Section 113G: Officers, directors and employees of company issuing or executing motor vehicle liability policies or bonds; financial interest in companies or agencies; restrictions
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/ma/part-i/title-xxii/chapter-175/113g·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 113G. No officer, director or employee of a domestic company formed under section forty-eight A after November first, nineteen hundred and thirty-nine which obtains a certificate under section thirty-two and commences to issue motor vehicle liability policies, as defined in section thirty-four A of chapter ninety, or to execute motor vehicle liability bonds, as defined in said section thirty-four A, shall be or act as insurance agent of such company, or be an officer, director, stockholder or employee of, or be directly or indirectly financially interested in, or directly or indirectly receive any financial benefit from, any insurance agency of such company or any concern, except a bank or trust company under the supervision of the commissioner of banks or a national banking association, whose business includes the financing of payment of premiums on such policies or bonds issued or executed by such company; provided, that nothing herein shall prohibit an insurance agent of any such company from financing the payment of premiums on any such policy or bond issued or executed by such company, or prevent any such company from carrying on the business authorized by section one hundred and ninety-three B or prohibit any officer, director or employee of such company from participating in the carrying on of such business by such company in accordance with said section.