Massachusetts General Laws ch. 175K sec. 1 – Definitions
Section 1. For purposes of this compact, the following words shall have the following meanings:—
Terms Used In Massachusetts General Laws ch. 175K sec. 1
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
”Advertisement”, material designed to create public interest in a product, or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace or retain a policy, as more specifically defined in the rules and operating procedures of the commission.
”By-laws”, those by-laws established by the commission for its governance, or for directing or controlling the commission’s actions or conduct.
”Compacting state”, a state which has enacted this compact legislation and which has not withdrawn pursuant to subsection (1) of section 13 or been terminated pursuant to subsection (2) of said section 13.
”Commission”, the interstate insurance product regulation commission established by this compact.
”Commissioner”, the chief insurance regulatory official of a state including, but not limited to, commissioner, superintendent, director or administrator.
”Domiciliary state”, the state in which an insurer is incorporated or organized; or, in the case of an alien insurer, its state of entry.
”Insurer”, an entity licensed by a state to issue contracts of insurance for any of the lines of insurance covered by this chapter.
”Member”, the person chosen by a compacting state as its representative to the commission, or his or her designee.
”Non-compacting state”, a state which is not at the time a compacting state.
”Operating Procedures”, procedures promulgated by the commission implementing a rule, uniform standard or a provision of this compact.
”Opt out”, an action by a compacting state to decline to adopt or participate in a promulgated uniform standard.
”Product”, the form of a policy or contract, including an application, endorsement, or related form which is attached to and made a part of the policy or contract, and a evidence of coverage or certificate, for an individual or group annuity, life insurance, disability income or long- term care insurance product that an insurer is authorized to issue.
”Rule”, a statement of general or particular applicability and future effect promulgated by the commission, including a uniform standard developed pursuant to section 6, designed to implement, interpret, or prescribe law or policy or describing the organization, procedure, or practice requirements of the commission, which shall have the force and effect of law in the compacting states.
”State”, a state, district or territory of the United States of America.
”Third-party filer”, an entity that submits a product filing to the commission on behalf of an insurer.
”Uniform standard”, a standard adopted by the commission for a product line, pursuant to section 6, and shall include all of the product requirements in aggregate; but, each uniform standard shall be construed, whether express or implied, to prohibit the use of any inconsistent, misleading or ambiguous provisions in a product and the form of the product made available to the public shall not be unfair, inequitable or against public policy as determined by the commission.