reglab/housing_qa huggingface dataset:
24-A ME Rev Stat § 6710 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6710. Legal investments

 §6710. Legal investments A pure captive insurance company is not subject to any restrictions on allowable investments including those provided under chapter 13 and chapter 13‑A, except that the superintendent may prohibit or limit any investment that threatens the solvency or liquidity of such insurance company. A pure captive insurance company may not make a loan to or investments in its parent or affiliated companies without the prior written approval of the superintendent. A loan of any minimum capital and surplus funds required by section 6704 is prohibited. Except as otherwise authorized by the superintendent, association captive insurance companies and industrial insured captive insurance companies are subject to the restrictions on allowable investments applicable to admitted insurers transacting the same type of business. With respect to investments of association captive insurance companies, the superintendent may approve the use of alternative methods of valuation and rating.   [PL 2009, c. 335, §16 (AMD).]SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §16 (AMD).
24-A ME Rev Stat § 6711 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6711. Reinsurance

 §6711. Reinsurance 1.  Reinsurance.  A captive insurance company may provide reinsurance on risks ceded by any other insurer to the extent permitted by section 6702.   [PL 2009, c. 335, §17 (AMD).] 2.  Credit for reserves.  A captive insurance company may take credit for the reinsurance of risks or portions of risks ceded to a reinsurer in accordance with this Title. A captive insurance company may not cede risks or take credit for the reinsurance of risks or portions of risk without the approval of the superintendent, except for business written outside the United States by an alien captive insurance company.   [PL 2009, c. 335, §18 (AMD).] 3.  Credit for reserves on risks; adequate security.  In addition to reinsurers complying with chapter 9, subchapter III, a captive insurance company may take credit for reserves on risks or portions of risks ceded to a pool, exchange or association acting as a reinsurer that has been authorized by the superintendent. The superintendent may require any other documents, financial information or other evidence that such a pool, exchange or association is able to provide adequate security for its financial obligations. The superintendent may deny authorization or impose any limitations on the activities of a reinsurance pool, exchange or association that, in the superintendent's judgment are necessary and proper to provide adequate security for the ceding captive insurance company and for the protection and benefit of the public.   [PL 1997, c. 435, §1 (NEW).] 4.  Reinsurance of workers' compensation risks.  A captive insurance company may, with the approval of the superintendent, reinsure workers' compensation risks of its parent and affiliated companies under a statutory workers' compensation policy issued by a licensed insurer or under a qualified self-insured plan. The superintendent may require that all or part of any assumed self-insured risk be retroceded to an insurance company that meets the standards for acceptance of reinsurance of workers' compensation self-insurance.   [PL 2009, c. 335, §19 (AMD).] SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §§17-19 (AMD).
24-A ME Rev Stat § 6712 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6712. Rating organizations

 §6712. Rating organizations A captive insurance company is not required to become a member of a rating organization.   [PL 1997, c. 435, §1 (NEW).]SECTION HISTORY PL 1997, c. 435, §1 (NEW).
24-A ME Rev Stat § 6713 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6713. Exemption from compulsory associations

 §6713. Exemption from compulsory associations A captive insurance company may not join or contribute financially to any plan, pool, association or guaranty or insolvency fund in this State, and a captive insurance company and its insureds, its parent or any affiliated company or member organization of its association may not receive any benefit from the plan, pool, association or guaranty or insolvency fund for claims arising out of the operations of the captive insurance company.   [PL 1997, c. 435, §1 (NEW).]SECTION HISTORY PL 1997, c. 435, §1 (NEW).
24-A ME Rev Stat § 6714 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6714. Delinquent captive insurers

 §6714. Delinquent captive insurers The provisions of chapter 57 apply to captive insurers.   [PL 2009, c. 335, §20 (AMD).]SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §20 (AMD).
24-A ME Rev Stat § 6715 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6715. Confidential information

 §6715. Confidential information All information submitted to the superintendent pursuant to section 6702, subsection 3 and section 6724, subsection 3 is confidential and is not a public record within the meaning of Title 1, chapter 13, subchapter 1. Each report or statement filed with the superintendent pursuant to section 6707, except those filed by or with respect to industrial insured groups as defined in section 6701, subsection 8, is confidential and is not a public record within the meaning of Title 1, chapter 13, subchapter 1. The confidential nature of this information does not limit the ability of the superintendent, in the superintendent's discretion, to disclose such information to a public official in another state, as long as the public official agrees in writing to maintain the confidentiality of such information and the laws of the state in which the public official serves designate such information as confidential.   [PL 2017, c. 169, Pt. G, §9 (AMD).]SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 1997, c. 583, §5 (AMD). PL 2017, c. 169, Pt. G, §9 (AMD).
24-A ME Rev Stat § 6717 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6717. Redomestication; conversion to foreign insurer

