Massachusetts § 149 - Participating and nonparticipating policies of life, endowment and accident and sickness insurance and annuity and pure endowment contracts
Full text of Massachusetts Massachusetts General Laws § 149 — Participating and nonparticipating policies of life, endowment and accident and sickness insurance and annuity and pure endowment contracts, with citation guidance and answers to common questions.
§ 149. Participating and nonparticipating policies of life, endowment and accident and sickness insurance and annuity and pure endowment contracts
Section 149. A domestic life company is authorized to issue both participating and nonparticipating policies of life, endowment and accident and sickness insurance, and annuity and pure endowment contracts, but no such company shall issue any such participating policies or contracts which do not by their terms give to the holders thereof full right to participate in the accumulations of said company attributable to such business as provided in section one hundred and forty.
Every domestic mutual and stock life company issuing both participating and nonparticipating policies or contracts shall file with the commissioner each year together with its annual statement for the year a separate calculation of its annual analysis of operations by line of business.
A domestic life company issuing policies or contracts on the nonparticipating plan may provide therein that, in addition to the rate of interest guaranteed by the company to be paid on deferred payments of the proceeds, excess interest may be paid thereon at such rate as the company may annually declare; and the inclusion in any nonparticipating policy or contract of such provision shall not be construed to make the policy or contract participating.
The provisions of sections ninety-four, one hundred and ten, one hundred and thirty-two D and one hundred and thirty-seven relative to membership and voting rights shall not apply to nonparticipating policies and contracts issued by a domestic mutual life company under this section, unless the domestic mutual life company elects to provide membership and voting rights in the policy or contract.
The provisions of this section shall not apply to policies of reinsurance.
Source: official Massachusetts text · Last verified 2026-08-27
Frequently Asked Questions About Massachusetts § 149
What does Massachusetts General Laws § 149 cover?
Section 149 ("Participating and nonparticipating policies of life, endowment and accident and sickness insurance and annuity and pure endowment contracts") is part of the Massachusetts General Laws, the codified statutory law of Massachusetts. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Massachusetts § 149?
A common citation format is "Massachusetts General Laws § 149" (Massachusetts). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Massachusetts law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Massachusetts official source linked on this page or consult a licensed Massachusetts attorney.
How does Massachusetts § 149 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Massachusetts can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Massachusetts.