Massachusetts § 21 Limitation of amount insured in single risk; penalty

Massachusetts Statutes

§ 21 — Limitation of amount insured in single risk; penalty

Massachusetts § 21

Part IADMINISTRATION OF THE GOVERNMENT

Title XXIICORPORATIONS

Ch. 175INSURANCE

This text of Massachusetts § 21 (Limitation of amount insured in single risk; penalty) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mass. Gen. Laws ch. 175, § 21 (2026).

Text

Section 21. No company other than a life company shall insure in a single risk an amount larger than ten percent of its surplus to policyholders, unless it has reinsured, as provided in section twenty, the excess over said limit to take effect simultaneously with the original contract. A company violating this section shall be punished by a fine of five thousand dollars for each day during which such violation continues.

Free access — add to your briefcase to read the full text and ask questions with AI

Section 21. No company other than a life company shall insure in a single risk an amount larger than ten percent of its surplus to policyholders, unless it has reinsured, as provided in section twenty, the excess over said limit to take effect simultaneously with the original contract. A company violating this section shall be punished by a fine of five thousand dollars for each day during which such violation continues.