SECTION 1. Subsection (a) of section 168 of chapter 175 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by adding the following definitions:-

“Personal vehicle sharing”, the authorized use of a vehicle by an individual other than the vehicle’s owner through a personal vehicle sharing program.

“Personal vehicle sharing program”, a business platform that connects vehicle owners with drivers to enable the sharing of vehicles for financial consideration.

Said section 168, as so appearing, is further amended by striking out subsection (b) in lines 18-27 and inserting in place thereof the following subsection:-

“(b) The commissioner may, upon the payment of the fee prescribed by section 14, issue to any suitable person aged 18 or older, a license to act as a special insurance broker to negotiate, continue or renew contracts of insurance against any of the hazards specified in section 47, except as specified in clause Fifteenth thereof, and except accident and health, workers' compensation, compulsory motor vehicle liability, with the exception of both motor vehicle policies for transportation network vehicles and any contracts that directly or indirectly provide insurance or other forms of protection, including without limitation, collision damage waivers, for vehicles and vehicle drivers engaged in personal vehicle sharing through a personal vehicle sharing program, and life insurance on property or interests in the commonwealth with an unauthorized company upon the following conditions:”

Said section 168, as so appearing, is further amended by striking out subsection (i) in lines 198-199 and inserting in place thereof the following subsections:-

“(i) Nothing in this section shall preclude a personal vehicle sharing program from procuring a contract of insurance for itself, vehicles, and vehicle drivers engaged in personal vehicle sharing, if the personal vehicle sharing program or the policyholder expressly acknowledges its understanding, that (1) the company from which insurance is procured is not admitted to transact insurance in the commonwealth and (2) in the event of the insolvency of the company, a loss shall not be paid by the Massachusetts Insurers Insolvency Fund under chapter 175D.

(j) The commissioner may promulgate regulations as necessary to implement this section.”