{"data":{"id":"us-ma/mass.-gen.-laws-ch.-175-216","jurisdiction":"us-ma","citation":"Mass. Gen. Laws ch. 175, § 216","heading":"Annual statement of life settlement provider","body":"Section 216. (a) A life settlement provider shall file with the commissioner, annually on or before March 1, a statement containing such information as the commissioner may prescribe by regulation. In addition to any other requirements, the annual statement shall: (i) specify the total number, aggregate face amount and life settlement proceeds of policies settled during the immediately preceding calendar year, together with a breakdown of the information by policy issue year for each carrier; (ii) include the names of the insurance companies whose policies have been settled; and (iii) include only those transactions where the owner is a resident of the commonwealth; provided, however, that an annual statement shall not include individual transaction data regarding the business of life settlements or information that there is a reasonable basis to believe could be used to identify the owner or the insured.\n(b) A life settlement provider that willfully fails to file an annual statement or willfully fails to reply within 30 days after receipt of a written inquiry by the commissioner in connection therewith shall, in addition to any other penalties prescribed by law, be subject, upon due notice and opportunity to be heard, to a penalty of up to $250 per day of delay, not to exceed $25,000 in the aggregate, for each such failure.","path":["Part I","Title XXII","Chapter 175"],"source_url":"https://malegislature.gov/Laws/GeneralLaws/PartI/TitleXXII/Chapter175/Section216","current_through":"amendments passed before May 31, 2026","vintage":"","retrieved_at":"2026-09-17T05:24:10Z","sha256":"6c6d7e6c12733871eb840ad20d4ea02e853cac6d1c330671d123835fc7e5e40e","source_id":"us-ma","stale":false,"prev":"us-ma/mass.-gen.-laws-ch.-175-215","next":"us-ma/mass.-gen.-laws-ch.-175-217"},"notice":"GroundRules: Original legal text. Not legal advice."}