Section 66D: Life companies; investment in and acquisition of stock of subsidiary corporations
154 words·~1 min read·
/ma/part-i/title-xxii/chapter-175/66d·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 investment company; a real property holding, developing, managing or leasing corporation; a data processing or computer service corporation; or a corporation whose business has been approved by the commissioner as complementary or supplementary to the business of a domestic life company; provided, however, that such percentage of capital stock may with the approval of the commissioner be less than fifty-one, excepting
(1)an insurance company authorized to transact in the commonwealth the business set forth in the First, Second, Third, Fourth, Fifth or Eighth clause of section forty-seven, and
(2)a corporation licensed by the commonwealth as an insurance agent or insurance broker for any business set forth in said clauses.