Massachusetts General Laws Part I. Administration of the Government (Ch. 1-182) Ch. 175, § 92

No policy shall be issued by a mutual company formed to transact business under the fifth clause of section forty-seven until insurance has been applied for to the amount of one million dollars upon not less than one hundred separate risks, nor until such company has made arrangements for its protection from extraordinary losses caused by any one disaster by reinsurance as provided in section twenty.