 §6717. Redomestication; conversion to foreign insurer 1.  Transfer of domicile.  A domestic captive insurance company, upon approval by the superintendent, may transfer its domicile to any other jurisdiction in accordance with the laws of that jurisdiction.   [PL 1997, c. 435, §1 (NEW).] 2.  Notice of intent to transfer required.  Before transferring its domicile to any other jurisdiction and before the notice of change in domicile is transmitted to the Secretary of State, the domestic captive insurance company shall deliver to the superintendent a notice of intent to transfer, along with payment of a transfer fee of $500, and shall petition the superintendent to issue a certificate of transfer.   [PL 1997, c. 435, §1 (NEW).] 3.  Contents of notice.  The notice of change in domicile, the certificate of transfer issued by the superintendent, the proof of redomestication and the filing fee of either $35 in the case of a company governed by Title 13‑C or $5 in the case of a company governed by Title 13‑B must be transmitted to the Secretary of State. The notice of the change in domicile must contain the following:   A. Name of the corporation;   [PL 1997, c. 435, §1 (NEW).]B. Dates that notice of the corporation's intent to transfer domicile from this State was published, once in each of 4 successive weeks in 4 publications in a newspaper of general circulation published in this State;   [PL 1997, c. 435, §1 (NEW).]C. Date of the transfer of its domicile; and   [PL 1997, c. 435, §1 (NEW).]D. State or country to which its domicile will be transferred.   [PL 1997, c. 435, §1 (NEW).][RR 2001, c. 2, Pt. B, §47 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).] 4.  Effect of transfer.  Upon any transfer authorized pursuant to this section, the captive insurance company ceases to be domiciled in this State, and its corporate or other legal existence in this State ceases upon the filing of the notice under this section by the Secretary of State.   [PL 2009, c. 56, §20 (AMD).] SECTION HISTORY PL 1997, c. 435, §1 (NEW). RR 2001, c. 2, §B47 (COR). RR 2001, c. 2, §B58 (AFF). PL 2009, c. 56, §20 (AMD).
24-A ME Rev Stat § 6718 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6718. Rules

 §6718. Rules 1.  Authority.  The superintendent may adopt rules to implement this chapter. Rules adopted pursuant to this subsection are major substantive rules as defined in Title 5, chapter 375, subchapter 2-A.   [PL 2013, c. 238, Pt. E, §5 (NEW).] 2.  Risk retention groups.  Notwithstanding section 6719, the superintendent shall adopt rules establishing financial standards and corporate governance standards for captive insurance companies that are risk retention groups as defined in section 6093, subsection 13. Such rules may include, but are not limited to, rules making specified provisions of this Title applicable to captive insurance companies that are risk retention groups, subject to any modifications that the superintendent determines to be appropriate to the nature of a risk retention group's business. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.   [PL 2013, c. 238, Pt. E, §5 (NEW).] SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2011, c. 90, Pt. I, §7 (AMD). PL 2013, c. 238, Pt. E, §5 (RPR).
24-A ME Rev Stat § 6719 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6719. Laws applicable

 §6719. Laws applicable An insurance law of this State, other than described or referenced in this chapter, does not apply to a captive insurance company. This exclusion must be strictly construed so as to further the public policy in favor of providing alternative means for providing insurance coverage.   [PL 2011, c. 90, Pt. I, §8 (AMD).]SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2011, c. 90, Pt. I, §8 (AMD).
24-A ME Rev Stat § 6720 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6720. Fees, taxes and assessments

 §6720. Fees, taxes and assessments Except as otherwise specified in this chapter, all fees, taxes and assessments as set out in sections 237, 601 and 602 apply to captive insurers in the same manner as they apply to other insurers.   [PL 1997, c. 435, §1 (NEW).]SECTION HISTORY PL 1997, c. 435, §1 (NEW).
24-A ME Rev Stat § 6721 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6721. Rules for controlled unaffiliated business

 §6721. Rules for controlled unaffiliated business The superintendent may adopt rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by a pure captive insurance company. In the absence of any rules, the superintendent may approve the coverage of such risks by a pure captive insurance company upon request. Any rules adopted by the superintendent pursuant to this section are routine technical rules as described in Title 5, chapter 375, subchapter 2‑A.   [PL 2009, c. 335, §21 (NEW).]SECTION HISTORY PL 2009, c. 335, §21 (NEW).
24-A ME Rev Stat § 6801 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6801. Short title

 §6801. Short title This chapter may be known and cited as the "Viatical and Life Settlements Act."   [PL 2003, c. 636, §3 (AMD).]SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §3 (AMD).
24-A ME Rev Stat § 6802 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6802. Definitions (REPEALED)

