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November 05, 2024 Clouds | 50°F
The 193rd General Court of the Commonwealth of Massachusetts

Section 153: Foreign life companies; conditions of admission

Section 153. A company organized under the laws of any other state of the United States for the transaction of life insurance may, subject to all provisions of section one hundred and fifty-one so far as applicable to a life company, be admitted and authorized to do business in this commonwealth if it has been issuing life insurance policies or annuity contracts during each of at least the preceding three years; provided, however, that if it is a stock company it shall comply with the financial requirements specified in sections forty-eight and fifty-one; and provided further, that if it is a mutual company it shall comply with the financial requirements specified in sections fifty-four and ninety-three E.

Notwithstanding any other provisions of law to the contrary, if the company is a majority-owned subsidiary of a domestic or an admitted life company, it shall be deemed to have satisfied the three years' policy issuance requirement contained in the first paragraph; provided, however, that the domestic or admitted life company satisfies the provisions of the first paragraph; and, provided further, that the commissioner determines that such domestic or admitted life company has a satisfactory record of doing business in the commonwealth during the preceding three years. For purposes of this section, a company shall be a majority-owned subsidiary of a domestic or an admitted life company only if a majority of the total issued and outstanding voting stock of such company is owned either directly by the domestic or admitted life company or indirectly by the domestic or admitted life company through one or more companies, the majority of the issued and outstanding voting stock of each of which is owned by its immediate parent.

Any such company organized under the laws of a state or government other than one of the United States may be so admitted and authorized, subject to all the provisions of section one hundred and fifty-one as aforesaid, if, in addition to fulfilling all the requirements of this section, it complies with section one hundred and fifty-five, and if it shall have and keep on deposit as provided in section one hundred and fifty-five or in the hands of trustees as provided in section one hundred and fifty-six, in exclusive trust for the security of its contracts with policyholders in the United States, funds of an amount equal to the net value of all its policies in the United States, less all indebtedness thereon, and not less than four hundred thousand dollars.