§ 18 — Allocated, transferred, assumed, etc., insurance policies

Massachusetts § 18

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XXII: CORPORATIONS
• Ch. 175D: MASSACHUSETTS INSURERS INSOLVENCY FUND

Text

[ Text of section added by 2024, 389, Sec. 3 effective April 9, 2025.]Section 18. (a) Notwithstanding any other provision in this chapter, an insurance policy issued by a member insurer and later allocated, transferred, assumed by or otherwise made the sole responsibility of another insurer, pursuant to a statute of the commonwealth providing for the division of an insurance company or the statutory assumption or transfer of designated policies and under which there is no remaining obligation to the transferring entity by court order or novation, shall be considered to have been issued by a member insurer which is an insolvent member insurer for the purposes of this chapter in the event that the insurer to which the policy has been allocated, transferred, assumed or otherwise made the sole responsibility of is placed in liquidation.(b) An insurance policy that was issued by a non-member insurer and later allocated, transferred, assumed by or otherwise made the sole responsibility of a member insurer under a statute of the commonwealth described in subsection (a) or by novation shall not be considered to have been issued by a member insurer for the purposes of this chapter.