AN ACT RELATIVE TO COUNTERSIGNATURES BY RESIDENT AGENTS ON CERTAIN INSURANCE POLICIES.
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. The first paragraph of section 99 of chapter 175 of the General Laws, as appearing in the 1998 Official Edition, is hereby amended by striking out clause First and inserting in place thereof the following clause:-
First, a company may print on or in its policies its name, location, date of incorporation, plan of operation, whether stock or mutual, and, if the former, the amount of its paid-up capital stock; provided, however, that a corporation organized under a special act of the legislature of any state may so indicate upon its policy and may add a statement of the plan under which it operates in this commonwealth. A company may also print on or in its policies the names of its officers and agents, the number and date of the policy. A company may also indicate on the face of its policies or elsewhere the perils insured against in the policy or in any actual or contemplated endorsements thereto or both, and may show the location and description of the property or interest covered, the amount, rate and premium applicable to the hazards insured and an abstract of other pertinent policy or endorsement provisions. A mutual company shall fix the contingent mutual liability of its members for the payment of losses and expenses not provided for by its cash funds and shall print on the filing back of its policies the notice required by section 76, the endorsement required by section 80 and the statement required by section 81.
SECTION 2. Section 150 of said chapter 175, as so appearing, is hereby amended by striking out, in lines 3 and 4, the words ", as provided in section one hundred and fifty-seven,".
SECTION 3. Section 157 of said chapter 175 is hereby repealed.
SECTION 4. Section 5 of chapter 176L of the General Laws is hereby repealed.
SECTION 5. Chapter 78 of the acts of 2000 is hereby amended by striking out section 8 and inserting in place thereof the following section:-
Section 8. Sections 2 and 6 of this act shall apply to all pending and future claims in liquidation proceedings pending on the effective date of this act and to claims in liquidation proceedings filed after the effective date of this act.