Massachusetts § 216 Annual statement of life settlement provider

Massachusetts Statutes

§ 216 — Annual statement of life settlement provider

Massachusetts § 216

Part IADMINISTRATION OF THE GOVERNMENT

Title XXIICORPORATIONS

Ch. 175INSURANCE

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Bluebook

Mass. Gen. Laws ch. 175, § 216 (2026).

Text

Section 216.

(a)A life settlement provider shall file with the commissioner, annually on or before March 1, a statement containing such information as the commissioner may prescribe by regulation. In addition to any other requirements, the annual statement shall:

(i)specify the total number, aggregate face amount and life settlement proceeds of policies settled during the immediately preceding calendar year, together with a breakdown of the information by policy issue year for each carrier;

(ii)include the names of the insurance companies whose policies have been settled; and (iii) include only those transactions where the owner is a resident of the commonwealth; provided, however, that an annual statement shall not include individual transaction data regarding the business of life sett

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Section 216. (a) A life settlement provider shall file with the commissioner, annually on or before March 1, a statement containing such information as the commissioner may prescribe by regulation. In addition to any other requirements, the annual statement shall: (i) specify the total number, aggregate face amount and life settlement proceeds of policies settled during the immediately preceding calendar year, together with a breakdown of the information by policy issue year for each carrier; (ii) include the names of the insurance companies whose policies have been settled; and (iii) include only those transactions where the owner is a resident of the commonwealth; provided, however, that an annual statement shall not include individual transaction data regarding the business of life settlements or information that there is a reasonable basis to believe could be used to identify the owner or the insured.(b) A life settlement provider that willfully fails to file an annual statement or willfully fails to reply within 30 days after receipt of a written inquiry by the commissioner in connection therewith shall, in addition to any other penalties prescribed by law, be subject, upon due notice and opportunity to be heard, to a penalty of up to $250 per day of delay, not to exceed $25,000 in the aggregate, for each such failure.