reglab/housing_qa huggingface dataset:
24-A ME Rev Stat § 1108 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1108. Obligations, stock of certain federal and international agencies

 §1108. Obligations, stock of certain federal and international agencies An insurer may invest in the obligations, or stock where stated, issued, assumed or guaranteed by the following agencies of the government of the United States of America, or in which such government is a participant, whether or not such obligations are guaranteed by such government:   [PL 1969, c. 132, §1 (NEW).]1.  Farm Loan Bank.   [PL 1969, c. 132, §1 (NEW).] 2.  Commodity Credit Corporation.   [PL 1969, c. 132, §1 (NEW).] 3.  Federal Intermediate Credit Banks.   [PL 1969, c. 132, §1 (NEW).] 4.  Federal Land Banks.   [PL 1969, c. 132, §1 (NEW).] 5.  Central Bank for Cooperatives.   [PL 1969, c. 132, §1 (NEW).] 6.  Federal Home Loan Banks, and stock thereof.   [PL 1969, c. 132, §1 (NEW).] 7.  Federal National Mortgage Association, and stock thereof when acquired in connection with sale of mortgage loans to such association.   [PL 1969, c. 132, §1 (NEW).] 8.  International Bank for Reconstruction and Development.   [PL 1969, c. 132, §1 (NEW).] 9.  Inter-American Development Bank.   [PL 1969, c. 132, §1 (NEW).] 10.  Asian Development Bank.   [PL 1969, c. 132, §1 (NEW).] 10-A.  African Development Bank; and   [PL 1987, c. 405, §36 (NEW).] 11.  Any other similar agency of, or participated in by, the government of the United States of America and of similar financial quality.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1987, c. 405, §36 (AMD).
24-A ME Rev Stat § 1109-A (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1109-A. High-yield corporate obligations (REPEALED)

 §1109-A. High-yield corporate obligations (REPEALED)SECTION HISTORY PL 1989, c. 846, §§B7,E4 (NEW). PL 1993, c. 313, §23 (RP).
24-A ME Rev Stat § 1112 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1112. Preferred or guaranteed stocks

 §1112. Preferred or guaranteed stocks An insurer may invest in the preferred or guaranteed stocks or shares of any solvent institution created or existing under the laws of the United States or of Canada, or of any state, province, district or territory thereof, if all of the prior obligations and prior preferred stocks, if any, of such institution at the date of acquisition by the insurer are eligible as investments under this chapter; and if qualified under subsection 1 or subsection 2 following:   [PL 1969, c. 132, §1 (NEW).]1.  Preferred stocks or shares shall be deemed qualified if both of the following requirements are met:   A. The earnings of such institution available for its fixed charges for a period of 5 fiscal years next preceding the date of acquisition by the insurer shall have averaged per year not less than 1 1/2 times the sum of its average annual fixed charges, if any, its average annual maximum contingent interest, if any, and its average annual preferred dividend requirements applicable to such period; and   [PL 1969, c. 132, §1 (NEW).]B. During either of the last 2 years of such period such net earnings shall have been not less than 1 1/2 times the sum of its fixed charges, contingent interest and preferred dividend requirements for such year. The term "preferred dividend requirements" shall be deemed to mean cumulative or noncumulative dividends whether paid or not.   [PL 1969, c. 132, §1 (NEW).][PL 1969, c. 132, §1 (NEW).] 2.  Guaranteed stocks or shares shall be deemed qualified if the assuming or guaranteeing institution meets the requirements of section 1109, subsection 3, (corporate obligations), construed so as to include as a fixed charge the amount of guaranteed dividends of such issue or the rental covering the guarantee of such dividends.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1113 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1113. Common stocks

 §1113. Common stocks An insurer may invest in nonassessable, except as to bank or trust company stocks, and except for taxes, common stocks, other than insurance stocks, of any solvent corporation organized and existing under the laws of the United States or Canada, or of any state or province thereof, if such corporation has had net earnings available for dividends on such stock in at least 5 of the 7 fiscal years next preceding acquisition by the insurer. If the issuing corporation has not been in legal existence for the whole of such 7 fiscal years but was formed as a consolidation or merger of 2 or more businesses of which at least one was in operation on a date 7 years prior to the investment, eligibility of its common stock under this section shall be based upon consolidated pro-forma statements of the predecessor or constituent institutions.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1114 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1114. Insurance stocks

