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,
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,".
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
of this act.