The government of Massachusetts has signed legislation that creates a high net worth exclusion into the state law governing the fund that co...

The government of Massachusetts has signed legislation that creates a high net worth exclusion into the state law governing the fund that covers claims when an insurer becomes insolvent. A high net worth policyholder is defined as one with a net worth exceeding $25 million in the year prior to that in which the insurer became insolvent. Henceforth, the Massachusetts Insurers Insolvency Fund will not be required to pay first party claims to a high net worth insured. The new law aligns Massachusetts with 34 other US states.