 §1114. Insurance stocks 1.  An insurer may invest in the stocks of other solvent insurers formed under the laws of this or another state, which stocks meet the applicable requirements of section 1112 (preferred or guaranteed stocks) or 1113 (common stocks).   [PL 1969, c. 132, §1 (NEW).] 2.  With the superintendent's advance written consent an insurer may acquire and hold the controlling interest in the outstanding voting stock of a stock insurer formed under the laws of this or another state. The superintendent may not give consent if the superintendent finds that such acquisition would not be in the best interests of the insurers involved, or of their respective policyholders or stockholders, or that it would materially tend to lessen competition or to result in any monopoly in the insurance business.   [RR 2021, c. 1, Pt. B, §188 (COR).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §188 (COR).
24-A ME Rev Stat § 1115 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1115. Stocks of subsidiaries

 §1115. Stocks of subsidiaries 1.  An insurer may invest in the stock of its subsidiary insurance corporation formed or acquired by it; or in the stock of its subsidiary business corporation or corporations formed and engaged solely in any one or more of the following businesses:   A. In any business necessary and incidental to the convenient operation of the insurer's insurance business, or to the administration of any of its lawful affairs, or to the service or benefit of its policyholders;   [PL 1969, c. 132, §1 (NEW).]B. Providing any of actuarial, computer, data processing, accounting, claims, appraisal, collection, loss prevention or safety engineering and similar services;   [PL 1969, c. 132, §1 (NEW).]C. Real estate management and development;   [PL 1969, c. 132, §1 (NEW).]D. Premium financing;   [PL 1969, c. 132, §1 (NEW).]E. Financing of agents of the insurer;   [PL 1969, c. 132, §1 (NEW).]F. Acting as investment adviser or principal underwriter of an investment company or companies, registered as such under the Investment Companies Act of 1940;   [PL 1969, c. 132, §1 (NEW).]G. Financial and investment counseling services;   [PL 1969, c. 132, §1 (NEW).]H. Administration of self-insurance plans;   [PL 1969, c. 132, §1 (NEW).]I. Administration of self-insured pension and similar plans, or the self-insured portions of such plans;   [PL 1969, c. 132, §1 (NEW).]J. Acting as administrative agent for a government instrumentality which is performing an insurance function;   [PL 1969, c. 132, §1 (NEW).]K. Securities broker-dealer;   [PL 1969, c. 132, §1 (NEW).]L. Escrow services;   [PL 1969, c. 132, §1 (NEW).]M. Trust services with respect to funds payable or paid by it under its insurance contracts; or   [PL 1999, c. 715, §6 (AMD).]N. A depository institution, or any company that controls such an institution, that is subject to the federal Gramm-Leach-Bliley Act, Sections 104(c) and 306(2), 113 Stat. 1338 as long as the insurer's total investment in all such subsidiaries does not exceed 5% of the insurer's admitted assets.   [PL 1999, c. 715, §7 (NEW).][PL 1999, c. 715, §§6, 7 (AMD).] 2.  For the purposes of this section a "subsidiary" is a corporation of which the insurer owns sufficient stock to give it effective control.   [PL 1969, c. 132, §1 (NEW).] 3.   [PL 1987, c. 399, §7 (RP).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1983, c. 759, §2 (AMD). PL 1987, c. 399, §7 (AMD). PL 1999, c. 715, §§6,7 (AMD).
24-A ME Rev Stat § 1116 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1116. Trustees' or receivers' obligations

 §1116. Trustees' or receivers' obligations An insurer may invest in certificates, notes or other obligations issued by trustees or receivers of any institution created or existing under the laws of the United States or of any state, district or territory thereof, which, or the assets of which, are being administered under the direction of any court having jurisdiction, if such obligation is adequately secured as to principal and interest.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1117 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1117. Equipment trust certificates

 §1117. Equipment trust certificates An insurer may invest in equipment trust obligations or certificates which are adequately secured, or in other adequately secured instruments evidencing an interest in transportation equipment wholly or in part within the United States of America and a right to receive determined portions of rental, purchase or other fixed obligatory payments for the use or purchase of such transportation equipment.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1118 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1118. Acceptances, bills of exchange

 §1118. Acceptances, bills of exchange An insurer may invest in bank and bankers' acceptances and other bills of exchange of the kind and maturities made eligible, pursuant to law, for purchase in the open market by federal reserve banks.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1119 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1119. Savings and loan institutions

 §1119. Savings and loan institutions An insurer may invest in the shares of savings and loan or buildings and loan associations or in the savings accounts of federal savings and loan associations, to the extent that the investment or account is insured by the Federal Savings and Loan Insurance Corporation pursuant to the National Housing Act of 1934, as amended.   [PL 1969, c. 177, §24 (AMD).]SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §24 (AMD).
24-A ME Rev Stat § 1120 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1120. Common trust funds, mutual funds

