HOUSE DOCKET, NO. 3040        FILED ON: 1/16/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 914

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Aaron Michlewitz

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to single risk limitations.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Aaron Michlewitz

3rd Suffolk

1/16/2015

James Arciero

2nd Middlesex

4/21/2015


HOUSE DOCKET, NO. 3040        FILED ON: 1/16/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 914

By Mr. Michlewitz of Boston, a petition (accompanied by bill, House, No. 914) of Aaron Michlewitz relative to financial guaranty insurance companies.  Financial Services.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Eighty-Ninth General Court
(2015-2016)

_______________

 

An Act relative to single risk limitations.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Section 21 of chapter 175 of the General Laws, as so appearing in the 2012 Official Edition, is hereby amended by inserting after the words “life company” in line 1 the following words;- of a financial insurance company.

SECTION 2. Section 21 of chapter 175, as so appearing, is hereby amended by inserting after the second sentence the following sentence;-

A financial guaranty insurance company shall be subject to the laws of the state in which it is domiciled for purposes of this section.

SECTION 3. Section 21 of chapter 175, as so appearing, is hereby amended by inserting at the end of the section the following:-

For the purposes of this section, a financial guaranty company licenses to transact insurance in the Commonwealth under subpart (c) of the fourth clause of section forty-seven that primarily issues insurance policies, surety bonds, indemnity contracts or any other similar guarantees under which loss is payable, upon proof of occurrence of a financial loss, to an insured.