Mass. Gen. Laws ch. 175 § 72
No stock company shall make a dividend, either in cash or stock certificates, except from its actual net surplus computed as required by law in its annual statement, nor shall any such company which has ceased to do new business divide any portion of its assets, except surplus, to its stockholders until it shall have performed or cancelled its policy obligations. Any such company may declare and pay, annually, semi-annually or quarterly from its surplus, cash dividends to its stockholders of not more than ten per cent of its capital stock in a year, and if the dividends in any year are less than ten per cent the difference may be made up in any subsequent year from surplus accumulations; but any such company may pay such dividend as the directors may consider prudent out of any surplus remaining after deducting from the assets all securities and book accounts on which no part of the principal or interest has been paid within the last year and for which foreclosure or suit has not been commenced for collection, or which after judgment obtained thereon shall have remained more than two years unsatisfied and on which interest shall not have been paid, and also deducting all interest due and unpaid on any property of the company.
Mass. Gen. Laws ch. 175, § 72