Massachusetts Statutes

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 chapte…

Section 19W. The commissioner shall promulgate regulations necessary to implement the provisions of sections 19F to 19U, inclusive.

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 conspicuous…

Section 2. A contract of insurance is an agreement by which one party for a consideration promises to pay money or its equivalent, or to do an act valuable to the insured, upon the destruction, loss or injury of something in which the other party has an interest.

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 r…

Section 204. The commissioner shall, after notice and hearing pursuant to chapter thirty A, promulgate regulations governing the replacement of life insurance policies and annuities. Such regulations shall be based upon the model regulation governing replacement of life insurance…

Section 205. Notwithstanding any provision of sections one hundred and eight, one hundred and ten, one hundred and ninety A, one hundred and ninety B and one hundred and ninety C of chapter one hundred and seventy-five to the contrary, no policy which provides supplemental covera…

Section 206. As used in sections two hundred and six, two hundred and six A, two hundred and six B, two hundred and six C, and two hundred and six D, the following words shall, unless the context clearly requires otherwise, have the following meaning:— ''Affiliate'', an affiliate…

Section 206A. (a) In addition to capital stock investments authorized or permitted elsewhere in this chapter, and provided that the insurer has satisfied the requirements of section sixty-three applicable to the insurer, any domestic insurer, either by itself or in cooperation wi…

Section 206B. (a) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities or, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insure…

Section 206C. (a) Every insurer which is authorized to do business in the commonwealth and which is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute…

Section 206D. (a)(1) Whenever it appears to the commissioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of sections two hundred and six to two hundred and six D, inclusive or any rule, regulation or order i…

Section 207. (a) As used in this section, the following words shall, unless the context clearly requires otherwise, have the following meanings:— ''Parent corporation'', a corporation organized for any purpose under the law of the commonwealth or any other jurisdiction, owning di…

Section 208. Any member of an insurance holding company system, as such is described in sections two hundred and six to two hundred and six D, inclusive, may, at any time that its assets are at least eighty percent committed to or used in the insurance business of its domestic in…

Section 209. The commissioner may issue a license pursuant to section 162M and section 162N to a bank or credit union chartered by the commonwealth pursuant to chapter 168, 170, 171 or 172, and to a bank or credit union chartered by the United States, to act as an insurance produ…

Section 20A. (1) Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a deduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of paragraph (A), (B), (C), (D), (E), (E1/2) or (F) of this subsectio…

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 con…

Section 210. The commissioner, in conjunction with the commissioner of banks, shall establish a procedure for the prompt resolution of consumer complaints relative to the activities of a bank or credit union as a licensed insurance agent or broker.

Section 211. The commissioner may, in his discretion, furnish to the commissioner of banks and to federal bank regulatory agencies information relating to the insurance activities of any bank or federal bank, as those terms are defined in section 1 of chapter 167, and to federal …

Section 212. As used in this section and sections 213 to 223E, inclusive, the following words shall have the following meanings unless the context clearly requires otherwise: ''Advertisement'', a written, electronic or printed communication or a communication by means of a record…

Section 213. (a) No person shall act as a life settlement provider or, except as provided in clauses (c) and (d), a life settlement broker with an owner who is a resident of the commonwealth, without first obtaining a license from the commissioner. (b) The secretary of administra…

Section 214. (a) The commissioner may suspend, revoke or refuse to renew the license of a licensee if the commissioner finds that: (1) there was a material misrepresentation in the application for the license; (2) the licensee or any officer, partner, member or director has been …

Section 215. (a) No person shall use any form of life settlement contract or provide to an owner a disclosure statement form unless it has been filed with and approved by the commissioner. The commissioner shall disapprove a life settlement contract form or disclosure statement f…

Section 216. (a) A life settlement provider shall file with the commissioner, annually on or before March 1, a statement containing such information as the commissioner may prescribe by regulation. In addition to any other requirements, the annual statement shall: (i) specify the…

Section 217. (a) Except as otherwise authorized or required by law, a life settlement provider, life settlement broker, insurance company, life insurance producer, information bureau, rating agency or company or any other person with actual knowledge of an insured's identity shal…

