Massachusetts Statutes

Section 4C. No insurer licensed to write and engaged in the writing of homeowners insurance in this commonwealth nor the joint underwriting association, formed pursuant to the provisions of chapter one hundred and seventy-five C, shall take into consideration when deciding whethe…

Section 4D. (a) As used in this section, unless the context clearly requires otherwise, ''residential property'' shall mean a 1 to 4–unit dwelling used for living or sleeping. (b) The joint underwriting association, formed pursuant to chapter 175C, and each insurer licensed to wr…

Section 4E. No insurer engaged in writing private passenger motor vehicle insurance in the commonwealth shall, in connection with underwriting of said insurance, refuse to issue or renew a private passenger motor vehicle insurance policy or bond based on the ownership or operatio…

Section 4F. (a) As used in this section, the terms ''hosting platform'', ''operator'' and ''short-term rental'' shall have the same meanings as under section 1 of chapter 64G unless the context clearly requires otherwise. (b) An operator shall maintain liability insurance of not …

Section 4G. (a) An insurer that utilizes an applicant's Massachusetts driving history as a rating or underwriting factor for private passenger motor vehicle insurance in the commonwealth, a licensed insurance producer or third-party representative shall verify the applicant's Mas…

Section 5. If the commissioner is satisfied, upon examination or other evidence submitted to him, that any foreign company is insolvent or is in an unsound financial condition, or that its business policies or methods are unsound or improper, or that its condition or management i…

Section 50. A stock company may amend and restate its articles of organization as provided in sections seventy, seventy-one and seventy-four of chapter one hundred and fifty-six B, subject to the provisions of sections forty-eight and seventy-one of this chapter. A stock company …

Section 50A. A mutual company, by a majority vote of those members present and voting, at a meeting duly called for the purpose, may authorize an amendment of its articles of organization to change its corporate name. A mutual company, by a two thirds vote of those members presen…

Section 50B. Articles of amendment or restatement of articles of organization by any stock or mutual company signed and sworn to by the president and secretary and a majority of the directors, setting forth such amendment or change and the due adoption thereof, shall, within thir…

Section 51. No domestic stock company shall transact any business other than that specified in its charter or agreement of association, except that it may transact the kinds of business specified below by reference to the several clauses of section forty-seven, as follows: (a) Th…

Section 54. No domestic mutual company shall transact any other kind of business than is specified in its charter or agreement of association, except that it may in addition transact the kinds of business specified below by reference to the several clauses of section forty-seven,…

Section 54A. Any domestic company authorized to transact any of the kinds of business specified in the second clause of section forty-seven may, outside the commonwealth, make contracts of insurance insuring property of any kind or description against any and all risks of loss or…

Section 54B. Any company authorized to transact the kinds of business specified in any one of the first, second, fourth, sixth or twelfth clauses of section forty-seven may, except with respect to policies of life and endowment insurance and contracts for the payment of annuities…

Section 54C. Any company authorized to transact the kinds of business specified in the first or second clause, or in subdivision (b) of the sixth clause, of section forty-seven may insure against any loss of or damage to, or loss of use of, or mechanical failure or mechanical bre…

Section 54D. Any company authorized to transact the kinds of business specified in any of the first, second, fourth, sixth or twelfth clauses of section forty-seven may insure, by means of an all-risk type of policy commonly known as the personal property floater, against any and…

Section 54E. Any company authorized to insure against loss or damage by fire, which has been actively engaged in the fire insurance business in one or more states of the United States continuously for ten years, or less than ten years with the approval of the commissioner, or who…

Section 54F. Any company authorized to insure against loss or damage by fire, which has been actively engaged in the fire insurance business in one or more states of the United States continuously for ten years, or less than ten years with the approval of the commissioner, or who…

Section 54G. Any company authorized to transact the kinds of business specified in the sixteenth clause of section forty-seven may reinsure either by itself or together with other insurers through pooling arrangements or otherwise for the purposes of spreading the insurance risk,…

Section 55. Mutual companies organized prior to April sixth, nineteen hundred and eleven, to transact employers' liability insurance may continue such business under the sixth clause of section forty-seven. They may also transact all the kinds of business specified in the said si…

Section 56. Any domestic corporation subject to chapter one hundred and seventy-six and confining its membership to a particular order or fraternity may by a two thirds vote of its policy or certificate holders voting thereon adopt this section at a meeting called to consider the…

Section 57. The board of directors of each domestic stock company shall consist of not less than five members, and not less than four shall constitute a quorum.

