Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately regulate the Massachusetts Crime Insurance Program, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Chapter 175 of the General Laws is hereby amended by inserting after section 102D the following section:-
Section 102E. Any insurance companies authorized to transact business under clause Twelfth of section forty-seven and notifying the commissioner of their participation in a plan approved by the commissioner to succeed the Federal Crime Insurance Program established pursuant to Title VI of the Housing and Urban Development Act of 1970 may join together in a pool or otherwise to provide insurance and issue a policy of insurance for the risks described in said clause Twelfth of said section forty-seven, and in connection therewith shall use the service of a facility or association approved under chapter one hundred and seventy-five C. Any such policy shall be issued in the name of the Massachusetts Crime Insurance Program by such facility or association and any notice, sworn statement or proof of loss which may be required by the provisions of said policy shall be rendered, made or given to said facility or association and such notice, sworn statement or proof of loss so rendered, made or given shall be valid and binding as to all participating insurers. In any action or suit under the policy, service of process shall be made on such facility or association and such service shall be deemed valid and binding service upon all participating insurers.
Policies issued by any mutual company under the authority of this section need not conform to the requirements of sections seventy-six, eighty and eighty-one applicable to other policies issued by such companies.