AN ACT RELATIVE TO INVESTMENTS OF DENTAL SERVICE CORPORATIONS.
Whereas, The deferred operation of this act would tend to defeat its purpose, which is to provide forthwith investments of dental service corporations, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
Chapter 176 E of the General Laws is hereby amended by striking out section 10, as appearing in the 2006 Official Edition, and inserting in place thereof the following section:-
Section 10. The reserves of a dental service corporation shall be invested only in such securities as are permitted under chapter 175 for the investment of the reserves of insurance companies. A dental service corporation shall have the right to acquire and own real estate to be occupied by itself in the transaction of its business. The commissioner may require any such corporation after its first full calendar year of doing business to accumulate and maintain a special contingent surplus, over and above its reserves and liabilities, in such amount as the commissioner may deem proper. All other funds of a dental service corporation shall be invested only as is permitted by chapter 180A for the investment of institutional funds.