Massachusetts General Laws ch. 175 sec. 151 – Conditions of admission of foreign companies
Section 151. No foreign company shall be admitted and authorized to do business until—
Terms Used In Massachusetts General Laws ch. 175 sec. 151
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- 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.
First, It has deposited with the commissioner a certified copy of its charter or deed of settlement and a statement of its financial condition and business, in the form prescribed by section twenty-five, and signed and sworn to as provided in said section, and has paid for the filing of such copy and statement the fees prescribed by section fourteen.
Second, It has satisfied the commissioner that (1) it is fully and legally organized under the laws of its state or government to do the business it proposes to transact; (2) it has the combined amounts of capital and surplus required or prescribed by the commissioner under section forty-eight for the classes of business it proposes to transact; (3) it has made a deposit with the state treasurer or with the proper board or officer of some other state in exclusive trust for the benefit and security of all its policyholders in the United States in an amount satisfactory to the commissioner; (4) it has made a deposit with the state treasurer in exclusive trust for the benefit and security of its policyholders in the commonwealth in an amount satisfactory to the commissioner; that (5) any capital, surplus, guaranty fund or guaranty capital and assets, other than contingent, are well invested and available for the payment of losses in the commonwealth, that the company is in a sound financial condition and that business policies, methods and management are sound and proper; and (6) that it insures in a single risk wherever located an amount no larger than ten percent of its surplus to policyholders except as provided in section twenty-one.
Third, It has filed with the commissioner a power of attorney constituting and appointing the commissioner or his successor its true and lawful attorney, upon whom all lawful processes in any action or legal proceeding against it may be served, and therein shall agree that any lawful process against it which may be served upon its said attorney shall be of the same force and validity as if served on the company, and that the authority thereof shall continue in force irrevocable so long as any liability of the company remains outstanding in the commonwealth. The power of attorney shall be executed by the president and secretary of the company, or other officers duly authorized thereto, under its corporate seal, and shall be accompanied by a certified copy of the resolution of the board of directors of the company making said appointment and authorizing the execution of said power of attorney which shall be in a form prescribed by the commissioner. The service of such process shall be made by leaving the same in duplicate in the hands or office of the commissioner. One of the duplicates of such process, certified by the commissioner as having been served upon him, shall be deemed sufficient evidence thereof, and service upon such attorney shall be deemed service upon the principal.
Fourth, It has obtained from the commissioner a license stating that it has complied with the laws of the commonwealth and specifying the kinds of business it is authorized to transact, which the commissioner may refuse to issue if he is of the opinion that such refusal will be in the public interest. Every such license shall expire on June thirtieth of each year, unless sooner revoked or suspended as provided in section five, but may be renewed by the commissioner on or before said date upon written application of the company, subject to all the provisions of this chapter excepting the provisions of the first and third clauses of this section, applicable to the issue of a new license.