DEPARTMENT FINANCES During the fiscal year ending November 30, 1937, the Division of Insurance *lected fees amounting to $276,446.02, of which $122,460 was produced by brokers' Lenses, $115,461 by agents' licenses, $20,999.17 by the valuation of life policies, $7,529 by annual statements and $9,996.85 from miscellaneous sources. xpenses amounted to $326,392.70. Fnancial Statement Verified. Approved, The Geo. E. Murphy, Comptroller. Reports of Receivers of Insurance Companies. Gloucester Mutual Fishing Insurance Company-Louis A. Novins, 19 Milk Street, Boston, was appointed receiver on June 18, 1937. He reports that there is $181.19 on deposit with the Pilgrim Trust Company of Boston and $1,500 held by Attorney James M. Marshall pending adjudication. Legislation of 1938 Relating to Fire and Marine Insurance. CHAPTER 164 AN ACT MAKING PERMANENT CERTAIN PROVISIONS OF LAW AUTHORIZING DOMESTIC CORPORATIONS TO CONTRIBUTE TO CERTAIN FUNDS FOR THE BETTERMENT OF SOCIAL AND ECONOMIC CONDITIONS. Whereas, The deferred operation of this act would tend to defeat its purpose, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience. SECTION 1. Chapter one hundred and fifty-five of the General Laws is hereby Amended by inserting after section twelve, as appearing in the Tercentenary Edition, the following new section:-Section 12A. Every corporation may, by vote of its directors, or of its officers having the powers of directors, contribute such sor sums of money as said directors or officers may determine to be reasonable Ly general fund being raised by a relief committee or agency approved by the missioner of public welfare, as evidenced by a writing filed in his office, and ferred for the purpose of raising money to be used for the betterment of social and economic conditions in any community in which such corporation is doing Nothing in this section shall be construed as directly or indirectly restreting or otherwise affecting, except as herein provided, the rights and powers of any corporation with reference to payments of the nature above specified. SECTION 2. Chapter eight of the acts of nineteen hundred and thirty-three, as ended by chapter nine of the acts of nineteen hundred and thirty-four, chapter er of the acts of nineteen hundred and thirty-five and chapter twenty of the sets of nineteen hundred and thirty-six, is hereby repealed.—(Approved March 31, 1968.) CHAPTER 176 AN ACT RELATIVE TO THE KINDS OF BUSINESS THAT FIRE INSURANCE COMPANIES MAY TRANSACT. Section forty-seven of chapter one hundred and seventy-five of the General Laws hereby amended by striking out clause First, as appearing in the Tercentenary Edition, and inserting in place thereof the following:-First, To insure against loss damage to property by fire, smoke, smudge, lightning and other electrical distances, collision, collapse, fall, wind, tornado, tempest, cyclone, earthquake, volcanic eruption, hail, frost, snow, ice, weather or climatic conditions, including excess or deficiency of moisture, flood, rain or drought, rising of the waters of the ocean or its tributaries, bombardment, invasion, foreign enemies, insurrection, riot, sabotage, war, civil war or commotion, military or usurped power, vandalism, malicious mischief, strikes, labor disturbances, looting, explosion fire ensuing, and explosion no fire ensuing except explosion of steam boilers and flywheels; also to insure against loss or damage by insects, disease or other causes, to trees, crops or other products of the soil; and against loss of use or occupancy due to any of said causes. (Approved April 5, 1938.) CHAPTER 181 AN ACT AUTHORIZING ANY FIRE INSURANCE COMPANY TO INCLUDE IN THE STANDARD FIRE POLICY ANY INSURANCE COVERAGE THERETOFORE TRANSACTED UNDER A SPECIAL LICENSE. Whereas, The deferred operation of this act would tend to defeat its purpose, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience. Section twenty-two A of chapter one hundred and seventy-five of the General Laws, as amended by chapter two hundred and thirty-four of the acts of nineteen hundred and thirty-five, is hereby further amended by adding at the end the following:-, and any insurance coverage for the transaction of which it has received a license from the commissioner under clause (g) of section fifty-one or under clause (g) of section fifty-four, so that the last paragraph will read as follows: Any company authorized to insure against the hazards specified in the first clause of section forty-seven may incorporate in the standard fire policy prescribed by section ninety-nine in the manner provided in the ninth clause of said section, coverage against loss or damage by any of the hazards set forth in the said first clause and in subdivision (f) of the second clause, and the eighth clause of said section forty-seven, and any insurance coverage for the transaction of which it has received a license from the commissioner under clause (g) of section fifty-one or under clause (g) of section fifty-four.-(Approved April 7, 1938.) CHAPTER 198 AN ACT PERMITTING CERTAIN INSURANCE COMPANIES TO INSURE OUTSIDE THE COMMONWEALTH REAL PROPERTY AGAINST ALL RISKS OR HAZARDS. Whereas, The deferred operation of this act would tend to defeat its purpose, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience. Section fifty-four A of chapter one hundred and seventy-five of the General Laws, inserted by chapter one hundred and sixty-five of the acts of nineteen hundred and thirty-two, is hereby amended by striking out, in the fifth line, the word "personal", so as to read as follows:-Section 54A. Any domestic company authorized to transact any of the kinds of business specified in the second clause of section forty-seven may, outside the commonwealth, make contracts of insurance insuring property of any kind or description against any and all risks of loss or damage. (Approved April 11, 1938.) CHAPTER 216 AN ACT RELATIVE TO THE ISSUE BY TWO OR MORE FIRE INSURANCE COMPANIES OF POLICIES OF MARINE AND AUTOMOBILE