Section 204. The commissioner shall, after notice and hearing pursuant to chapter thirty A, promulgate regulations governing the replacement of life insurance policies and annuities. Such regulations shall be based upon the model regulation governing replacement of life insurance and annuities developed by the National Association of Insurance Commissioners. Such regulations shall, in addition to other provisions, require the delivery of a notice regarding replacement of a life insurance policy or annuity contract.

Terms Used In Massachusetts General Laws ch. 175 sec. 204

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
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