Section 93d - Mutual Surety, Liability and Casualty Companies; Impairment of Guaranty Capital or Decrease in Business; Effect

MA Gen L ch 175 § 93d (2019) (N/A)

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Section 93D. No domestic mutual company transacting business under clause three, five, six, seven, eight, nine, ten, twelve or thirteen of section forty-seven, or under clause (b), (c) or (d) of section forty-eight A, whose amount of insurance in force or premiums or number of risks on its books become at any time from any cause less than the amounts or number required by section ninety A, ninety-two, ninety-three, ninety-three A or ninety-three B, and no mutual company transacting business under the fourth clause of section forty-seven whose guaranty capital required by section ninety B or whose guaranty fund established under section ninety C is impaired on the basis fixed by sections ten to twelve, inclusive, and no mutual company transacting business under subdivision (b) of the sixth clause of section forty-seven whose guaranty capital required by section ninety-three is so impaired, shall make any further insurance until it has secured applications for policies which shall restore the amount of insurance or premiums or number of risks to the amounts and number required by said section ninety A, ninety-two, ninety-three, ninety-three A and ninety-three B, nor until such guaranty capital or guaranty fund is restored to the amount required by said section ninety B, ninety C or ninety-three, nor until such company in any case has obtained a certificate as provided in section seventy-four.

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