical or surgical expenses if the insured is hospitalized or receives medical or surgical treatment in a state-operated veterans' home. Any such provision shall be void. Expenses as used in this paragraph shall mean the charges of such veterans' homes for the services rendered and such charges shall be deemed to have been legally incurred by persons insured under such policies notwithstanding that such person is entitled to benefits under chapter one hundred fifteen A or that no bill is, or would otherwise be, rendered by such veterans' homes with respect to such persons. The foregoing provisions shall apply to any group or non-group policy of insurance delivered, issued or renewed, by any domestic insurer under the authority of this chapter, or by any alien or foreign insurer to the extent such policies cover persons having a residence within the commonwealth, or to any employee health plan of any company or other business entity where the company or business entity is a self-insurer of such employee health plan.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 22a - Combination of Hazards; Approval

Section 22A. No company shall issue any policy of insurance which provides coverage against loss or damage caused by hazards specified in more than one of the clauses of section forty-seven, or which provides coverage against loss or damage to, or loss of use of, motor vehicles resulting from collision, fire, lightning, any larceny, pilferage, theft, malicious mischief, vandalism or any other perils usually insured against, or which insures any person against legal liability for loss or damage on account of the bodily injury or death of any other person or on account of any damages to property of another, arising out of the ownership, maintenance, control or use of motor vehicles, until a copy of the form of the policy has been on file for thirty days with the commissioner, unless before the expiration of said thirty days he shall have approved the form of the policy in writing; nor if the commissioner notifies the company in writing within said thirty days that the form of the policy does not comply with the laws of the commonwealth, specifying his reasons therefor, provided that the opinion of the commissioner shall be subject to review by the supreme judicial court; but nothing in the foregoing provisions of this section shall permit the incorporation in any policy issued under section one hundred and eleven A or one hundred and seventeen A, or any policy subject to section one hundred and eight or one hundred and thirteen A or one hundred and thirty-two, of any coverage not otherwise permitted by this chapter to be incorporated therein. The provisions of this paragraph shall not apply to policies authorized by section fifty-four D. Nothing in this section shall prohibit combining the following coverages, by rider or otherwise, within a single policy or contract: (a) life or endowment insurance or annuity, survivorship annuity or pure endowment insurance subject to section 132 and (b) any form of accident and sickness insurance subject to section 108.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 22b - Waivers of Provisions of This Chapter; Prohibition; Penalty

Section 22B. No company and no officer, agent or employee thereof, and no insurance broker, shall make, issue or deliver any policy of insurance or any annuity or pure endowment contract, or make or procure the making of, solicit or accept any oral or written agreement, containing a waiver or a provision for a waiver by an applicant for, or the insured under or holder of, any such policy or contract, of any provision of this chapter, except as expressly authorized thereby. Any such agreement, waiver or provision shall be void. Whoever violates this section shall forfeit not less than one hundred nor more than five hundred dollars.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 22d - Statement of Reasons for Cancellation; Liability

Section 22D. There shall be no liability on the part of and no cause of action of any nature shall arise against the commissioner of insurance, employees of the division of insurance, the board of appeal established by section eight A of chapter twenty-six, any of its employees or against any insurer, its authorized representative, its agents, its employees, or any firm, person or corporation furnishing to the insurer information as to reasons for cancellation, for any statement made by any of them in any written notice of cancellation, or in any other communication, oral or written specifying the reasons for cancellation, or the providing of information pertaining thereto, or for statements made or evidence submitted at any hearings conducted in connection therewith.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 22e - Refusal to Issue, Renew or Execute Motor Vehicle Liability Policy or Bond

