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Massachusetts Governor Mitt Romney signed insolvency fund reform legislation that will create “a high-net-worth exclusion.” The legislation was supported by the American Insurance Association (AIA).

The law defines a high-net-worth insured as a policyholder with a net worth exceeding $25 million on Dec. 31 of the year before the year in which the insurer became insolvent. The Massachusetts Insurers Insolvency Fund (MIIF) will not be obligated to pay first-party claims to a high-net-worth insured. Government entities are not included in the definition.

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