Massachusetts General Laws ch. 175 sec. 215 – Approval of life settlement contract form and disclosure statement form
Section 215. (a) No person shall use any form of life settlement contract or provide to an owner a disclosure statement form unless it has been filed with and approved by the commissioner. The commissioner shall disapprove a life settlement contract form or disclosure statement form if, in the commissioner’s opinion, the contract fails to meet the requirements of sections 219, 220, 222 and subsection (b) of section 223B or are unreasonable, contrary to the interests of the public or are otherwise misleading or unfair to the owner.
Terms Used In Massachusetts General Laws ch. 175 sec. 215
- Contract: A legal written agreement that becomes binding when signed.
- Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) No insurer shall, as a condition of responding to a request for verification of coverage or in connection with the transfer of a policy under a life settlement contract, require that the owner, insured, life settlement provider or life settlement broker sign any form, disclosure, consent, waiver or acknowledgment that has not been expressly approved by the commissioner for use in connection with a life settlement contract.