Massachusetts § 57 - Deposits of value of outstanding claims under contracts
Full text of Massachusetts Massachusetts General Laws § 57 — Deposits of value of outstanding claims under contracts, with citation guidance and answers to common questions.
§ 57. Deposits of value of outstanding claims under contracts
Section 57. The commissioner of insurance may, whenever he deems it expedient, by a written order in such form as he may prescribe, require a domestic insurance company to deposit with the state treasurer the present value, as computed by him under section fifty-eight, of all or any part of its outstanding claims incurred under its contracts or policies providing for the payment of benefits under this chapter, in cash or in securities approved by the said commissioner, and he may, whenever he deems it expedient, require the company, as aforesaid, to make an additional deposit. The order shall specify the amount to be deposited and the time within which the deposit shall be made, which shall be not less than three days from the date on which the company receives the said order. A duplicate or copy of any such order shall be forthwith filed by the said commissioner with the state treasurer and the department, and the state treasurer, upon the expiration of the time specified in said order, shall forthwith notify the commissioner in writing whether or not the company has made the deposit in accordance therewith.
Nothing in this section shall affect the powers conferred on the commissioner of insurance by section six of chapter one hundred and seventy-five.
Source: official Massachusetts text · Last verified 2026-08-27
Frequently Asked Questions About Massachusetts § 57
What does Massachusetts General Laws § 57 cover?
Section 57 ("Deposits of value of outstanding claims under 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 § 57?
A common citation format is "Massachusetts General Laws § 57" (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 § 57 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.