courses. Granting of certificates. correspondence correspondence courses such non-residents as are approved by the department. It may, in accordance with rules and regulations established by it, grant to students satisfactorily completing such courses suitable certificates. Approved April 24, 1925. Chap .267 AN ACT TO EXTEND THE POWERS OF CERTAIN MUTUAL INSUR G. L. 175, § 6, etc., amended. Insurance company receivership proceedings. G. L. 175, § 23A, etc., amended. Certain insurance companies to notify commissioner of capital stock, reduction of assets below required amount, impairment of securities, insufficiency of funds, etc. ANCE COMPANIES. Be it enacted, etc., as follows: SECTION 1. Chapter one hundred and seventy-five of the General Laws is hereby amended by striking out the last sentence of section six, inserted by section three of chapter one hundred and fifty-four of the acts of nineteen hundred and twenty-five, and inserting in place thereof the following:Nothing in section twenty-three, seventy-four or ninety-three D shall prevent the commissioner from proceeding as hereinbefore provided against any domestic company mentioned in said sections. SECTION 2. Said chapter one hundred and seventy-five is hereby further amended by striking out section twenty-three A, inserted by section two of chapter one hundred and fifty-four of the acts of nineteen hundred and twenty-five, and inserting in place thereof the following:-Section 23A. Every stock company, every foreign company described in section one impairment of hundred and fifty-five and every mutual company having a guaranty capital shall forthwith notify the commissioner in writing in such form and detail as he may require of any impairment of its capital stock or deposit or guaranty capital, respectively, on the basis fixed by sections nine to twelve, inclusive. Every foreign mutual company, other than life, whose net cash assets or contingent assets become less than the amount required of said company by section one hundred and fifty-one, every domestic mutual company whose amount of insurance or premiums in force or number of risks on its books become less than the amount or number required of said company by section seventy-four, ninety A, ninety-two, ninety-three, ninety-three A or ninety-three B, or whose security required by clauses (4) or (5) of said section ninety-three becomes impaired, every mutual company which levies an assessment on its members, and every life company whose actual funds, exclusive of its capital, are not of a net cash value equal to its liabilities, including the net value of its policies, computed by the rules of valuation established by sections nine and eleven, shall forthwith notify the commissioner in writing as aforesaid to that effect. Foreign companies to give notice of change in name, change in location of home office, etc. Every foreign company shall give notice, as aforesaid, of any. change in its corporate name, in the location of its home or principal office and of any amendments to its charter or articles of incorporation relative to the classes of business it may transact and, in case of a foreign company described in section one hundred and fifty-five, of any change of its resident manager documents in the United States, or of the trustees, if any, appointed under section one hundred and fifty-six, or of the location of his or their principal office. Every foreign company shall, within Filing of thirty days after the filing of said notice, or within such further certified time as the commissioner may allow, file with him duly certified setting forth documents executed and authenticated in a manner satisfactory to the commissioner setting forth any such change or amendment other than a change in the location of its office or that of its resident manager or trustees. changes, etc. of insurance companies. SECTION 3. Said chapter one hundred and seventy-five, as G. L. 175, § 47, amended in section forty-seven by chapter one hundred and etc., amended. ninety-eight, section one of chapter two hundred and fifteen and section three of chapter two hundred and seventy-seven of the acts of nineteen hundred and twenty-one, is hereby further amended by striking out said section forty-seven and inserting in place thereof the following:-Section 47. Companies may Purposes of be incorporated under and subject to the provisions of this incorporation chapter for the following purposes: First, To insure against loss or damage to property by fire; Kinds of busiexplosion, fire ensuing; explosion, no fire ensuing, except explo- ness. sion of steam boilers and flywheels; lightning, hail, or tempest on land; earthquake, bombardment; invasion, foreign enemies, insurrection, riot, civil war or commotion, military or usurped power; a rising of the waters of the ocean or its tributaries; or by any two or more of said causes; and against loss of use or occupancy caused thereby. Second, To insure vessels, freights, goods, money, effects, and money lent on bottomry or respondentia, against the perils of the sea and other perils usually insured against by marine insurance; risks of inland navigation and transportation; also, in connection with marine or inland marine or transportation insurance on property, to insure against any risk whether to person or to property, including liability for loss or damage to either, arising out of the construction, repair, operation, maintenance or use of the