 §6802. Definitions (REPEALED)SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §4 (RP).
24-A ME Rev Stat § 6803-A (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6803-A. Fiduciary obligation of settlement producer

 §6803-A. Fiduciary obligation of settlement producer Irrespective of the manner in which the settlement producer is compensated, a settlement producer may represent only the interests of the viator and owes a fiduciary duty to the viator.   [PL 2009, c. 376, §6 (NEW).]SECTION HISTORY PL 2009, c. 376, §6 (NEW).
24-A ME Rev Stat § 6805 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6805. Approval of settlements contracts; disclosure statements and applications

 §6805. Approval of settlements contracts; disclosure statements and applications A settlement contract must be in writing and signed by all parties to the contract. A person may not use any contract, disclosure statement or application form with a viator who is a resident of this State unless it has been filed with and approved by the superintendent, pursuant to sections 2412 and 2413. The superintendent shall disapprove a settlement contract form or disclosure statement form if, in the superintendent's opinion, the contract or provisions contained therein are unreasonable, contrary to the interests of the public or otherwise misleading or unfair to the viator. All such forms must be approved or denied by the superintendent within 60 calendar days following receipt of submission by the superintendent.   [PL 2009, c. 376, §7 (AMD).]SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §8 (AMD). PL 2009, c. 376, §7 (AMD).
24-A ME Rev Stat § 6810 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6810. Rules

 §6810. Rules The superintendent may adopt rules implementing this chapter. These rules are routine technical rules under Title 5, chapter 375, subchapter 2-A. Rules may be adopted to:   [PL 2003, c. 636, §13 (AMD).]1.  Standards for evaluating reasonableness of payments.  Establish standards for evaluating the reasonableness of payments to viators under a settlement contract only when the insured in the policy that is the subject of a settlement contract is terminally ill or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise or bequest of a benefit under a life insurance policy;   [PL 2003, c. 636, §13 (NEW).] 2.  Licensing requirements and standards.  Establish appropriate licensing requirements and standards for continued licensure for settlement providers;   [PL 2003, c. 636, §13 (NEW).] 3.  Mechanism for financial accountability.  Require a bond or other mechanism for financial accountability for settlement providers;   [PL 2003, c. 636, §13 (NEW).] 4.  Govern relationship and responsibilities.  Govern the relationship and responsibilities of both insurers and settlement providers and settlement producers and others in the business of settlement during the period of consideration or effectuation of a settlement contract; and   [PL 2003, c. 636, §13 (NEW).] 5.  Implement other requirements.  Implement any other requirements of this chapter.   [PL 2003, c. 636, §13 (NEW).] SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §13 (AMD).
24-A ME Rev Stat § 6812-A (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6812-A. Inquiries and optional disclosures by life insurers

 §6812-A. Inquiries and optional disclosures by life insurers 1.  Permitted inquiries regarding premium financing.  In addition to any other information a life insurer may lawfully request in an application for insurance, the insurer may ask whether the proposed owner intends to pay premiums with the assistance of financing from a lender that will use the policy as collateral to support the financing, and if so, whether:   A. The applicant has entered into any agreement or arrangement providing for the future sale of this life insurance policy;   [PL 2009, c. 376, §15 (NEW).]B. The loan arrangement for the policy provides funds sufficient to pay for some or all of the premiums, costs and expenses associated with obtaining and maintaining the applicant's life insurance policy;   [PL 2009, c. 376, §15 (NEW).]C. The applicant has entered into any agreement by which the applicant is to receive consideration in exchange for procuring the policy; and   [PL 2009, c. 376, §15 (NEW).]D. The borrower has an insurable interest in the insured.   [PL 2009, c. 376, §15 (NEW).][PL 2009, c. 376, §15 (NEW).] 2.  Prohibited transactions.  If the information obtained by the life insurer demonstrates that the loan provides funds that can be used for a purpose other than paying for the premiums, costs and expenses associated with obtaining and maintaining the life insurance policy and loan or that the transaction otherwise violates this chapter, the insurer shall reject the application.   [PL 2009, c. 376, §15 (NEW).] 3.  Optional disclosures by the life insurer.  The insurer may make disclosures to the applicant, the insured and other affected persons, either on the application, an amendment to the application or a separate document, in the following form:   "If you have entered into a loan arrangement in which the policy is used as collateral and the policy does change ownership at some point in the future in satisfaction of the loan, the following may be true:   A. A change of ownership could lead to a stranger owning an interest in the insured's life;   [PL 2009, c. 376, §15 (NEW).]B. Your ability to purchase future insurance on the insured’s life could be limited because there is a limit to how much coverage insurers will issue on one life;   [PL 2009, c. 376, §15 (NEW).]C. Should there be a change of ownership and should you wish to obtain more insurance coverage on the insured’s life in the future, the insured’s higher issue age, a change in health status or other factors may reduce the ability to obtain coverage or may result in significantly higher premiums; and   [PL 2009, c. 376, §15 (NEW).]D. You should consult a professional advisor because a change in ownership in satisfaction of the loan may result in tax consequences to the owner, depending on the structure of the loan."   [PL 2009, c. 376, §15 (NEW).][PL 2009, c. 376, §15 (NEW).] SECTION HISTORY PL 2009, c. 376, §15 (NEW).
24-A ME Rev Stat § 6813 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6813. Financing (REPEALED)