 §1120. Common trust funds, mutual funds An insurer may invest in:   [PL 1969, c. 132, §1 (NEW).]1.  A bank's common trust fund as defined in section 584 of the United States Internal Revenue Code of 1954; and   [PL 1969, c. 132, §1 (NEW).] 2.  The securities of any open-end management type investment company or investment trust registered with the federal Securities and Exchange Commission under the Investment Company Act of 1940 as from time to time amended, if such investment company or trust, other than one of which a subsidiary of the insurer is investment adviser or principal underwriter, has a net asset value of not less than $25,000,000 as at the date of investment by the insurer.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1121 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1121. Hydrocarbon production payments

 §1121. Hydrocarbon production payments An insurer may invest in production payments, or interests therein evidenced by trust certificates or other instruments, payable from oil, gas or other hydrocarbons in producing properties located in the United States or the adjacent continental shelf if an obligation secured by and payable from such production payment or interest therein would qualify for investment under section 1109, subsection 1, (corporate obligations) as an obligation which is adequately secured and has investment qualities and characteristics wherein the speculative elements are not predominant. "Production payments" means rights to oil, gas or other hydrocarbons in place or as produced which entitle the owner thereof to a specified fraction or percentage of production until a specified sum of money has been received.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1122 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1122. Policy loans (REPEALED)

 §1122. Policy loans (REPEALED)SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1987, c. 399, §8 (RP).
24-A ME Rev Stat § 1123 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1123. Collateral loans

 §1123. Collateral loans An insurer may lend and thereby invest its funds upon the pledge of securities eligible for investment under this chapter. As at date made, no such loan shall exceed in amount 90% of the market value of such collateral pledged. The amount so loaned shall be included pro rata in determining the maximum percentage of funds permitted under this chapter to be invested in the respective categories of securities so pledged.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1126 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1126. Housing developments

 §1126. Housing developments To the extent and upon such conditions as may be authorized by the superintendent, an insurer may invest in stock and evidences of indebtedness of any housing company or redevelopment company organized under the private housing finance law of this or any other state, or of any corporation organized for the purpose of owning and operating any housing project under laws expressly designed to promote the provision of housing for persons of low and moderate income, or in the securities of any corporation organized under the laws of this or any other state for the purpose of owning, acquiring or holding real property or any interest therein as an investment for the production of income or to be developed or improved for such investment purpose, if all of the stock other than directors' qualifying shares of such housing company, redevelopment company or corporation has been or is to be originally issued to one or more insurers, whether domestic or foreign.   [PL 1973, c. 585, §12 (AMD).]SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).
24-A ME Rev Stat § 1127 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1127. Leased property and noncorporate obligations

 §1127. Leased property and noncorporate obligations 1.  An insurer may invest in personal or real property owned either by the insurer, or a trustee, while under lease to a lessee able to meet any one of the earnings tests provided by section 1109.   [PL 1979, c. 458, §11 (NEW).] 2.  In addition to investments otherwise permitted under this chapter, an insurer may invest in obligations, other than those of institutions as defined in section 1110, subsection 1‑A, paragraph H, which are secured by:   A. An assignment of a right to receive rental, charter, hire, purchase or other payments for the use or purchase of real or personal property adequate to return the investments and payable or guaranteed by one or more governmental units or instrumentalities, whose obligations would qualify for investment under section 1107 or section 1108, or by one or more institutions whose obligations would qualify for investment under section 1109. The aggregate amount of investments made or acquired under this subsection may not exceed 2% of an insurer's total admitted assets; and   [PL 2001, c. 471, Pt. B, §13 (AMD).]B. A mortgage or a security interest in that real or personal property.   [PL 1979, c. 458, §11 (NEW).][PL 2001, c. 471, Pt. B, §13 (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1979, c. 458, §11 (RPR). PL 2001, c. 471, §B13 (AMD).
24-A ME Rev Stat § 1128 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1128. Special investments; separate accounts (REPEALED)

 §1128. Special investments; separate accounts (REPEALED)SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 560, §1 (RPR). PL 1973, c. 585, §12 (AMD). PL 1987, c. 399, §10 (RP).
24-A ME Rev Stat § 1129 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1129. Special investments of title insurers

 §1129. Special investments of title insurers 1.  A title insurer may also have invested funds in an amount not exceeding 50% of its paid-in capital stock and its surplus, in its abstract plant and equipment and in stocks of abstract companies.   [PL 1969, c. 132, §1 (NEW).] 2.  Investments authorized under subsection 1 shall not be credited against required reserves.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1130 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1130. Investments in foreign countries

