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.
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