Massachusetts General Laws ch. 176P sec. 26 – Separation of assets, funds and liabilities
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Section 26. The separation of assets, funds and liabilities required by section 25 shall not be terminated, rescinded or modified, nor shall the funds be diverted for any use other than as specified in section 25, as long as any certificates issued under sections 23 to 28, inclusive, remain in force. This requirement shall be recognized and enforced in any liquidation, reinsurance, merger or other change in the condition or status of the society.
Terms Used In Massachusetts General Laws ch. 176P sec. 26
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.