Massachusetts Statutes

Section 123A. (1) A corporation, foreign or domestic shall be deemed to have an insurable interest, including without limitation, in the life or physical or mental ability of: (i) any of its directors, officers, or employees or the directors, officers, or employees of any of its …

Section 124. In any claim arising under a policy issued in the commonwealth by any life company, without previous medical examination, or without the knowledge and consent of the insured, or, if said insured is a minor, without the consent of the parent, guardian or other person …

Section 125. If a policy of life or endowment insurance is effected by any person on his own life or on another life, in favor of a person other than himself having an insurable interest therein, the lawful beneficiary thereof, other than himself or his legal representatives, sha…

Section 126. Every policy of life or endowment insurance made payable to or for the benefit of a married woman, or after its issue assigned, transferred or in any way made payable to a married woman, or to any person in trust for her or for her benefit, whether procured by hersel…

Section 127. An insurance agent, examining physician or other person who knowingly or wilfully makes a false or fraudulent statement or representation in or relative to any application for life or endowment insurance, or who makes any such statement for the purpose of obtaining a…

Section 128. Any minor resident in this commonwealth who shall have attained the age of fifteen years shall be deemed competent to contract for life or endowment insurance upon his life, for his own benefit or for the benefit of the husband, wife, children, father, mother, brothe…

Section 129. No life company and no officer or agent thereof shall issue a policy of life or endowment insurance or an annuity or pure endowment policy to a resident of the commonwealth not bearing in bold letters upon its face a plain description of the policy, so fully defining…

Section 130. No policy of life or endowment insurance shall be issued or delivered in the commonwealth if it shall purport to be issued or to take effect as of a date more than six months before the date of the original written application, if thereby the applicant would rate at …

Section 131. Unless a correct copy of the application is endorsed upon or attached to a policy of life or endowment insurance, when issued, the application shall not be considered a part of the policy or received in evidence for any purpose. Every such policy which contains a ref…

Section 132. No policy of life or endowment insurance and no annuity, survivorship annuity or pure endowment contract 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 expira…

Section 132A. A group annuity contract is hereby defined to be a contract issued by a company (a) to a person, firm or corporation, as employer, and providing for the payment of annuities on all of his or its employees or any specified class or classes thereof, and which requires…

Section 132B. No group annuity contract shall be issued or delivered in the commonwealth, except as provided in section one hundred and thirty-two A, nor until a copy of the form thereof has been on file for thirty days with the commissioner unless before the expiration of such t…

Section 132C. No group annuity contract, nor the proceeds or benefits thereof, shall be liable, either before or after payment, to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liabilities of the annuitant or hi…

Section 132D. Under any group annuity contract issued by a domestic mutual life company, the holder only shall be a member of the company, and entitled to one vote by virtue of such contract at the meetings of the company.

Section 132E. The term ''annuity'' or ''annuity contract'' when used in this chapter, except in sections one hundred and twenty-nine, one hundred and thirty and one hundred and thirty-two, shall include a group annuity contract unless the context otherwise requires or a different…

Section 132F. Any life company may, by written agreements, hereinafter called ''funding agreements'', with the holders of ''pension contracts'', as hereinafter defined, assign, wholly or in part, such contracts and the funds received thereunder, to one or more separate investment…

Section 132G. ''Contract on a variable basis'' for the purpose of this section shall mean any life policy or contract, annuity contract or any other policy or contract, whether on the group or individual basis, and any supplementary agreements relating thereto, issued by a life c…

Section 132H. Assets in any separate account established under section one hundred and thirty-two F or one hundred and thirty-two G shall not be deemed to be part of the reserve mentioned in section sixty-three and may be invested and reinvested, except as otherwise provided in s…

Section 132I. Any insurer authorized to issue annuity contracts in the commonwealth may issue one or more funding agreements, in fixed or variable amounts or in both, to fund (i) benefits under any employee benefit plan as defined in the federal Employee Retirement Income Securit…

Section 133. Group life insurance is hereby defined to be that form of life insurance covering (a) employees, with or without medical examination, written under a policy issued to the employer, or to the trustees of a fund established by the employer, the premium on which is to b…

Section 133A. Group life insurance offered to a resident of the commonwealth under a group life insurance policy issued to a group other than one described in section 133 shall be subject to the following requirements:- (a) A group life insurance policy shall not be delivered in …

Section 134. No policy of group life insurance 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 policy in writing…

