Massachusetts Statutes

Section 149O. (a) Reimbursement insurance policies insuring service contracts issued, sold or offered for sale in the commonwealth shall require the insurer that issued the reimbursement insurance policy to reimburse or pay on behalf of the provider any covered sums the provider …

Section 149P. Service contracts shall be printed in clear and understandable language and shall include: (1) a statement in substantially the following form: ''Obligations of the provider under this service contract are insured under a service contract reimbursement insurance pol…

Section 149Q. (a) A provider shall not: (i) use in its name the words insurance, casualty, surety, mutual or any other words descriptive of the insurance, casualty or surety business; or (ii) a name deceptively similar to the name or description of any insurance or surety corpora…

Section 149R. (a) The provider shall keep accurate accounts, books and records concerning transactions regulated under sections 149M to 149W, inclusive, which shall include: (i) copies of each type of service contract sold; (ii) the name and address of each service contract holde…

Section 149S. An insurer issuing a reimbursement insurance policy shall not terminate the policy until a notice of termination has been mailed or delivered to the commissioner. The termination of a reimbursement insurance policy shall not reduce the issuer's responsibility for se…

Section 149T. (a) An insurer issuing reimbursement insurance to providers shall be considered to have received the premiums for such insurance upon the payment of provider fees by consumers for service contracts issued by such insured providers. (b) Sections 149M to 149W, inclusi…

Section 149U. (a) The commissioner may conduct examinations of providers, administrators, insurers or other persons to enforce sections 149M to 149W, inclusive, and protect service contract holders. Upon request of the commissioner, the provider shall make all accounts, books and…

Section 149V. The following shall be exempt from sections 149M to 149W, inclusive: (a) warranties, service contracts or maintenance agreements provided by public utilities that are regulated by the department of telecommunications and cable or the Federal Communications Commissio…

Section 149W. The commissioner may promulgate rules and regulations for the administration and enforcement of sections 149M to 149V, inclusive.

Section 149X. The commissioner shall retain all registration fees collected under subsection (c) of section 149N and fines collected under clause (4) of subsection (b) of section 149U; provided, however, that revenue in excess of $100,000 annually shall revert to the General Fund…

Section 14A. If, in the valuation of securities held by a domestic life company, it becomes necessary or expedient for the commissioner to contribute to the expenses of the Committee on Valuation of Securities of the National Association of Insurance Commissioners, in order to ma…

Section 150. Foreign companies, upon complying with the conditions herein set forth applicable to such companies, may be admitted to transact in the commonwealth any kinds of business authorized by this chapter, subject to all general laws now or hereafter in force relative to in…

Section 151. No foreign company shall be admitted and authorized to do business until— First, It has deposited with the commissioner a certified copy of its charter or deed of settlement and a statement of its financial condition and business, in the form prescribed by section tw…

Section 152. No foreign company shall transact in this commonwealth any kind of business not specified in its charter and in its license. Any foreign stock company, or any company described in section one hundred and fifty-five, admitted to the commonwealth, may, if its charter p…

Section 152A. Any mutual fire company admitted before or after this section takes effect to transact business in this commonwealth may issue non-assessable policies in compliance with the requirements of section eighty-five A and any such mutual company, or any company specified …

Section 153. A company organized under the laws of any other state of the United States for the transaction of life insurance may, subject to all provisions of section one hundred and fifty-one so far as applicable to a life company, be admitted and authorized to do business in t…

Section 154. When legal process is served upon the commissioner as attorney for a foreign company under the third clause of section one hundred and fifty-one, he shall forthwith forward by mail, postage prepaid, one of the duplicate copies of the process served on him, addressed …

Section 155. A foreign company, if formed under the laws of any government or state other than the United States or one of the United States, shall not be admitted and authorized to do business until, besides complying with the conditions of section one hundred and fifty-one— Fir…

Section 156. Any such company may appoint trustees, who are citizens or corporations of the United States and approved by the commissioner, to hold funds in trust for the benefit of its policyholders and creditors in the United States. Said trustees shall be named by the director…

Section 156A. Every foreign company, other than a life company, whose capital stock or guaranty or deposit capital is reduced below the amounts required by section one hundred and fifty-one, one hundred and fifty-two or one hundred and fifty-five, or is impaired on the basis fixe…

Section 158. No policy of insurance and no annuity or pure endowment contract issued to a resident of the commonwealth by an authorized company organized under the laws of a foreign country shall be invalidated by war between such foreign country and the United States.

