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The 189th General Court of the Commonwealth of Massachusetts

Section 93B: Mutual surety, liability and casualty companies; issuance of policies; condition precedent

Section 93B. No policy shall be issued by a mutual company formed to transact business under clause (d) of section forty-eight A until it has secured the applications for insurance required by sections ninety-two, ninety-three and ninety-three A, or any of them, in respect to the classes of business which it proposes to transact, nor, if it proposes to transact business under clause fourth of section forty-seven, until it has established the fully paid-up guaranty capital required by section ninety B, nor, if it proposes to transact business under subdivision (b) of clause sixth of section forty-seven, until it has established the fully paid-up guaranty capital required by section ninety-three.