Section 22E. No insurance company, and no officer or agent thereof in its behalf, shall refuse to issue, renew or execute as surety a motor vehicle liability policy or bond, or any other insurance based on the ownership or operation of a motor vehicle because of age, sex, race, occupation, marital status, or principal place of garaging of the vehicle. A particular company may make a general reduction in volume of automobile insurance in the commonwealth if such a reduction is determined by the commissioner not to be an attempt to circumvent the purposes of this section and that the company's refusal to write motor vehicle liability policies or bonds is not contrary to the public interest by disrupting the market for said insurance in the commonwealth. Any company which does not intend to issue a renewal policy shall give written notice of its intent not to issue a policy for the ensuing policy period in accordance with the provisions of section one hundred and thirteen F and such notice shall specify the reasons for such nonrenewal.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 22h - Refusal to Issue or Renew Motor Vehicle Liability Policies or Bonds; Suspension of License; Public Hearings; Definitions

Section 22H. If any company refuses to issue motor vehicle liability policies or bonds as set forth in sections thirty-four A and thirty-four O of chapter ninety without a written determination by the commissioner that such refusal, which may be a refusal in whole or in part, is justifiably required to protect the solvency of the refusing company, the commissioner shall hold a public hearing at which the company may appeal the commissioner's initial determination concerning solvency and at which shall be considered whether the company's refusal to write motor vehicle liability policies or bonds is contrary to the public interest by disrupting the market for said insurance in the commonwealth. If the commissioner finds, on the basis of said public hearing, that the company's refusal is not justified by the protection of solvency and is contrary to the public interest, he shall suspend such company's licenses to issue or sell any other form of insurance within the commonwealth until such company resumes the issuance or renewal of motor vehicle liability policies or bonds in compliance with the laws and rules and regulations prescribed by the commissioner. For purposes of this section, a refusal to issue motor vehicle liability policies or bonds shall be sufficiently evidenced by a single notice of cancellation or non-renewal for grounds other than those specifically permitted in the general laws. For purposes of this section, the commissioner may at his discretion treat all insurers who by virtue of their business associations or common ownerships represent themselves to be or are customarily known as an ''insurance company group'', or similar insurance trade designation, as a single insurer.
The provisions of this section shall not invalidate any insurance policy issued or renewed by an insurance company suspended pursuant to the authorization contained in this section prior to such suspension.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 22i - Amounts Received in Settlement of Claims Retained for Unpaid Premiums

Section 22I. Any insurance company, broker or agent may retain an amount equal to any unpaid premium due on the policy under which a claim is being presented, when settling any such claim for an insured; provided, however, that the unpaid premium remains unpaid sixty days after the effective day of such policy or the date of the original billing thereof, whichever later occurs; provided further, that such unpaid premium shall be retained as against any loss payee or mortgagee named in said policy up to the amount of the unpaid balance owed to such loss payee or mortgagee on the date the loss occurred which gave rise to said claim until the premium payment is made to said insurance company, broker, or agent by the insured, loss payee or mortgagee; and provided, further, that this section shall not be applicable to a health insurance policy.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 23 - Life Company; Impairment of Funds; Issuance of Policies; Penalty

Section 23. No life company whose actual funds, exclusive of its capital, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rules of valuation established by sections nine and eleven, shall issue new policies of life or endowment insurance or annuity or pure endowment contracts until its funds have become equal to its liabilities, and it has obtained from the commissioner a certificate to that effect with authority to resume business. A company or any officer or agent thereof who issues any such policy or contract in violation of this section shall forfeit not more than one thousand dollars.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 23a - Certain Occurrences Affecting Insurance Companies; Notice to Commissioner

