Massachusetts General Laws ch. 175 sec. 45 – Unauthorized agencies; penalty
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Section 45. No domestic company shall establish an agency or appoint an agent or other person to solicit, negotiate, continue or renew contracts of insurance on lives, property or interests in, or annuity or pure endowment contracts with residents of, a state, district or territory where such company has not been lawfully authorized to transact business, and no such company or officer or agent thereof shall pay or allow or offer to pay or allow compensation or anything of value to any such person for soliciting, negotiating, continuing or renewing such contracts. Whoever violates this section shall be punished by a fine of not less than three hundred dollars.
Terms Used In Massachusetts General Laws ch. 175 sec. 45
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01