Massachusetts § 177P - Contracts between reinsurance intermediary broker and insurer; required provisions
Full text of Massachusetts Massachusetts General Laws § 177P — Contracts between reinsurance intermediary broker and insurer; required provisions, with citation guidance and answers to common questions.
§ 177P. Contracts between reinsurance intermediary broker and insurer; required provisions
Section 177P. A reinsurance intermediary broker shall represent or perform services for an insurer only pursuant to a written contract which specifies the responsibilities of each party. The contract shall, at a minimum, provide that:
(a) The insurer may terminate the reinsurance intermediary broker's authority at any time.
(b) The reinsurance intermediary broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owing to the reinsurance intermediary broker, and remit all funds due to the insurer within thirty days of receipt.
(c) All funds collected for the insurer's account shall be held by the reinsurance intermediary broker in a fiduciary capacity in a bank which is a qualified United States financial institution as defined herein.
(d) The reinsurance intermediary broker shall comply with section one hundred and seventy-seven Q.
(e) The reinsurance intermediary broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks.
(f) The reinsurance intermediary broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
Source: official Massachusetts text · Last verified 2026-08-27
Frequently Asked Questions About Massachusetts § 177P
What does Massachusetts General Laws § 177P cover?
Section 177P ("Contracts between reinsurance intermediary broker and insurer; required provisions") 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 § 177P?
A common citation format is "Massachusetts General Laws § 177P" (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 § 177P 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.