Massachusetts Statutes

Section 162R. (a) The commissioner may place on probation, suspend, revoke or refuse to issue or renew an insurance producer's license or may levy a civil penalty in accordance with section 7 of chapter 176D or any other applicable sections of the General Laws or any combination …

Section 162S. (a) An insurance producer shall not act as an agent of an insurer unless the insurance producer becomes an appointed agent of that insurer. An insurance producer who is not acting as an agent of an insurer is not required to become appointed. (b) To appoint a produc…

Section 162T. (a) An insurer or authorized representative of the insurer that terminates the appointment, employment, contract or other insurance business relationship with a producer shall notify the commissioner within 30 days following the effective date of the termination, us…

Section 162U. (a) The commissioner shall waive any requirements for a nonresident license applicant with a valid license from his home state, except the requirements imposed by section 162N if the applicant's home state awards nonresident licenses to residents of the commonwealth…

Section 162V. (a) A producer shall report to the commissioner any administrative action taken against the producer in another jurisdiction or by another governmental agency in the commonwealth within 30 days of the final disposition of the matter. This report shall include a copy…

Section 162W. The commissioner may promulgate reasonable regulations as are necessary or proper to carry out the purposes of sections 162G to 162Y, inclusive.

Section 162X. If any provisions of sections 162G to 162X, inclusive, or the application of a provision to any person or circumstances, shall be held invalid, the remainder of said sections 162G to 162X, inclusive, and the application of the provision to persons or circumstances o…

Section 162Y. (a) As used in this section, the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Customer'', a person who purchases portable electronics. ''Enrolled customer'', a customer who elects coverage under a portable ele…

Section 162Z. (a) As used in this section, the following words shall have the following meanings unless the context clearly requires otherwise: ''Designated responsible producer'' or ''DRP'', a person responsible for the limited lines travel insurance producer's compliance with t…

Section 163. No company shall cancel the authority of any independent insurance agent for fire or casualty insurance, or both, if said agent is not an employee of said company and no company shall modify a contract with such an agent unless the company gives written notice of its…

Section 164. A collector of premiums who does not solicit applications for or the renewal or continuance of insurance contracts, or act or aid in negotiating such contracts or the continuance or renewal thereof, may carry on such business without a license therefor, provided that…

Section 164A. If a policy of industrial life insurance upon which premiums have been paid for three years or more lapses for non-payment of a premium and is surrendered to the company for a cash surrender value or continues in force as paid-up or extended term insurance, the comp…

Section 166B. Whenever the commissioner revokes a license in accordance with the provisions of section 162R, he may also order the person whose license has been revoked to dispose of any interest as proprietor, partner, stockholder, officer or employee of any licensed insurance p…

Section 167A. No fee for an insurance producer's license issued under section 162M shall be required of or on account of any veteran resident in this commonwealth, or of or on account of any blind person, if he presents to the commissioner satisfactory evidence of his identity; o…

Section 168. (a) As used in this section the following words shall, unless the context clearly requires otherwise, have the following meanings:- ''Home state'', relative to an insured: (1) the state in which an insured maintains its principal place of business or, in the case of …

Section 168A. (a) As used in this section ''eligible alien unauthorized insurer'' shall mean a company formed under the laws of any government or state other than the United States or 1 of its states or its territories that has filed an application with the commissioner under cla…

Section 169. An insurance agent or broker acting for a person other than himself in negotiating, continuing or renewing any policy of insurance or any annuity or pure endowment contract shall, for the purpose of receiving any premium therefor, be held to be the agent of the compa…

Section 17. He shall annually, and as early as is consistent with full and accurate preparation, make a report to the general court of his official transactions, and shall include therein a report of the condition of the receiverships of insolvent companies; an exhibit of the fin…

Section 170. An insurance agent or broker who knowingly procures by fraudulent representations payment or the obligation for the payment of any premium on any policy of insurance or any annuity or pure endowment contract shall be punished by a fine of not less than one hundred no…

Section 171. An insurance agent shall be personally liable on all contracts of insurance unlawfully made by or through him, directly or indirectly, for or in behalf of any company not authorized to do business in the commonwealth.

Section 172. The commissioner may, upon the payment of the fee prescribed by section 14 and after successful completion of a written examination, issue to any suitable person of 21 years of age or more a license to act as a public insurance adjuster in the commonwealth, if such p…

Section 172A. The licenses described in sections 162M, 162N, one hundred and sixty-eight and one hundred and seventy-two may, upon payment of the fees prescribed by section fourteen, be issued to any voluntary association, as defined in section one of chapter one hundred and eigh…

Section 173. The licenses described in sections 162M, 162N, one hundred and sixty-eight and one hundred and seventy-two may, upon payment of the fees prescribed by section fourteen, be issued to partnerships on the conditions specified in and subject to said sections, except as o…

Section 174. The licenses described in sections 162M, 162N, one hundred and sixty-eight and one hundred and seventy-two may, upon payment of the fees prescribed by section fourteen, be issued to any corporation. Every such license, together with the corporation and officers or di…

Section 174A. Notices of hearings required by section 162R, one hundred and seventy-two, one hundred and seventy-three or one hundred and seventy-four or of the revocation or suspension of any license issued under any of said sections shall be deemed sufficient when sent postpaid…

Section 174B. A person licensed under section 162M, 162N, one hundred and sixty-eight or one hundred and seventy-two shall, upon the revocation of his license and upon written demand therefor, and a partnership licensed under section one hundred and seventy-three or a corporation…

Section 174F. Sections one hundred and seventy-four F to one hundred and seventy-four K, inclusive, shall be known and may be cited as the Business Transacted with Broker–Controlled Insurer Act.

Section 174G. As used in sections one hundred and seventy-four F to one hundred and seventy-four K, inclusive, the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Accredited state'', a state in which the insurance department o…

Section 174H. Sections one hundred and seventy-four F to one hundred and seventy-four K, inclusive, shall apply to insurers as defined in section one hundred and seventy-four G either domiciled in the commonwealth or domiciled in a state other than an accredited state which has i…

Section 174I. (A)(1) The provisions of section one hundred and seventy-four I shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by controlling broker is equal to or greater than five percent of the adm…

Section 174J. The broker, at the time or before an application is taken for the policy, shall deliver a separate written notice to the prospective insured disclosing the relationship between the broker and the controlled insurer; except that if the business is placed through a su…

Section 174K. (A) If the commissioner believes that the controlling broker or any other person as defined in section one hundred and seventy-four G has violated any provisions of sections one hundred and seventy-four F to one hundred and seventy-four K, inclusive, or any regulati…

Section 175. Whoever, not being duly licensed as an insurance agent or broker or as an adjuster of fire losses, represents or holds himself out to the public as being such an agent, broker or adjuster, or as being engaged in the insurance business, by means of advertisements, car…

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…