Section 58. The board of directors shall annually choose by ballot a president, who shall be a member of the board, a secretary, and, if the by-laws so provide, a treasurer, who may also be the president or secretary, and such other officers as the by-laws may provide. They shall…

Section 59. The president, or in his absence the vice president, if any, shall preside at all meetings of the directors or stockholders. In the absence of both said officers a temporary president may be chosen. Notwithstanding the foregoing provisions of this paragraph, a company…

Section 6. If it appears to the commissioner that the capital of a domestic stock company other than a life company is impaired to the extent of one quarter or more on the basis fixed by sections ten to twelve, inclusive, but that the company can with safety to the public and its…

Section 60. The secretary, the treasurer, if any, and each assistant secretary, and each assistant treasurer of such a company shall, before entering upon his duties, give a bond payable to the company conditioned upon the faithful performance of his duties. The bond shall be exe…

Section 62. The directors or other officers of such a company making or authorizing an investment or loan in violation of sections sixty-three, sixty-five or sixty-six shall be personally liable to the stockholders for any loss caused thereby. If they allow to be insured on a sin…

Section 63. The capital stock and, in the case of a domestic stock life company, the net cash surplus required by section forty-eight shall be paid in cash within twelve months after the date of the charter or certificate of organization, but no certificates of full shares and no…

Section 63A. (1) As used in this section the following words shall, unless the context clearly requires otherwise, have the following meaning:— ''Medium grade obligation'', obligations which are rated three by the Securities Valuation Office of the National Association of Insuran…

Section 64. All investments and deposits of the funds of any such company shall be made either in its corporate name or in the name of a nominee appointed for the purpose of facilitating security trading, money management and certificate delivery; and no director or officer shall…

Section 65. No domestic company shall, except in effecting the sale of real estate owned by it, and then only with the approval of the commissioner, invest any of its funds in loans upon mortgages except upon the conditions expressed in paragraph 7, 7A or 7B of section sixty-thre…

Section 66. Except as otherwise provided, no domestic life company shall invest any of its funds in any unincorporated business or enterprise, or in the stocks or evidence of indebtedness of any corporation the owners or holders of which stock or evidence of indebtedness may in a…

Section 66A. Any domestic life company may purchase, lease or acquire by gift or otherwise and hold without any limitation of time any real property, or any interest therein, in any state of the United States in which it is authorized to transact business, in Puerto Rico if autho…

Section 66B. Any domestic life company may purchase, lease, acquire by gift or otherwise and hold without any limitation of time any real property, or any interest therein, in any state of the United States in which it is authorized to transact business, in Puerto Rico, if author…

Section 66C. In addition to stock investments in the stock of a life company authorized by section sixty-six or other provisions of this chapter, a domestic life company may, subject to the provisions of section one hundred and ninety-three D, invest in, or otherwise acquire, und…

Section 66D. A domestic life company may invest in, acquire and hold fifty-one percent or more of the capital stock of any corporation as a subsidiary which is: a corporation providing investment advisory or management services; a corporation providing sales services to an invest…

Section 66E. A domestic life company may invest in or otherwise acquire and hold a limited partnership interest in any limited partnership formed pursuant to chapter one hundred and nine or pursuant to the laws of any state or of the United States. No limited partnership interest…

Section 66F. A domestic life company may invest in or otherwise acquire and hold a limited liability company interest in any limited liability company formed pursuant to the General Laws or pursuant to the laws of any state or of the United States. No limited liability company in…

Section 67. Nothing in the charter of any domestic mutual life company shall limit the investments of such company unless such limitation is contained in the general insurance laws in force at the time of making the investment.

Section 68. All property held by any domestic company the investment in or loan on which by such company is prohibited by this chapter shall be sold and disposed of forthwith unless the time be extended by the commissioner in the manner provided in section sixty-six or has been s…

Section 69. If the net assets of the company do not amount to more than three fourths of its capital, it may make good its capital by assessment of its stock. Shares on which such assessment is not paid within sixty days after demand shall be forfeitable, and may be cancelled by …

Section 70. A company which shall increase its stated capital by issue of additional shares of any class of its capital stock, whether by way of a stock dividend under section seventy-two, an offering to its shareholders or otherwise, may submit to the commissioner a certificate …

Section 71. No company shall reduce its stated capital to an amount less than required by section forty-eight or fifty-one nor shall it reduce such capital unless the commissioner determines that the reduction is in conformity to law and will not be prejudicial to the public. Exc…

Section 72. No stock company shall make a dividend, either in cash or stock certificates, except from its actual net surplus computed as required by law in its annual statement, nor shall any such company which has ceased to do new business divide any portion of its assets, excep…

Section 73. No policy shall be issued by a mutual fire company having no guaranty capital or having a guaranty capital of less than the combined capital and surplus provisions required under section forty-eight, until not less than one million dollars of insurance, in not less th…

Section 74. No mutual fire company operating on the cash premium plan as provided in section eighty-one, nor any mutual fire company with a guaranty capital of less than the combined capital and surplus provisions required under section forty-eight, either of which has become ins…

Section 75. No officer or other person whose duty it is to determine the character of the risks, and upon whose decision the application shall be accepted or rejected by a mutual fire company, shall receive as any part of his compensation a commission upon the premiums; but his c…