Section 23A. Every stock company, every foreign company described in section one hundred and fifty-five and every mutual company having a guaranty capital or guaranty fund, other than a life company, shall forthwith notify the commissioner in writing in such form and detail as he may require of any impairment of its capital stock or deposit or guaranty capital or guaranty fund, respectively, on the basis fixed by sections ten to twelve, inclusive. Every company whose license or authority to transact business in any other state or country is suspended or revoked or otherwise terminated, every foreign company against which receivership or liquidation proceedings are instituted in the state or country under whose laws it is organized, every foreign mutual company, other than life, whose net cash assets or contingent assets become less than the amount required of said company by section one hundred and fifty-one, every domestic mutual company whose amount of insurance or premiums in force or number of risks on its books become less than the amount or number required of said company by section seventy-four, ninety A, ninety-two, ninety-three, ninety-three A or ninety-three B, every mutual company which levies an assessment on its members, and every life company whose actual funds, exclusive of its capital, if any, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rules of valuation established by sections nine to twelve, inclusive, shall forthwith notify the commissioner in writing as aforesaid to that effect.
Every foreign company shall forthwith notify the commissioner in writing as aforesaid of any change of its corporate name, of the location of its home or principal office or of the amount of its paid-up capital stock or guaranty or deposit capital, and of any amendments to its charter or articles of incorporation relative to the classes of business it may transact and, in case of a foreign company described in section one hundred and fifty-five, of any change of its resident manager in the United States, or of the trustees, if any, appointed under section one hundred and fifty-six, or of the location of his or their principal office. Every foreign company shall, within thirty days after the filing of any such notice, or within such further time as the commissioner may allow, file with him duly certified documents executed and authenticated in a manner satisfactory to the commissioner setting forth any such change or amendment, other than a change of the location of its office or that of its resident manager or trustees.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 24 - Life Insurance Policies; Accidental Death, Disability Benefits; Approval

Section 24. Any life company, whether or not it is authorized to transact accident and health insurance under clause sixth of section forty-seven, may provide in its policies of life, group life or endowment insurance, issued in compliance with this chapter, for the payment of an accidental death benefit consisting of a larger amount if death is caused by accident than if it results from other causes, and may incorporate therein or in its annuity or pure endowment contracts, issued in like compliance, provisions for the waiver of premiums or for the granting of special benefits in the event that the insured, or either of them, or the holder, as the case may be, becomes totally and permanently disabled from any cause. Such provisions shall state the special benefits to be granted thereunder, the cost thereof to the insured or to the holder and shall define what shall constitute total and permanent disability. The consideration for any benefits granted under this section shall be stated separately in the policy or contract. For the purposes of this section, the word ''holder'' shall include any person other than the insured who is the owner of a policy insuring the life of a minor.
Any such company may, in conjunction with and supplementary to any policy of life, group life or endowment insurance or annuity or pure endowment contract, issue a separate policy providing solely for any or all of the benefits permitted by this section. No such separate policy shall be issued or delivered in the commonwealth 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 have approved the form of the policy in writing; nor if the commissioner notifies the company 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.
The provisions of section one hundred and eight shall not apply to any policy of life, group life or endowment insurance or annuity or pure endowment contract or separate policy or contract providing for any or all of the benefits permitted by this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 24a - Refusal to Issue Policy or Limits on Coverages Based on Sex of Insured; Prohibition

Section 24A. No company authorized to issue policies of accident or sickness insurance, policies providing coverage against disability from injury or disease, or policies of life or endowment insurance shall refuse to issue such a policy or limit the coverages normally contained therein with respect to the risk of such loss solely because of the sex of the insured.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 24b - Modification in Covered Services or Payments; Prior Notice of Modification; Contents of Notices

Section 24B. The commissioner shall require that a policy, contract, agreement, plan or certificate of insurance for coverage of health care services, including any self-insured sickness, health or welfare plan issued within or without the commonwealth and including, but not limited to, those of a non-profit hospital service corporation organized pursuant to chapter one hundred and seventy-six A, a nonprofit medical service corporation organized pursuant to chapter one hundred and seventy-six B, an insurance company licensed pursuant to this chapter, a health maintenance organization organized pursuant to chapter one hundred and seventy-six G and any preferred provider organization organized pursuant to chapter one hundred and seventy-six I, shall provide, the following: (i) to the policyholder, subscriber or, in the case of a group policy, the group representative, prior notice of modifications in covered services under the policy and an annual notice listing all preferred or selective providers of health care services, if applicable; (ii) prior notice to providers of health care services which or who have been regularly paid for services to policyholders or subscribers of such companies of modifications in payments to such providers or modifications in covered services that will be in effect and the effective date of such modifications. Such notices shall include any changes in clinical review criteria, as such term is defined in section 1 of chapter 176O, and a statement of the effect of such changes on the personal liability of the policyholder or subscriber for the cost of any such changes. All notices required by this section shall be provided 60 days before the effective date of such modification. The commissioner shall promulgate regulations to enforce the provisions of this section.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 25a - Workers' Compensation Providers; Annual Reports; Contents