subject matter of such primary insurance; also to insure against loss or damage to and loss of use of motor vehicles, their fittings and contents, whether such vehicles are being operated or not, and wherever the same may be, resulting from accident, collision, fire, lightning, theft, and any of the perils usually insured against by marine insurance, or from risks of inland navigation and transportation; and against loss or damage caused by teams, automobiles or other vehicles, except rolling stock of railways, to the property of another, for which loss or damage any person is liable; but not including insurance against loss or damage by reason of bodily injury or death by accident to any person resulting from the maintenance and use of motor vehicles. Third, To insure against loss or damage to motor vehicles, other than motor boats, their fittings and contents, whether such vehicles are being operated or not, and wherever the same may be, resulting from accident, collision, fire, lightning, theft, and any of the perils usually insured against by marine insurance, and risks of inland navigation and transportation. Purposes of incorporation of insurance companies. Kinds of business. Fourth, (a) To guarantee the fidelity of persons in positions of trust, private or public, and (b) to act as surety on official bonds and for the performance of other obligations. Fifth, To insure against loss or damage to property of the insured, and loss or damage to the life, person or property of another for which the insured is liable, caused by the explosion of steam boilers, tanks or other receptacles under pressure, or their connections, or by the breakage or rupture of machinery or flywheels, and against loss of use and occupancy caused thereby. Sixth, To insure (a) any person against bodily injury or death by accident, or (b) any person against loss or damage on account of the bodily injury or death by accident of any person, or against damage caused by teams, automobiles or other vehicles, except rolling stock of railways, to the property of another, for which loss or damage such person is liable, or (c) against loss or damage to, or loss of use of, motor vehicles designed to operate on land, their fittings and contents, whether such vehicles are being operated or not, and wherever the same may be, resulting from collision or accident, except loss or damage by fire or lightning or while being transported in any conveyance by land or water, and (d) to make insurance upon the health of individuals. Seventh, To insure against the breakage of plate glass, local or in transit. Eighth, To insure against loss or damage to any goods or premises of the insured, and loss or damage to the property of another for which the insured is liable, caused by the breakage or leakage of sprinklers, pumps, water pipes, elevator tanks and cylinders, steam pipes and radiators, or plumbing and its fixtures, or against accidental injury from other causes than fire, lightning, bombardment or wind storm to such sprinklers, pumps, water pipes, elevator tanks and cylinders, steam pipes and radiators, plumbing and fixtures; also to insure against loss or damage to any goods or premises of the insured, and loss or damage to the property of another for which the insured is liable, caused by the leakage of roofs, leaders and spouts, or by rain and snow driven through broken and open windows and skylights, or caused by the contents of any tank, or impact of any falling tank, tank platform or supports erected in or upon any building, and to insure against loss of use and occupancy due to any of said causes. Ninth, To insure against loss or damage to property and loss of use and occupancy arising from accidents to elevators, bicycles and vehicles, except rolling stock of railways. Tenth, To carry on the business commonly known as credit insurance or guaranty, either by agreeing to purchase uncollectible debts, or otherwise to insure against loss or damage from the failure of persons indebted to the insured to meet their liabilities. Eleventh, To examine titles of real and personal property, furnish information relative thereto, and insure owners and others interested therein against loss by reason of encum incorporation brances, defective title or the insufficiency of any mortgage Purposes of held or sold by the insurer as security for the amount secured of insurance by such mortgage, or against any other loss in connection with companies. any such mortgage or any interest therein, and to buy and sell Kinds of busimortgages of real property and interests therein. Twelfth, To insure against property loss or damage by burglary, robbery, any larceny, any breaking and entry or entry without breaking of any house, building, ship, vessel or railroad car, and loss or damage by forgery. Thirteenth, To insure against loss from the death of domestic animals and to furnish veterinary service. Fourteenth, To transact outside of the territorial limits of the United States any and all forms of insurance. Fifteenth, To reinsure risks of every kind or description undertaken by other companies. ness. SECTION 4. Said chapter one hundred and seventy-five is G. L. 175, § 48A hereby further amended by striking out section forty-eight A, etc., amended. inserted by section six of chapter four hundred and six of the formation, kinds of business, etc. acts of nineteen hundred and twenty-four, and inserting in place thereof the following: - Section 48A. Ten or more per- Mutual insursons, residents of this commonwealth, may form a mutual ance companies, company (a) to transact the business set forth in any one of the clauses of section forty-seven, except the eleventh, fourteenth or fifteenth; (b) to transact the business set forth in the first and eighth clauses; (c) to transact the business set forth in the first, second and eighth clauses; or (d) to transact the business set forth in any two or more of the fourth, fifth, sixth, seventh, eighth, ninth, tenth, twelfth, and thirteenth clauses thereof. Companies organized under this section to transact business Certain mutual under the first clause of said section forty-seven shall be sub- companies subject to ject to the provisions of sections seventy-three and seventy-nine, certain laws those organized under this section to transact business under issuing of the second, third, fourth, fifth or sixth clause of said section policies. forty-seven shall be subject to the provisions of section eightysix, ninety A, ninety B, ninety-two or ninety-three, respectively, those organized under this section to transact business under the seventh, eighth, ninth, tenth, twelfth or thirteenth clause of said section forty-seven shall be subject to the provisions of section ninety-three A, those organized under (b) or (c) hereof shall be subject to the provisions of said section ninety A, and those organized under (d) hereof shall be subject to the provisions of section ninety-three B, relative to the issuing of policies. relative to etc., amended. SECTION 5. Section fifty-four of said chapter one hundred G. L. 175, § 54, and seventy-five, as amended by chapter one hundred and fifty-three of the acts of nineteen hundred and twenty-three, and by section two of chapter two hundred and ninety-eight and section six of chapter four hundred and fifty, both of the acts of nineteen hundred and twenty-four, is hereby further amended by striking out the first paragraph and clauses (a) to (f), inclusive, and inserting in place thereof the following: Section 54. No domestic mutual company shall transact any kinds of other kind of business than is specified in its charter or agree- business which may be combined by certain mutual insurance companies. G. L. 175, 90, etc., amended. ment of association, except that it may in addition transact the kinds of business specified below by reference to the several clauses of section forty-seven, as follows: (a) The first, if authorized to transact fire insurance. (b) The second, if authorized to transact the first and it has two million dollars of insurance in force in not less than eight hundred separate risks in the commonwealth. (c) The sixth, if authorized to transact life insurance, whether or not it has a capital stock, provided it has a net surplus of not less than four hundred thousand dollars; but it shall not be authorized hereunder to transact workmen's compensation insurance under section fifty-two of chapter one hundred and fifty-two. (d) The eighth, if authorized to transact the first. (e) Any one or more of the fourth, fifth, sixth, seventh, eighth, ninth, tenth, twelfth and thirteenth clauses, if authorized to transact business under any one of said clauses, provided that before transacting business under any additional clause, other than the fourth, it shall have secured the applications for insurance against the hazards specified therein required by section ninety-two, ninety-three or ninety-three A of a mutual company formed to transact business under such additional clause, or in lieu of such applications, shall have a net surplus, computed on the basis fixed by sections ten to twelve, inclusive, of not less than one hundred thousand dollars for each such additional clause, which net surplus shall be maintained as long as it transacts business under such additional clause; and provided further, that before transacting business under the fourth clause, it shall have a guaranty capital as provided in section ninety B and a net surplus, so computed, of not less than one hundred thousand dollars. Any mutual company transacting business under this clause may accumulate and maintain the surplus required hereunder in addition to the amount permitted by section eighty. The provision of section twenty-one that a mutual boiler company may insure in a single risk an amount of not exceeding one fourth of its net assets shall not apply to a mutual company transacting business under this clause. SECTION 6. Said chapter one hundred and seventy-five, as amended in section ninety by section four of chapter one hundred and fifty-four of the acts of nineteen hundred and twentyfive, is hereby further amended by striking out said section Certain mutual ninety and inserting in place thereof the following: companies and etc. Section 90. Mutual companies transacting business under any one or more of clauses three, four, five, six, seven, eight, nine, ten, company laws, twelve and thirteen of section forty-seven, or under clause (a), (b), (d) or (e) of section fifty-four, and the officers and members of such companies, shall, except as provided in clause (e) of said section fifty-four and in sections ninety A, ninety B, ninety-two, ninety-three, ninety-three A, ninety-three B, ninety-three C and ninety-three D, be subject to the provisions of this chapter relating to mutual fire companies, and their officers and members, so far as applicable. |