§ 1 Definitions
§ 2 Pollution Liability Reinsurance Corporation; creation; board of directors; board duties; reports and audits
§ 3 Powers of corporation
§ 4 Proposed plan of operation for internal structure and management, and corporate procedures; contents; approval or disapproval
§ 5 Percentage surcharge for supplemental special account, establishment and collection; maximum accumulated amount; surplus
§ 6 Annual review of claim experience; report of fund deficiencies and loan request; certification or denial; independent consultant
§ 7 Rules and regulations; commissioner’s orders; review

Terms Used In Massachusetts General Laws > Chapter 175G - The Pollution Liability Reinsurance Corporation

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Donor: The person who makes a gift.
  • Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Personal property: All property that is not real property.
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.