Section 1 Definitions - Massachusetts Statutes

Section 1. The following words, as used in this chapter, unless the context otherwise requires or a different meaning is specifically prescribed, shall have the following meanings:

“Commissioner”, the commissioner of insurance.

“Company”, all corporations, associations, partnerships or individuals engaged as principals in the business of insurance including reciprocal exchanges as defined (as “Exchange”, “Domestic Exchange” or “Foreign Exchange”) in section ninety-four A.

“Contract on a Variable Basis”, any life policy or contract, annuity contract or any other policy or contract which provides for benefits, values or payments in variable amounts in accordance with the provisions of section one hundred and thirty-two F or section one hundred and thirty-two G.

“Domestic company”, a company incorporated or formed in the commonwealth.

“Foreign company”, a company formed by authority of any state or government other than this commonwealth.

“Industrial life insurance policy” or “policy of industrial life insurance”, a policy of life insurance (a) the premiums on which are payable weekly, or (b) the premiums on which are payable monthly or oftener, but less often than weekly, and the face amount of insurance of which is less than one thousand dollars and on the face of which the words “industrial policy” are plainly printed.

“Insurance company” or “insurer”, the same meaning as “company”.

“Net assets”, the assets of a company, less the total liabilities of the company, both as shown on the latest statement of financial condition prepared in accordance with section 25.

“Net value of policies”, the liability of a company upon its insurance contracts, other than accrued claims, computed by rules of valuation established by sections nine to twelve, inclusive.

“Profits” of a mutual company, that portion of its cash funds not required for payment of losses and expenses nor set apart for any purpose allowed by law.

“Receiver”, receiver, liquidator, or conservator as the context requires.

“Resident”, with respect to any incorporator, officer or director of a company, a person who shall have resided within the commonwealth at least one year immediately prior to the election, or the exercise of the authority, referred to in the context.

“Unearned premiums”, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, unless modified by the commissioner as the commissioner considers appropriate.