 §1130. Investments in foreign countries 1.  An insurer authorized to transact insurance in a foreign country or which has outstanding insurance or reinsurance contracts on risks resident or located in a foreign country may invest in or otherwise acquire or loan upon securities and investments in such foreign country which are substantially of the same kinds, classes and investment grades as those eligible for investment under other sections of this chapter; but the aggregate amount of such investments in a foreign country and of cash in the currency of such country shall not, except as to Canadian investments otherwise authorized under this chapter, exceed 1 1/2 times the amount of its reserves and other obligations under such contracts or the amount which the insurer is required by law to invest in such country, whichever is the greater.   [PL 1987, c. 399, §11 (AMD).] 2.  In addition to the foreign investments otherwise permitted under this chapter, an insurer may invest in or otherwise acquire or loan upon securities and investments in foreign countries which are substantially of the same kinds, classes and investment grades as those otherwise eligible for investment under this chapter; but the aggregate amount of such investments under this subsection shall not exceed 1% of the insurer's assets.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1987, c. 399, §11 (AMD).
24-A ME Rev Stat § 1131 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1131. Miscellaneous investments

 §1131. Miscellaneous investments 1.  An insurer may make loans or investments, not otherwise eligible, qualified or expressly permitted under this chapter, in an aggregate amount not over 10% of the insurer's assets and not over 1% of those assets as to any one such loan or investment. The investment limitations contained in this chapter, qualitative or quantitative or otherwise, shall not apply to loans or investments under this section, provided that all loans or investments made or acquired under this section shall meet the following requirements.   A. The loan or investment must fulfill the requirements of section 1103 and otherwise qualify as a sound investment.   [PL 2001, c. 72, §12 (AMD).]B. No such loan or investment may be represented by:   (1) Any asset determined to be nonadmitted pursuant to section 901‑A or rules adopted under that section;   (2) Any loan or investment expressly prohibited under section 1136; or   (3) Agents' balances, or amounts advanced to or owing by agents, except as to mortgage loans and collateral loans to those agents otherwise authorized under this chapter.   [PL 2001, c. 72, §12 (AMD).]C. No loan or investment may cause the insurer to exceed the specific diversification requirements enumerated in section 1106.   [PL 1987, c. 399, §12 (RPR).][PL 2001, c. 72, §12 (AMD).] 2.  The insurer shall keep a separate record of all loans and investments made under this section. Any such loan or investment that subsequent to the date of making or acquisition thereof has attained the standard of eligibility and qualifies under any other section of this chapter may thereupon be deemed to have been made or acquired under and in compliance with that section and shall no longer be considered to have been made or acquired under this section.   [PL 1979, c. 458, §12 (RPR).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1979, c. 458, §12 (RPR). PL 1983, c. 759, §3 (AMD). PL 1987, c. 399, §12 (AMD). PL 2001, c. 72, §12 (AMD).
24-A ME Rev Stat § 1132 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1132. Conversion and incidental rights

 §1132. Conversion and incidental rights Nothing in this chapter shall be deemed to prohibit an insurer from making an investment otherwise authorized under this chapter, because the investment is convertible into other securities in which the insurer is not permitted to invest under this chapter, or because the insurer receives in connection with such investment stock warrants, whether or not detachable, stock options, stock, property interests or other assets of any kind. Anything so received by the insurer and in which the insurer is otherwise not authorized to invest shall be carried on its books at no value.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1133 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1133. Time limit for disposal of real estate

 §1133. Time limit for disposal of real estate 1.  Except as stated in subsection 2, or unless the insurer elects to hold the real estate as an investment under section 1125, subsection 1, paragraph G:   A. An insurer shall dispose of real estate acquired under section 1125, subsection 1, paragraph A, within 5 years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business.   [PL 1969, c. 132, §1 (NEW).]B. An insurer shall dispose of real estate acquired under section 1125, subsection 1, paragraphs B, C or E, within 5 years after the date of acquisition, unless used or to be used for the insurer's accommodation under section 1125, subsection 1, paragraph A.   [PL 1969, c. 132, §1 (NEW).][PL 1969, c. 132, §1 (NEW).] 2.  Upon proof satisfactory to the superintendent that the interests of the insurer will suffer materially by the forced sale thereof, the superintendent may by order grant a reasonable extension of the period, as specified in such order, within which the insurer shall dispose of any particular parcel of such real estate.   [RR 2021, c. 1, Pt. B, §189 (COR).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §189 (COR).