Chap. 0098 An Act increasing the amount of commissions which may be paid to certain employees of life insurance companies with respect to certain policies issued on the lives of such employees.

Be it enacted, etc., as follows:

Section 184 of chapter 175 of the General Laws, as most recently amended by chapter 531 of the acts of 1947, is hereby further amended by striking out the word "ten", in line 19, as appearing in chapter 103 of the acts of 1937, and inserting in place thereof the word: - twenty-five, - so as to read as follows: - Section 184- Sections one hundred and eighty-two and one hundred and eighty-three shall apply to all kinds of insurance, including contracts of corporate suretyship, except insurance of vessels or craft, their cargoes, marine builders' risks, marine protection and indemnity, or other risks commonly insured under marine, as distinguished from inland marine, insurance policies. The said sections shall not prohibit any company from paying a commission to another company or to any person who is duly licensed as an insurance agent of such company or as an insurance broker and who holds himself out and carries on business in good faith as such, or prohibit any such person or any company from receiving a commission in respect to any policy under which he or it is insured, or in respect to any annuity or pure endowment contract held by him; nor shall said sections prohibit a life company from paying to any one of its employees, other than an insurance agent, who has been employed by it for at least one year a commission or commissions, or such employee from receiving a commission or commissions, in respect to so much of the face amount of any policy or policies of insurance on his life at any time outstanding as does not exceed twenty-five thousand dollars; nor shall said sections apply to (1) a distribution, without special favor or advantage, by mutual companies to policyholders of savings, earnings or surplus without specification thereof in the policy, or (2) the furnishing to the insured of information or advice by any company, officer, agent or broker with regard to any risk for the purpose of reducing the liability of loss, or (3) the payment or allowance to the insured of a return premium upon the cancellation or surrender of a policy, or of a cash surrender or

other value upon the lapse or surrender of a policy of life or endowment insurance or upon the exchange, alteration or conversion of any such policy under section one hundred and thirty-nine. Approved March 2, 1948.