A gender law affecting insurance rates could force Savings Bank Life Insurance out of the state, according to reports.

Banker & Tradesman reported last month that the state’s largest insurer said it is following an "unsustainable" model because of a state law which essentially requires the company to charge men and women the same rates for life insurance.

Since SBLI was a creation of the Massachusetts legislature in 1907, the state can dictate its business practices. Thanks to a 1990 equality law, the company is forbidden from charging men and women different rates. Absent such restrictions, insurers set rates based on life expectancy – and because women tend to live longer than men, they generally pay less in premiums.

Yesterday, the Legislature passed a bill to remove the company from the state’s books, allowing it to charge rates based on gender. Now, the bill moves to the desk of Gov. Deval Patrick, who initially opposed the measure, according to reports.