Section 25A. The commissioner of insurance shall provide by regulation for an annual report to be filed by each insurer writing workers' compensation insurance in the commonwealth. Such regulations shall require the reporting of litigation expenses incurred by insurers, including the payments made for claimants' attorneys' fees, defense counsel fees, medical testimony, and any other information deemed relevant by the commissioner. Insurers shall also be required to specify the number of claims and portion of their indemnity benefits paid out periodically, and the number of claims and portion of indemnity benefits paid out as lump sum settlements. The commissioner shall also order the rating bureau created under the provisions of section eight E of chapter twenty-six to perform closed claim studies regarding losses and expenses related to vocational rehabilitation, physical therapy, chiropractic services, safety programs or such other matters as he deems appropriate.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 26 - Failure to Make and File Annual Statements; Penalty

Section 26. A company neglecting to make and file its annual statement or the materials required by the commissioner to be filed with the National Association of Insurance Commissioners under the provisions of section twenty-five in the form and within the time provided by the preceding section shall forfeit one hundred dollars for each day during which such neglect continues, and, upon notice by the commissioner to that effect, its authority to do new business shall cease while such default continues without any proceedings under section five or six.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 27 - Annual Statements; Inclusion of Schedule of Claims Made Subject of Suits

Section 27. Every company shall include in its annual statement under section twenty-five a schedule of all claims under policies issued by it to persons in the commonwealth which, during the year covered by the statement, have been made the subject of suits and also of those which at the time of making the statement are in suit. Such schedule shall be in such detail as the commissioner shall prescribe.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 28 - Undue Delay or Litigation of Claims; Commissioner's Report to General Court

Section 28. If, upon inspection of a schedule specified in the preceding section or upon any examination or investigation under section four, the commissioner is satisfied that a company is making a practice of unduly engaging in litigation or of unreasonably and unfairly delaying the adjustment or payment of legally valid claims, he may, after a hearing to the company, make a special report of his findings thereon to the general court. Nothing in this section shall affect the provisions of sections five or six or the right of the commissioner to proceed thereunder.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 29 - Companies Subject to This Chapter

Section 29. All companies now or hereafter incorporated or formed by authority of any general or special law of the commonwealth shall, except as provided in section one hundred and fourteen and in chapter one hundred and seventy-six, be subject to this chapter. Trade unions and other associations of wage workers whose principal objects are to deal with the relations between employers and employees relative to wages, hours of labor and other conditions of employment, and trusts complying with the requirements of subsections (a) and (b) of section 186c–5 of Title 29, U.S.Code and athletic and other school organizations formed for administering a plan for the payment of benefits to school pupils injured while participating in school athletics, commonly known as the school athletic accident-benefit plan, shall not be subject to this chapter, except as hereinafter provided, or to chapter one hundred and seventy-six. The president and the treasurer of such an athletic or other school organization shall, within thirty days after a written request therefor by the commissioner, file with him a financial statement, in such form and detail and of such date as he may prescribe, signed and sworn to by them.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 30 - Applicability of Other Laws to Certain Domestic Companies; ''stockholder'' Defined

