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Session Law

2008

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Chapter 230 AN ACT RELATIVE TO EQUITABLE COVERAGE FOR ANNUITY 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. Section 9 of chapter 175 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by inserting after the word “commissioner”, in line 112, the following words:- ; provided, however, that for any contract issued on or after January 1, 2009, a mortality table shall only be applied to an individual or group annuity or pure endowment contract on a gender-neutral or gender-blended so-called basis in accordance with regulations promulgated by the commissioner.

SECTION 2. Said section 9 of said chapter 175, as so appearing, is hereby further amended by inserting after the word “contracts”, in line 118, the following words:— ; provided, however, that for any contract issued on or after January 1, 2009, a mortality table shall only be applied to an individual or group annuity or pure endowment contract on a gender-neutral or gender-blended so-called basis in accordance with regulations promulgated by the commissioner.

SECTION 3. Said section 9 of said chapter 175, as so appearing, is hereby further amended by inserting after the word “specified”, in line 163, the following words:- ; provided, however, that for any contract issued on or after January 1, 2009, a mortality table shall only be applied to an individual or group annuity or pure endowment contract on a gender-neutral or gender-blended so-called basis in accordance with regulations promulgated by the commissioner.

SECTION 4. Said chapter 175 is hereby further amended by inserting after section 120E the following section:—

Section 120F. No company, officer or agent thereof shall make or permit a distinction, classification or discrimination, or otherwise recognize a difference in life expectancy, on the basis of race, color, religion, sex, marital status or national origin in the terms or conditions of a group or individual annuity, pure endowment contract or certificate covering residents of the commonwealth which is issued or delivered within or without the commonwealth on or after January 1, 2009, including, but not limited to, the amount or method of payment of premiums or rate charges or in the benefits payable. A violation of this section shall constitute an unfair method of competition or an unfair or deceptive act or practice in violation of chapter 176D.

SECTION 5. Section 132B of said chapter 175, as appearing in the 2006 Official Edition, is hereby amended by striking out, in line 25, the word “sex,”.


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