Mass. Gen. Laws ch. 171 § 83
The by-laws of the association shall be submitted to the commissioner and shall prescribe the manner in which, and the officers and agents by whom, the association may be conducted and the manner in which its funds may be invested and paid out. The association shall be formed when its by-laws have been approved and agreed to by a majority of the directors of each of 15 or more credit unions and have been approved by the commissioner. The association shall provide to the commissioner such statements of the membership and financial transactions of the association as the commissioner may from time-to-time require. The commissioner may verify any such statement by an examination of the books and papers of the association.
The association shall not be subject to chapter 32 or chapter 175 or to such other provisions of law related to insurance companies or other retirement associations.
Mass. Gen. Laws ch. 171, § 83