Mass. Gen. Laws ch. 175 § 94J
Contracts of reciprocal or inter-insurance and the exchanging thereof and exchanges, attorneys in fact and other representatives of the subscribers shall be subject to the provisions of this chapter unless said provisions and their context clearly show that said provisions were not intended to apply to the plan and method of exchanging reciprocal or inter-insurance contracts; provided, that section seventy-five shall not be interpreted to apply to the attorney in fact. Sections one hundred and sixty-two to one hundred and seventy-seven D, inclusive, shall apply to the representatives of exchanges; provided, that an attorney in fact, or, if the attorney in fact is a corporation, an officer thereof, may, without a license as agent, act for such exchange in the negotiation of any contracts of insurance, which it may lawfully make, or in the negotiation of the continuance or renewal of such contracts. Exchanges authorized to transact the business of workers' compensation insurance in the commonwealth shall be subject to the provisions of sections fifty-two to sixty-five M, inclusive, of chapter one hundred and fifty-two unless said provisions and their context clearly show that said provisions were not intended to apply to the plan and method of exchanging reciprocal or inter-insurance contracts; provided, that a foreign exchange may elect to come under either section fifty-seven or sections sixty-one and sixty-two of said chapter one hundred and fifty-two; and provided, further, that all such exchanges shall be members of and participate in the non-stock pool. The attorney in fact and subscribers shall be subject to section twenty and section twenty-one of this chapter with regard to the limit on a single risk; provided, that, in the case of an exchange whose attorney in fact shall have filed with the commissioner an affidavit that he is unable to procure in companies admitted to do business in the commonwealth the reinsurance necessary to protect the property or interests of the subscribers, credit for reinsurance as provided in section twenty in the reduction of the reserve or other liability to be charged to the ceding company shall be given, if the attorney in fact, acting for the subscribers, shall reinsure in any company authorized to transact business in another state or territory of the United States conforming to the same standard of solvency which would be required of such company if, at the time such reinsurance is effected, it were authorized to transact business in the commonwealth, or in a foreign company formed under the laws of any government or state other than the United States or any of the United States, if it has been admitted to transact business in one or more states or territories continuously for ten or more years and in addition thereto has appointed trustees, who are citizens or corporations of the United States, to hold funds in trust for the benefit of its policyholders and creditors in the United States in an amount of not less than fifty million dollars.
Mass. Gen. Laws ch. 175, § 94J