There is a newer version
of
this Section
2018 Massachusetts General Laws
PART I ADMINISTRATION OF THE GOVERNMENT
TITLE XXII CORPORATIONS
Chapter 175 INSURANCE
Section 46 Insolvent domestic companies; preference of claims for unpaid losses
Universal Citation: MA Gen L ch 175 § 46 (2018)
Section 46. When any domestic company becomes insolvent, or is unable to pay in full its liabilities as set forth in sections ten, eleven and twelve, claims for unpaid losses under its policies, other than life or endowment policies or annuity or pure endowment contracts, shall, in the distribution of its assets, whether liquidation is effected by a receiver or otherwise, be deemed and treated as preferred over claims for return premiums on cancelled or unexpired policies. Nothing in this section shall impair the obligation now or hereafter imposed by law upon the officers of a mutual company, other than a life company, to make assessments on its members to pay its incurred losses and expenses.
Disclaimer: These codes may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