Section 218. (a) The commissioner may, when the commissioner deems it reasonably necessary to protect the interests of the public, examine the business and affairs of any licensee or applicant for a license. The commissioner may order a licensee or applicant to produce records, b…

Section 219. (a) A licensed life settlement broker or life settlement provider may conduct or participate in advertisements. The advertisements shall comply with all advertising laws or rules and regulations promulgated by the commissioner that are applicable to insurers, life in…

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;…

Section 220. (a) Not later than the date of application for a life settlement contract, a life settlement provider shall provide to the owner, in a separate document signed by the owner, the following information: (1) that possible alternatives to life settlement contracts exist …

Section 221. (a) Insurance carriers may inquire in the application for insurance whether the proposed owner intends to pay premiums with the assistance of financing from a lender that will use the policy as collateral to support the financing. (b) If the premium finance loan prov…

Section 222. (a) A life settlement provider entering into a life settlement contract with an owner of a policy, where the insured has a terminal or chronic illness or condition, shall first obtain: (1) if the owner is the insured, a written statement from a licensed attending phy…

Section 223. (a) If there is more than 1 owner on a single policy and the owners are residents of different states, the life settlement contract shall be governed by the law of the state in which the owner having the largest percentage of ownership resides or, if the owners hold …

Section 223A. (a) A person shall not commit a fraudulent life settlement act. (b) ''Fraudulent life settlement act'' shall mean: (1) an act or omission committed by a person who, in connection with a life settlement contract, knowingly and with an intent to defraud, for the purpo…

Section 223B. (a)(1) A person shall not knowingly and intentionally interfere with the enforcement or investigations of suspected or actual violations of sections 213 to 223E, inclusive. (2) A person in the business of life settlements shall not knowingly or intentionally permit …

Section 223C. (a) If a person violates any provisions of sections 213 to 223E, inclusive, or any rule or regulation promulgated thereunder, the commissioner may seek an injunction in a court of competent jurisdiction in the county wherein the person resides or has a principal pla…

Section 223D. (a) If a person is found guilty of committing a fraudulent life settlement act, that person shall also be guilty of committing insurance fraud and shall be subject to additional penalties. (b) The commissioner may levy a civil penalty, not to exceed $10,000 for each…

Section 223E. A violation of sections 213 to 223E, inclusive, shall be an unfair trade practice under sections 3 and 4 of chapter 176D and shall be subject to the penalties set forth in section 7 of said chapter 176D.

Section 223F. The commissioner may promulgate regulations to implement sections 212 to 223E, inclusive.

Section 224. (a) For the purposes of this section, the following words shall have the following meanings: ''Contract of insurance'', a contract of insurance as defined in section 2 providing for property or casualty insurance coverages or any combination thereof. ''Large commerci…

Section 225. (a) A policy issued pursuant to the commercial risks provisions of section 224 shall contain the following disclosure notice to the policyholder:— The policy applied for is not subject to all insurance laws that apply to other commercial lines products and may contai…

Section 226. (a) For the purposes of this section, the term ''pharmacy benefit manager'' shall mean any person or entity that administers the (i) prescription drug, prescription device or pharmacist services or (ii) prescription drug and device and pharmacist services portion of …

Section 227. (a) As used in this section, the following words shall have the following meanings unless the context clearly requires otherwise or a different meaning is specifically prescribed: ''Actuarial opinion'', the opinion of an appointed actuary regarding the adequacy of th…

Section 228. (a) As used in this section, the words ''digital network'', ''division'', ''pre-arranged ride'' and ''transportation network company'' shall have the same definitions as set forth in section 1 of chapter 159A1/2 unless the context clearly requires otherwise. (b) The …

Section 229. (a) For the purposes of this section, the term ''self-service storage agent'' shall mean a self-storage facility operator who is licensed pursuant to this section. The terms ''occupant'', ''operator'', ''personal property'' and ''self-service storage facility'' shall…

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 r…

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, containin…