 §6813. Financing (REPEALED)SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §14 (RP).
24-A ME Rev Stat § 6814 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6814. Unfair trade practices

 §6814. Unfair trade practices A violation of this chapter is an unfair trade practice under Title 5, chapter 10 and subject to the penalties contained in that chapter.   [PL 1997, c. 430, §1 (NEW); PL 1997, c. 430, §2 (AFF).]SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF).
24-A ME Rev Stat § 6815 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6815. Assignment or resale of policies

 §6815. Assignment or resale of policies 1.  Prohibited transfers.  A settlement provider may not sell, assign, transfer or pledge a policy acquired pursuant to a settlement contract except to a licensed settlement provider or a person exempt from licensing under section 6803.   [PL 2003, c. 636, §15 (AMD).] 2.  Securities registration.  Any sale by a settlement provider of settlement contracts, policies acquired pursuant to settlement contracts or interests therein that constitute a "security" within the meaning of the United States Securities Act of 1933, as amended, or the Maine Uniform Securities Act, as amended, must be registered under those statutes unless there is an available exemption from registration under those statutes.   [PL 2005, c. 65, Pt. C, §14 (AMD).] SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §15 (AMD). PL 2005, c. 65, §C14 (AMD).
24-A ME Rev Stat § 6815-A (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6815-A. Regulatory requirements under Maine Uniform Securities Act

 §6815-A. Regulatory requirements under Maine Uniform Securities Act This chapter does not preempt the regulatory requirements set forth in the Maine Uniform Securities Act, as amended, including but not limited to the regulation of securities transactions in settlement contracts or viatical settlement contracts and the licensing of any person or entity engaged in the sale of securities.   [PL 2005, c. 65, Pt. C, §15 (AMD).]SECTION HISTORY PL 2003, c. 636, §16 (NEW). PL 2005, c. 65, §C15 (AMD).
24-A ME Rev Stat § 6816 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6816. Permitted operations before formal approval (REPEALED)

 §6816. Permitted operations before formal approval (REPEALED)SECTION HISTORY PL 1997, c. 430, §1 (NEW). PL 1997, c. 430, §2 (AFF). PL 2003, c. 636, §17 (RP).
24-A ME Rev Stat § 6817 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 85: VIATICAL AND LIFE SETTLEMENTS ACT|24-A §6817. Advertising of settlements

 §6817. Advertising of settlements 1.  Advertising for settlements.  Every settlement provider licensee shall establish and at all times maintain a system of control over the content, form and method of dissemination of all advertisements of its contracts, products and services. All advertisements, regardless of by whom written, created, designed or presented, are the responsibility of the settlement provider licensee, as well as the individual who created or presented the advertisement. A system of control must include providing regular routine notification, at least once a year, to agents and others authorized by the settlement licensee to disseminate advertisements; the notification must include the requirements and procedures for approval of any advertisements not furnished by the settlement provider licensee prior to the advertisements' use.   [PL 2003, c. 636, §18 (NEW).] 2.  Form and content.  Advertisements must be truthful and not misleading in fact or by implication. The form and content of an advertisement of a settlement contract must be sufficiently complete and clear so as to avoid deception. It may not have the capacity or tendency to mislead or deceive. Whether an advertisement has the capacity or tendency to mislead or deceive must be determined by the superintendent from the overall impression that the advertisement may be reasonably expected to create upon a person of average education or intelligence within the segment of the public to which it is directed.   [PL 2003, c. 636, §18 (NEW).] 3.  Standards for disclosure.  An advertisement must comply with standards for disclosure determined by rule by the superintendent.   [PL 2003, c. 636, §18 (NEW).] 4.  Applicability.  This section applies to any advertisement of settlement contracts or related products or services intended for dissemination in this State, including advertising on the Internet viewed by persons located in this State. If disclosure requirements are established pursuant to federal regulation, this section must be interpreted so as to minimize or eliminate conflict with federal regulation whenever possible.   [PL 2003, c. 636, §18 (NEW).] SECTION HISTORY PL 2003, c. 636, §18 (NEW).