Section 159. If by the laws of any other state any taxes, fines, penalties, licenses, fees, deposits or other obligations or prohibitions, additional to or in excess of those imposed by the laws of this commonwealth upon foreign companies and their agents, are imposed on domestic…

Section 16. He shall preserve in a permanent form a record of his proceedings, including a concise statement of the result of official examinations of companies. He shall furnish, upon payment of the fee prescribed by section fourteen, when required for evidence in court, certifi…

Section 160. Whoever, for a person other than himself, acts or aids in any manner in the negotiation, continuation, or renewal of a policy of insurance or an annuity or pure endowment contract with a foreign company not lawfully admitted to issue such policies or contracts in thi…

Section 160A. No person shall print or publish, or cause to be printed or published, in any newspaper, magazine, pamphlet or other periodical any advertisement for or on behalf of any foreign company or fraternal benefit society not licensed to transact business in this commonwea…

Section 160B. The commissioner may, if it appears to him that any foreign company or fraternal benefit society not duly licensed to transact business in this commonwealth is issuing policies of insurance, annuity or pure endowment contracts or benefit certificates to residents th…

Section 160C. Notwithstanding the provisions of sections one hundred and sixty and one hundred and sixty-three an insurance company authorized to write automobile liability and physical damage insurance in this commonwealth may act as agent for one or more insurers authorized to …

Section 160D. Section one hundred and sixty shall not apply to a duly licensed insurance agent or broker who negotiates, continues or renews automobile insurance policies for residents of the United States in a Mexican insurance company providing liability or physical damage cove…

Section 161A. In this section and in sections one hundred and sixty-one B to one hundred and sixty-one E, inclusive, the following words shall, unless the context requires otherwise, have the following meanings:— ''Alien insurer'', any insurer incorporated or organized under the …

Section 161B. Any alien insurer now or hereafter licensed to do business in the commonwealth which owns beneficially, directly or indirectly, all of the outstanding capital stock of a domestic insurer may, with the prior written approval of the commissioner and subject to the fin…

Section 161C. Said domestication agreement shall be authorized, adopted, approved, signed and acknowledged by the alien insurer in accordance with the laws of the country under which it is organized. In the case of a domestic insurer the domestication agreement shall be approved,…

Section 161D. An executed counterpart of the domestication agreement, together with certified copies of the corporate proceedings of the domestic insurer and the alien insurer, approving, adopting and authorizing the execution of said domestication agreement, shall be submitted t…

Section 161E. Upon the filing with the commissioner of a certified copy of the instrument of transfer and assumption pursuant to which a domestic insurer succeeds to the business and assets of the United States branch of an alien insurer and assumes all its liabilities, as provid…

Section 162. Solicitation or negotiation of policies of insurance that takes place off the premises of an insurance broker, agent or company shall be by a duly licensed broker or agent. Solicitation or negotiation of policies of insurance performed on the premises of an insurance…

Section 162B. Insurance agents and brokers may accept payment of insurance premiums in installments to be evidenced by notes or other appropriate instruments running from the insured to the agent or broker; provided, however, that payment of insurance premiums in installments to …

Section 162C. No insurer issuing or delivering in the commonwealth either motor vehicle policies as defined in sections thirty-four A and thirty-four O of chapter ninety or homeowner insurance policies insuring individuals against risks of loss to personal dwellings or the conten…

Section 162D. Any insurer issuing or delivering in the commonwealth either motor vehicle policies or bonds, as defined in section thirty-four A and thirty-four O of chapter ninety, which do business in the commonwealth through independent licensed insurance agents pursuant to the…

Section 162E. Any filing of rates for insurance to which chapter one hundred and seventy-five E is applicable which is made by an insurer doing business in this commonwealth through independent licensed insurance agents pursuant to the so-called American Agency System other than …

Section 162F. A duly licensed agent or a duly licensed broker doing business pursuant to the so-called American agency system, other than that of an employer to employee relationship, shall own and have an exclusive right to use certain insurance information contained in insuranc…

Section 162G. Sections 162H to 162X, inclusive, shall govern the qualifications and procedures for the licensing of insurance producers. Sections 162H to 162X, inclusive, do not apply to special insurance brokers licensed pursuant to section 168, except as provided in section 162…

Section 162H. As used in sections 162G to 162X, inclusive, the following words shall, unless the context requires otherwise, have the following meanings:— ''Business entity'', a corporation, association, partnership, limited liability company, limited liability partnership or oth…

Section 162I. A person shall not sell, solicit or negotiate insurance in the commonwealth for any class or classes of insurance unless the person is licensed for that line of authority in accordance with sections 162H to 162X, inclusive.

Section 162J. (a) Nothing in sections 162H to 162X, inclusive, shall be construed to require an insurer to obtain an insurance producer license. In this section, the term ''insurer'' does not include an insurer's officers, directors, employees, subsidiaries or affiliates. (b) A l…

Section 162K. (a) A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to section 162O. The examination shall test the knowledge of the individual concerning the lines of authority for which application is made, …

Section 162L. (a) A person applying for a resident insurance producer license shall make application to the commissioner on the uniform application and declare under penalty of refusal, suspension or revocation of the license that the statements made in the application are true, …

Section 162M. (a) Unless denied licensure pursuant to section 162R, persons who have met the requirements of sections 162K and 162L shall be issued an insurance producer license. An insurance producer may receive qualification for a license in 1 or more of the following lines of …