Section 30. (a) So far as pertinent and not in conflict with express provisions of this chapter, with other provisions of law relative to such companies or with their charters:
(1) The general principles of law relative to the powers, duties and liabilities of corporations shall apply to all incorporated domestic companies.
(2) The provisions of the Business Corporation Law, chapter one hundred and fifty-six B, excepting sections four, six, fourteen, fifteen, nineteen, twenty-three, twenty-five, thirty-eight, fifty-three, sixty-two through sixty-four, sixty-eight, sixty-nine, seventy-two, seventy-three, seventy-five, seventy-six and seventy-eight through one hundred and fourteen, shall be applicable to incorporated domestic stock companies.
(3) Sections two, five, seven, nine through thirteen, sixteen, forty-nine, fifty-two, fifty-four through fifty-nine and sixty-seven of said chapter one hundred and fifty-six B shall be applicable to incorporated domestic mutual companies.
(4) The provisions which may be stated in the articles of organization, in accordance with clause (11/2) of paragraph (b) of section thirteen of chapter one hundred and fifty-six B may, in lieu thereof, be included in a bylaw of an incorporated domestic mutual company, if such provisions are adopted by a two-thirds vote of those members present and voting at a meeting duly called for such purpose.
The term ''stockholders'' and other terms of similar meaning where they appear in the aforesaid sections of chapter one hundred and fifty-six B shall, in the case of a mutual insurance company, mean the members thereof.
(b) Except as provided in paragraph (a) the provisions of chapter one hundred and fifty-six B shall be applicable to incorporated domestic companies only as expressly provided in other sections of this chapter.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 31a - Domestic Companies Formed by Special Acts; Extension of Territorial Limits

Section 31A. Domestic companies incorporated by special acts, whose charters grant authority to transact insurance within a limited or defined territory, may, notwithstanding such limitations, transact insurance anywhere outside the limits specified in the charter, subject to all general laws applicable to such companies.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 32 - Commencement of Domestic Company Business; Certificate; Conditions Precedent

Section 32. No domestic company shall make or issue any contracts or policies of insurance or annuity or pure endowment contracts until it has obtained from the commissioner a certificate, in such form as he may prescribe, stating that the company has complied with the conditions set forth in this section and all other provisions of law, and authorizing it to make or issue such policies or contracts. No such certificate shall be issued until the commissioner is satisfied, by such examination as he may make and such evidence as he may require, that the company has complied with the laws of the commonwealth, adopted a proper system of accounting, and employed a competent accountant, a competent claim manager and a competent and experienced underwriter, nor until the commissioner is satisfied, by such examination as he may make and by an affidavit filed with him as required under section four and by such other evidence as he may require, that the company is without liabilities, except such organization expenses as the commissioner shall approve as reasonable, and except, in the case of a stock company or a mutual company with a guaranty capital, its liabilities to stockholders for the amount paid in for shares of stock, nor, in the case of a life company, until he is satisfied, by such examination as he may make and such evidence as he may require, that the company has employed a competent and experienced actuary, and that its officers and directors are of good repute and competent to manage a life company; provided, that if the commissioner is of the opinion that the granting of such a certificate to any company would, in any case, be prejudicial to the public interest, he may in his discretion refuse to issue it.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 33 - Policies and Endorsements; Signatures; Facsimile

Section 33. All such policies or contracts issued by such company shall be signed by its secretary or an assistant secretary, or in their absence by a temporary secretary, and by its president or a vice-president, or in their absence by two directors. Riders or endorsements, other than riders or endorsements providing for any of the benefits specified in section twenty-four, attached to policies of life or endowment insurance and annuity or pure endowment contracts, and riders or endorsements attached to policies of accident and health insurance, may be signed by one of the aforesaid officers of the company. Riders or endorsements attached to any other policy or contract of insurance need not be signed by any officer of the company if signed by a duly authorized agent or representative of the company; provided, that the name of the company shall be printed, typed, written or stamped on each such rider and the number of the policy or contract to which it is to be attached is inserted therein. A facsimile of the signature of any such officer imprinted on any policy or contract or any rider or endorsement attached thereto, or a facsimile of the signature of any such agent or representative imprinted on any rider or endorsement which under this section he is authorized to sign, shall have the same validity as his written signature.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 34 - Home Office; Change of Address; Perjury

Section 34. The directors of such company may at any time, and from time to time, change the home office of the company; provided, that no such change shall be effective until a certificate of such change specifying the post office address of its new home office, signed under the penalties of perjury by the secretary or assistant secretary of the corporation, has been submitted to the commissioner and having been approved by him as conforming to the requirements of law with his approval endorsed thereon has been filed with the state secretary. If such company establishes agencies in other places, all signs, cards, pamphlets and advertisements exhibited or issued by it or its agents shall specify the city or town where the home office of the company is located.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 35 - Salaries of Officers, Trustees or Directors of Domestic Company; Authorization; Limitations

