Massachusetts General Laws ch. 175 sec. 94A – Definitions applicable to Secs. 94B to 94M and remainder of this chapter, and to chapter 152
Section 94A. The following words and phrases, as used in sections ninety-four B to ninety-four M, inclusive, or elsewhere in this chapter, or in chapter one hundred and fifty-two, shall, unless the context otherwise requires or a different meaning is specifically prescribed, have the following meanings:
Terms Used In Massachusetts General Laws ch. 175 sec. 94A
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
”Attorney in fact”, an individual, partnership or corporation acting under power of attorney as the representative of the subscribers in the exchange of reciprocal or inter-insurance contracts and matters incident thereto.
”Subscribers”, the participants or policyholders, who have given to an attorney in fact a power of attorney giving authority to obligate them separately and severally, as specified therein, in the exchange of reciprocal or inter-insurance contracts.
”Exchange”, an aggregation of individuals, partnerships or corporations, herein called subscribers, who or which, under a common name, exchange contracts of insurance on the reciprocal or inter-insurance plan through the office of an attorney in fact, being the place where contracts of insurance are issued.
”Domestic exchange”, an exchange located in the commonwealth.
”Fishing vessel”, any vessel, boat, ship or other craft which is used for, equipped to be used for, or a type which is normally used for fishing, or aiding or assisting one or more vessels at sea in the performance of any activity relating to fishing, including, but not limited to, preparation, supply, storage, refrigeration, transportation or processing.
”Foreign exchange”, an exchange located outside the commonwealth.
For the purposes of sections ninety-four A to ninety-four M, inclusive, ”Guaranty fund”, with respect to exchanges, shall have the same meaning as ”Guaranty capital” as required of mutual companies; provided, that a ”Guaranty fund”, as required in said sections, shall be maintained in the same amounts and be subject to the same laws with regard to impairment as required of ”Guaranty capital” in the case of domestic mutual companies; and ”Guaranty fund” with respect to foreign exchanges, shall have the same meaning as ”Guaranty capital”, as required of foreign mutual companies; provided, that a ”Guaranty fund” as required in said sections, shall be maintained in the same amounts and be subject to the same laws with regard to impairment as required of ”Guaranty capital” in the case of foreign mutual companies.