Certain occurrences affecting insurance companies; notice to commissioner
M.G.L. c. 175, § 23A
in effectc. 175, § 23A. Certain occurrences affecting insurance companies; notice to commissioner
Section 23A. Every stock company, every foreign company described in section one hundred and fifty-five and every mutual company having a guaranty capital or guaranty fund, other than a life company, 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 or guaranty fund, respectively, on the basis fixed by sections ten to twelve, inclusive. Every company whose license or authority to transact business in any other state or country is suspended or revoked or otherwise terminated, every foreign company against which receivership or liquidation proceedings are instituted in the state or country under whose laws it is organized, 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, every mutual company which levies an assessment on its members, and every life company whose actual funds, exclusive of its capital, if any, 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 to twelve, inclusive, shall forthwith notify the commissioner in writing as aforesaid to that effect.
Every foreign company shall forthwith notify the commissioner in writing as aforesaid of any change of its corporate name, of the location of its home or principal office or of the amount of its paid-up capital stock or guaranty or deposit capital, 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 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 thirty days after the filing of any such notice, or within such further time as the commissioner may allow, file with him duly certified documents executed and authenticated in a manner satisfactory to the commissioner setting forth any such change or amendment, other than a change of the location of its office or that of its resident manager or trustees.
Source: Massachusetts General Court (malegislature.gov)URL: https://malegislature.gov/Laws/GeneralLaws/PartI/TitleXXII/Chapter175/Section23AFetched: 10/20/2026