Section 134A. If any individual insured under a group life insurance policy hereafter issued becomes entitled under the terms of such policy to convert to another type of life insurance within a specified time after the happening of an event, such certificate-holder shall be noti…

Section 134C. Subject to the terms of the policy relating to assignment of incidents of ownership thereunder, a person whose life is insured under a policy of group life insurance may assign any or all incidents of ownership granted him under such policy or under any provision of…

Section 135. No such policy, or the proceeds thereof when paid to any employee or employees thereunder, or to their beneficiaries, shall be liable to attachment, trustee process or other process, or to be seized, taken, appropriated or applied by any legal or equitable process or…

Section 136. Such policies shall be exempt from any loan provision or requirement. Any equity of the insured in a group life insurance policy at the time of default in the payment of a premium, whether that equity exists by reason of the terms of the policy or by law, shall be ap…

Section 137. Under any group policy issued by a domestic mutual life company, the employer only shall be a member of the company, and entitled to one vote by virtue of such policy at the meetings of the company.

Section 138. So much of this chapter as is inconsistent with sections one hundred and thirty-three to one hundred and thirty-seven, inclusive, shall not apply to policies issued under said sections.

Section 138A. Deductions on pay-roll schedules may be made from the salary of any state, county or municipal employee of any amount which such employee may specify in writing to any state, county or municipal officer, or the head of the state, county, or municipal department, boa…

Section 139. Any life company may, at the request of the holder thereof, exchange, alter or convert any policy of life or endowment insurance or annuity contract issued by it or a company that is admitted and authorized under this chapter and is an affiliate of it, as defined in …

Section 14. He shall collect from the applicant and pay to the commonwealth charges and fees to be determined annually by the commissioner of administration under the provision of section three B of chapter seven for the following: For each examination prior to granting a license…

Section 140. Except as provided in this section, every domestic life company heretofore or hereafter organized, anything in its charter or its certificate of incorporation or special act to the contrary notwithstanding, shall provide in every participating policy of life or endow…

Section 141. Any domestic life company may from its surplus funds or profits attributable to its participating business accumulate and hold, or hold if already accumulated, as a safety fund, an amount not in excess of 20 per cent of its reserve for such business or one hundred th…

Section 142. (1) For the purpose of this section, ''Published monthly average'' shall mean: (a) the monthly average of the composite yield on seasoned corporate bonds as published by Moody's Investors Service, Inc. or any successor thereto; or (b), in the event that the monthly a…

Section 143. All policies of life insurance and deferred annuity contracts shall be subject to the laws limiting forfeiture applicable and in force at the date of their issue.

Section 144. 1. In the event of default in the payment of any premium on any policy of life insurance issued or delivered in the commonwealth by any life company, the holder thereof may elect by a writing filed with the company at its home office within sixty days after the due d…

Section 145. On policies of industrial insurance issued on or before December thirty-first, nineteen hundred and eleven, by a domestic life company on which premiums are paid weekly and are not more than fifty cents each, the surrender value shall in all cases be payable in cash,…

Section 146. The provisions of section one hundred and forty-four shall, except as hereinafter provided, apply to any policy of industrial life insurance issued or delivered in the commonwealth by any life company. The provisions of said section one hundred and forty-four relativ…

Section 146A. In case of any default in the payment of a premium on any policy of industrial life insurance issued or delivered in the commonwealth by any life company occurring after premiums have been paid thereon for three full years, the company, within six months from the du…

Section 146B. (1) This section may be referred to and cited as the ''Massachusetts Life and Health Insurance Guaranty Association Law''. (2) As used in this section the following words shall have the following meanings unless the context clearly requires otherwise:— ''Account'', …

Section 149. A domestic life company is authorized to issue both participating and nonparticipating policies of life, endowment and accident and sickness insurance, and annuity and pure endowment contracts, but no such company shall issue any such participating policies or contra…

Section 149A. ''Unclaimed funds'' within the meaning of this section and sections one hundred and forty-nine B to one hundred and forty-nine D, inclusive, shall mean and include all monies held and owing by any life insurance company doing business in this commonwealth which shal…

Section 149B. In addition to all other reports required by law, every life company shall, on or before the first day of April of each year, make a report in writing to the state treasurer of all unclaimed funds as defined in section one hundred and forty-nine A held or owing by i…

Section 149C. On or before the first day of September in each year, each life company shall pay over to the state treasurer all unclaimed funds set forth in the report required by section one hundred and forty-nine B, excepting any funds which since the date of such report have c…