Chapter 175

Section 176. An insurance agent or broker who acts in negotiating or renewing or continuing a policy of insurance or an annuity or pure endowment contract issued by a company lawfully doing business in the commonwealth, and who receives any money or substitute for money as a prem…

Section 176A. An insurance agent or broker or premium finance agency who has received a return premium on any motor vehicle insurance policy shall within thirty days thereof pay over the full amount of said return premium to the person whose insurance policy has been cancelled or…

Section 177. No company and no officer, agent or employee thereof, and no duly licensed insurance producer, shall, directly or indirectly, pay or allow or offer or agree to pay or allow compensation or anything of value to any person, excepting an officer of a domestic company ac…

Section 177A. Whoever, not being an officer or a regular salaried employee of any company and acting for such company, or not being duly licensed as an insurance broker or not being duly licensed as an insurance agent and acting for any company of which he is such an agent, or no…

Section 177B. The commissioner, may, upon payment of the fee prescribed by section fourteen, issue to any applicant meeting the following requirements a license to act as an insurance adviser. The applicant for the license shall file with the commissioner a written application up…

Section 177C. No contract or agreement of the type referred to in section one hundred and seventy-seven A with an insurance adviser shall be enforceable by him unless it is in writing, and executed personally in duplicate by the person to be charged or by his legal representative…

Section 177D. An insurance adviser who furnishes any advice or counsel as such adviser, makes any recommendation or gives any information except under the terms of a previously executed written contract conforming to the preceding section and in full force and effect shall thereu…

Section 177E. A. The provisions of this section shall apply to resident and nonresident persons licensed to engage in the sale of the following types of insurance:— (1) life insurance, annuity contracts, variable annuity contracts and variable life insurance; (2) sickness, accide…

Section 177F. Sections one hundred and seventy-seven G to one hundred and seventy-seven L, inclusive, may be cited as the Managing General Agents Act.

Section 177G. As used in sections one hundred and seventy-seven F to one hundred and seventy-seven L, inclusive, the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Actuary'', a person who is a member in good standing of the A…

Section 177H. (A) No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in the commonwealth for an insurer licensed in the commonwealth unless such person: (i) is a licensed producer in the commonwealth; an…

Section 177I. No person, firm, association or corporation acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party and, if both parti…

Section 177J. (A) The insurer shall have on file independent financial examinations, in a form acceptable to the commissioner, of each managing general agent with which it has done or is currently doing business. (B) If a managing general agent establishes loss reserves, the insu…

Section 177K. The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined by the commissioner as if it were the insurer.

Section 177L. (A) Managing general agents shall be considered to be in the business of insurance for purposes of the applicability of chapter one hundred and seventy-six D. In addition to the remedies provided by said chapter one hundred and seventy-six D, in any administrative a…

Section 177M. Sections one hundred and seventy-seven N to one hundred and seventy-seven W may be cited as the Reinsurance Intermediary Act.

Section 177N. As used in sections one hundred and seventy-seven M to one hundred and seventy-seven W, the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Actuary'', a person who is a member in good standing of the American Aca…

Section 177O. (A) No person, either directly or as a member or employee of a firm or association, or an officer, director or employee of a corporation, firm, association or corporation shall act as a reinsurance intermediary broker in this commonwealth, if the reinsurance interme…

Section 177P. A reinsurance intermediary broker shall represent or perform services for an insurer only pursuant to a written contract which specifies the responsibilities of each party. The contract shall, at a minimum, provide that: (a) The insurer may terminate the reinsurance…

Section 177Q. (A) For at least ten years after expiration of each contract of reinsurance negotiated by or through the reinsurance intermediary broker, the reinsurance intermediary broker will keep a complete record for each transaction showing: (1) the type of contract, limits, …

Section 177R. (A) An insurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary broker on its behalf unless such person is licensed as required by section one hundred and seventy-seven O. (B) An insurer may not emplo…

Section 177S. A reinsurance intermediary manager shall represent a reinsurer only pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the reinsurer's board of directors. At least thirty days before such reinsurer assumes or ce…

Section 177T. The reinsurance intermediary manager shall not: (A) Cede retrocessions on behalf of the reinsurer, except that the reinsurance intermediary manager may cede facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer co…

Section 177U. (A) A reinsurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary manager on its behalf unless such person is licensed as required by section one hundred and seventy-seven O. (B) The reinsurer shall an…

Section 177V. (A) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the commissioner. (B) A reinsurance intermediary manage…

Section 177W. (A) A reinsurance intermediary shall be considered to be in the business of insurance for purposes of the applicability of chapter one hundred and seventy-six D. In addition to the remedies provided by that chapter, in any administrative action against a reinsurance…

