SENATE DOCKET, NO. 749        FILED ON: 1/18/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 586

The Commonwealth of Massachusetts

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PRESENTED BY:

Michael J. Rodrigues

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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.

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PETITION OF:

SENATE DOCKET, NO. 749        FILED ON: 1/18/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 586

The Commonwealth of Massachusetts

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In the One Hundred and Ninetieth General Court
(2017-2018)

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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;- or 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 insurance 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.