DiBiase v. Commissioner of Insurance

Wilkins, CJ.

On December 31, 1991, the Massachusetts savings bank life insurance system, devised by Louis D. Brandéis, adopted in 1907 (St. 1907, c. 561), and later codified at G. L. c. 178 (repealed by St. 1990, c. 499, § 22) ceased to exist. In its *756place, pursuant to G. L. c. 178A (inserted by St. 1990, c. 499, § 23), a new plan of savings bank life insurance was established, to be operated by a domestic stock life insurance company, the defendant The Savings Bank Life Insurance Company of Massachusetts (SBLIC). G. L. c. 178A, § 2.

On August 30, 1996, the plaintiff, to whom a participating…