INSURANCE, SO CALLED, UPON WHICH THEY SHALL BE SEVERALLY LIABLE. SECTION 1. Section one hundred and seventeen A of chapter one hundred and seventy-five of the General Laws, as appearing in the Tercentenary Edition, is hereby amended by striking out, in the second and third lines, the words "eighth clause of section forty-seven" and inserting in place thereof the words:-second clause of section forty-seven or under the eighth clause thereof,--and by striking out, in the fourth line, the words "eighth clause" and inserting in place thereof the words:-second clause or in said eighth clause, as the case may be,-so that the first paragraph will read as follows:-Two or more stock or two or more mutual fire companies authorized to transact business under the second clause of section forty-seven or under the eighth clause thereof may issue a single policy of insurance against loss or damage caused by any or all of the hazards specified in said second clause or in said eighth clause, as the case may be, on property or interests in the commonwealth on which each company shall be severally liable for a specified percentage of any loss or claim. Such policy shall be executed by the duly authorized officers of each company subject to the provisions of section thirty-three in the case of a domestic company. SECTION 2. Said chapter one hundred and seventy-five is hereby further amended by striking out the heading before said section one hundred and seventeen A, as so appearing, and inserting in place thereof the heading: MARINE AND AUTOMOBILE AND SPRINKLER LEAKAGE INSURANCE. (Approved April 14, 1938.) CHAPTER 306 AN ACT DEFINING THE WORD "RESIDENT" WITH RESPECT TO THE INCORPORATORS, OFFICERS AND DIRECTORS OF INSURANCE COMPANIES. Section one of chapter one hundred and seventy-five of the General Laws, as appearing in the Tercentenary Edition, is hereby amended by inserting after the word "law" in the fifty-second line the following new paragraph: "Resident", with respect to any incorporator, officer or director of a company, a person who shall have resided within the commonwealth at least one year immediately prior to the election, or the exercise of the authority, referred to in the context.-(Approved May 12, 1938.) CHAPTER 327 AN ACT PROHIBITING THE USE OF THE WORDS "COMMONWEALTH", "STATE" OR “UNITED STATES" AS A PART OF THE NAME OF CERTAIN CORPORATIONS. SECTION 1. Section nine of chapter one hundred and fifty-five of the General Laws, as appearing in the Tercentenary Edition, is hereby amended by inserting after the word "commissioner" in the ninth line the words:-; provided, that no business corporation, bank or insurance company shall have as a part of its corporate name the word "Commonwealth", "State" or "United States",- -so as to read as follows:-Section 9. A corporation organized under general laws may assume any name which, in the judgment of the commissioner, indicates that it is a corporation; but it shall not assume the name of another corporation established under the laws of the commonwealth, or of a corporation, firm, association or person carrying on business in the commonwealth, at the time of such organization or within three years prior thereto, or assume a name so similar thereto as to be likely to be mistaken for it, except with the written consent of said existing corporation, firm or association or of such person previously filed with the commissioner; provided, that no business corporation, bank or insurance company shall have as a part of its corporate name the word "Commonwealth", "State" or "United States". The supreme judicial or superior court shall have jurisdiction in equity, upon the application of any person interested or affected, to enjoin such corporation from doing business under a name assumed in violation of this section, although its certificate or articles of organization may have been approved and a certificate of incorporation may have been issued to it. SECTION 2. This act shall not apply to any business corporation, bank or insurance company authorized to transact business in the commonwealth on the effective date thereof which then has as a part of its corporate name the word "Commonwealth", "State" or "United States".-(Approved May 17, 1938.) STATISTICAL TABLES. Principal Office Incorporated Business TABLE 1.-Fire and Marine Insurance Companies Authorized to Transact Business in Massachusetts on Dec. 31, 1937 NAME OF COMPANY Secretary Commenced Admitted to Mass. President The Lumber Mutual Fire Insurance Co. of Boston, Massachusetts 1895 1895 1895 William A. Robbins Mutuals of Other States Other than Manufacturers Atlantic Mutual Insurance Co. Grain Dealers National Mutual Fire Insurance Co. Implement Dealers Mutual Fire Insurance Co. The Lumbermens Mutual Insurance Co. of Mansfield, Ohio Manufacturers and Merchants Mutual Insurance Co. of New Alton, Ill. 1877 1877 1916 H. B. Sparks Harrisburg, Pa. 1890 1890 1924 H. V. White The Millers Mutual Fire Insurance Co. of Texas Fort Worth, Texas 1898 1898 1913 Ed K. Collett Chicago, Ill. 1865 1869 1907 H. M. Giles Mill Owners Mutual Fire Insurance Co. of Iowa Des Moines, Iowa 1875 1875 1916 J. T. Sharp Owatonna, Minn. 1904 1904 1918 G. E. Twitchell Pennsylvania Lumbermens Mutual Fire Insurance Co. Pennsylvania Millers Mutual Fire Insurance Co. Phenix Mutual Fire Insurance Co. of Concord, New Hampshire The Providence Mutual Fire Insurance Co. Union Mutua! Fire Insurance Co.. Utica Fire Insurance Co. of Oneida County, N. Y. Vermont Mutual Fire Insurance Co. The Western Millers Mutual Fire Insurance Company of Kansas City, Missouri Philadelphia, Pa. 1895 1895 1908 Wilkes-Barre, Pa. 1887 1887 1913 C. Wallace Harmon O. F. Rentzsch James S. Kemper F. R. Pow Joseph W. Freeman John Hoffa Charles L. Jackman Edward V. French Marshall B. Dalton William B. Brophy F. D. Denton Carl G. Gesen C. D. Kellenberger Walter Williamson R. M. Rogers F. W. Jones C. Henry Clough *Merger of Norfolk Mutual and Dedham Mutua! as of July 1, 1957. |