Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately regulate the acquisition of capital stock by life insurance companies, 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, as follows:

Section 66D of chapter 175 of the General Laws, as appearing in the 1988 Official Edition, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- 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.