Section 54B: Reinsurance of risks; exceptions
177 words·~1 min read·
/ma/part-i/title-xxii/chapter-175/54b·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 and pure endowments, reinsure risks of every kind or description and may write any and all kinds of insurance other than the policies and contracts hereinbefore excluded; provided, that it maintains a surplus to policyholders, including any guaranty capital, of not less than one million dollars; and provided, further, that any foreign mutual company which is not permitted by the laws of its domiciliary state to establish or maintain a guaranty capital may transact business under this section provided it maintains a surplus to policyholders of not less than one million, two hundred thousand dollars unimpaired on the basis fixed by sections ten to twelve, inclusive, and has made a deposit in an amount and subject to the conditions specified in subdivision (3)(c) of clause Second of section one hundred and fifty-one.