Budget Amendment ID: FY2018-S3-27

OTH 27

Single Risk Limitations

Mr. Rodrigues moved that the proposed new text be amended by adding the following section:-

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

SECTION__. 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__. 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.