Section 35. No domestic company shall pay any salary or compensation to its five most highly compensated officers, trustees or directors or to any additional officers, trustees or directors whose salary or compensation exceeds $150,000, unless such payment is first authorized by a vote of its board of directors, trustees or a committee thereof. The payment of an amount not in excess of 12.5 per cent of any annual salary, compensation or emolument, or a larger percentage if approved by the commissioner, may by contract be deferred beyond three years. No company shall pay any pension except as provided in section 36.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 36 - Pension for Domestic Company Employees

Section 36. Any domestic company, when authorized so to do by a vote in each case of not less than a majority of its directors, at a meeting called for the purpose, recorded in the minutes of the board, may grant a pension to any employee who has been in the service of the company for ten years and who has reached age sixty-five or has become incapacitated for further service by reason of physical or mental disability resulting from sickness or injury; or to any employee retiring by reason of the infirmities of age who has been in the service of the company for not less than fifteen years. The length of service of ten years or fifteen years required by this section may include leave of absence granted by the company for any military service.
Any such company may also establish or amend an employee's savings fund, pension system or association for the benefit of its employees. Such a fund, system or association may be an association described in sections thirty-nine, forty and forty-one of chapter thirty-two and subject thereto.
Any domestic life company may also provide for the payment of pensions to its aged or disabled employees under a group contract issued by it. Such a company may insure the lives of its employees and directors under a group policy issued by it, which shall be subject to the provisions of sections one hundred and thirty-three to one hundred and thirty-six, inclusive, so far as applicable. The provisions of section ninety-four, relative to membership and voting rights in a domestic mutual life company, shall not apply to any person covered by or insured under any such contract or policy.
The term ''employee'', as used in this section and in sections thirty-six A and thirty-six B, may include the officers, managers, agents and employees of subsidiary or affiliated corporations, and the individual proprietors, partners, agents and employees of affiliated individuals and firms, if the business of the domestic insurance company and of such subsidiary or affiliated corporations, firms or individuals is under common control through stock ownership, contract or otherwise.
2023 Massachusetts General Laws › Part I - Administration of the Government › Title XXII - Corporations › Chapter 175 - Insurance › Section 36a - Agents and Agency Employees; Retirement or Insurance Benefits

Section 36A. Any domestic life company or any domestic company transacting business solely under subdivisions (a) and (d) of clause sixth of section forty-seven may establish a plan for retirement or insurance benefits, or both, for agents, or any class or classes thereof as the company may determine, having a written contract with such company or with any agent thereof under which he solicits exclusively applications for policies of life or endowment insurance or annuity or pure endowment contracts or accident and health insurance issued by such company, and for the agency employees of any agent having such a contract; provided, that qualification requirements for such plans and the determination of the amounts of such retirement benefits shall be based exclusively upon the solicitation and sale of life or endowment insurance or annuity or pure endowment contracts or accident and health insurance for such company and shall not in any manner directly or indirectly be based upon the solicitation or sale of any other kind of insurance by said agent. Any such plan may provide for contributions by such agents and agency employees. The word ''agent'' as used in this section shall, in case any such contract is held by a partnership or corporation, include any member of such partnership or any officer of such corporation. Such retirement or insurance benefits may be provided for in a group annuity contract, a group life, or a general or blanket accident and health policy, or in a single group policy, issued by such company, if authorized to issue any such policy or contract, or by any other company so authorized, or in any other manner that the directors of such company may prescribe. If any such benefits are provided otherwise than by any such group policy, the company may in connection therewith establish special funds for the purpose of financing the payment of such benefits. The provisions of the last sentence of the third paragraph of section thirty-six shall apply to any person covered by or insured under any such group policy or contract issued by a domestic mutual life company. The provisions of section one hundred and thirty-two C shall apply to any retirement benefits granted under the authority of this section or section thirty-six. Section one hundred and thirty-five shall apply to any insurance benefits so granted.