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General Laws of Massachusetts - Chapter 178A Savings Bank Life Insurance. - Section 1 Definitions

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Section 1. The following words as used in this chapter, unless the context otherwise requires, shall have the following meanings:—

“Bank”, a trust company, commercial bank, savings bank, savings and loan association, cooperative bank or credit union chartered by the commonwealth, a national banking association, federal savings and loan association, federal savings bank or federal credit union which has its main office located in and is authorized to do business in the commonwealth.

“Certificate”, the certificate issued by the commissioner pursuant to section thirty-two of chapter one hundred and seventy-five;

“Commissioner”, the commissioner of insurance;

“Company”, The Savings Bank Life Insurance Company of Massachusetts;

“Date of conversion”, the date on which the certificate is effective;

“Directors”, the directors of the company;

“Division”, the division of insurance of the department of banking and insurance of the commonwealth;

“Individual policyholder”, persons holding individual policies of savings bank life insurance on the date of conversion;

“Insurance contracts”, life and annuity policies and contracts, and pure endowment contracts;

“Insurance department”, the department of a savings and insurance bank in which the business of issuing savings bank life insurance is conducted;

“Savings bank”, a bank chartered under the provisions of chapter one hundred and sixty-eight and any such bank which has converted to federal charter;

“Savings and insurance bank”, a savings bank which has established an insurance department under the provisions of chapter one hundred and seventy-eight and is operating such department on the date of conversion;

“Savings bank life insurance”, insurance contracts issued by a savings and insurance bank;

“Surplus”, the total amount of surplus on the effective date of conversion of the insurance department of each savings and insurance bank assumed by the company calculated in the manner provided in the annual financial statement filed pursuant to section twenty-nine of chapter one hundred and seventy-eight together with such adjustments and additions and subtractions to said statement as deemed necessary by the commissioner and approved, in writing, by a majority of the members of the policyholders protective board established by section nine to reflect the market value of assets on the date of conversion, and to effectuate a conversion that is fair, equitable and non-prejudicial to individual policyholders and to provide for the establishment of the company on a safe and sound basis so as to insure its ability to offer safe, low cost insurance.

Last modified: March 17, 2010