Section 178. The compensation of receivers of insolvent companies shall be fixed by the supreme judicial court. All accounts rendered to the court by such receivers, except those rendered by the commissioner when appointed under section one hundred and seventy-nine, shall be refe…

Section 179. In any proceeding in which application is made by or at the relation of the commissioner for the appointment, either temporary or permanent, of a receiver of a company, the commissioner or one of his deputies or assistants may, in the discretion of the court, be appo…

Section 18. Every company shall conduct its business in the commonwealth in its corporate name and all policies and contracts, other than contracts of corporate suretyship, issued by it shall, except as provided in sections one hundred and two A, one hundred and two C, one hundre…

Section 180. The commissioner, his deputy or examiner shall annually or oftener examine the accounts and transactions of all receivers of insolvent companies; and shall also carefully examine all accounts of such receivers referred to him under section one hundred and seventy-eig…

Section 180A. The following words as used in sections 180A to 180L3/4, inclusive, unless the context otherwise requires or a different meaning is specifically prescribed, shall have the following meanings: ''Affiliate'', of, or person affiliated with, a specific person, is a pers…

Section 180B. The commissioner may institute a rehabilitation proceeding against a domestic company conducting an intrastate business only, or against a domestic company transacting business in any other reciprocal state for any cause specified in section six, other than that the…

Section 180C. If the commissioner deems that a domestic company which is the subject of a rehabilitation proceeding under section one hundred and eighty B, or which may properly be the subject of such a proceeding for any cause referred to in said section, hereinafter referred to…

Section 180D. The receiver of any company of which this commonwealth is the domiciliary state, appointed under section six, section one hundred and eighty B or section one hundred and eighty C, shall, within twenty days after his appointment, give notice thereof to all policyhold…

Section 180E. Whenever under the laws of the commonwealth, an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in the commonwealth, the court shall appoint the commissioner as ancillary receiver and authorize him in addition to other p…

Section 180F. In any liquidation proceeding begun in this commonwealth against an insurer domiciled in this commonwealth, and transacting business in any other reciprocal state, claimants residing in a reciprocal state may file and prove claims either with the ancillary receiver,…

Section 180G. Where an insurer has been adjudicated to be insolvent by a decree made pursuant to section six or section one hundred and eighty C, any person who has a cause of action against an insured of such insurer under a liability insurance policy issued by such insurer shal…

Section 180H. Except as provided in section one hundred and eighty G, no contingent claim shall share in a distribution of the assets of an insurer which has been adjudicated to be insolvent by a decree made pursuant to section six or section one hundred and eighty C, except that…

Section 180I. If a liquidation proceeding is commenced in a reciprocal state against an insurer of which such state is the domiciliary state, claimants against such insurer who reside within this commonwealth may file claims either with the ancillary receiver, if any, appointed i…

Section 180J. The owners of special deposit claims against an insurer for which a receiver has been appointed in a liquidation proceeding in this or any other reciprocal state shall be given priority against their several special deposits in accordance with the laws governing the…

Section 180K. The owner of a secured claim against an insurer for which a receiver has been appointed in a liquidation proceeding in this or any reciprocal state may surrender his security and file his claim as a general creditor, or such secured claim may be discharged by resort…

Section 180L. If any provision of sections one hundred and eighty A to one hundred and eighty K, inclusive, or the application thereof to any person or circumstances, is held invalid, such invalidity shall not affect other provisions or applications of said sections which can be …

Section 180M. As used in this section and in sections one hundred and eighty N to one hundred and eighty Q, inclusive, the following words shall have the following meanings:— ''National emergency'', an emergency caused by an attack on the United States or by a nuclear, atomic or …

Section 180N. In order to promote the general welfare and in particular the welfare of insurance beneficiaries, policyholders, injured claimants and others by enabling domestic insurance companies to continue their business in the event of a national emergency, any domestic compa…

Section 180O. In the event that by-laws have not been adopted as provided in section one hundred and eighty N, the following provisions shall become effective upon the occurrence of a national emergency:— (1) Three directors shall constitute a quorum for the transaction of busine…

Section 180P. At any time the board of directors of a domestic company may, by resolution, provide that in the event of a national emergency and in the event of the death or incapacity of the president, secretary and treasurer of said company, such officers, or any of them, shall…

Section 180Q. At any time the board of directors of a domestic company may, by resolution, provide that in the event of a national emergency the home office or principal place of business of the company shall be at such location as is named or described in the resolution. Such re…

Section 181. No company, no officer or agent thereof and no insurance broker or insurance adviser shall make, issue, circulate or use, or cause or permit to be made, issued, circulated or used, any written or oral statement misrepresenting the terms of any policy of insurance or …