reglab/housing_qa huggingface dataset:
24-A ME Rev Stat § 744 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 4: REINSURANCE INTERMEDIARIES|24-A §744. Required contract provisions; reinsurance intermediary-broker

 §744. Required contract provisions; reinsurance intermediary-broker Transactions between a reinsurance intermediary-broker and the insurer it represents in such a capacity may be entered into only pursuant to a written authorization specifying the responsibilities of each party. The authorization must, at a minimum, provide that:   [PL 1991, c. 828, §20 (NEW).]1.  Termination.  The insurer may terminate the reinsurance intermediary-broker's authority at any time upon 5 days' written notice to the reinsurance intermediary-broker;   [PL 1991, c. 828, §20 (NEW).] 2.  Accounting.  The reinsurance intermediary-broker shall render timely accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owed, to the reinsurance intermediary-broker and remit all funds due to the insurer within 30 days of receipt;   [PL 1991, c. 828, §20 (NEW).] 3.  Bank as fiduciary.  All funds collected for the insurer's account must be held by the reinsurance intermediary-broker in a fiduciary capacity in a bank that is a qualified United States financial institution;   [PL 1991, c. 828, §20 (NEW).] 4.  Compliance with law.  The reinsurance intermediary-broker shall comply with section 745;   [PL 1991, c. 828, §20 (NEW).] 5.  Compliance with standards.  The reinsurance intermediary-broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks; and   [PL 1991, c. 828, §20 (NEW).] 6.  Disclosure.  The reinsurance intermediary-broker shall disclose to the insurer any relationship with any reinsurer or insurer to which business will be ceded or retroceded.   [PL 1991, c. 828, §20 (NEW).] SECTION HISTORY PL 1991, c. 828, §20 (NEW).
24-A ME Rev Stat § 745 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 4: REINSURANCE INTERMEDIARIES|24-A §745. Books and records; reinsurance intermediary-brokers

 §745. Books and records; reinsurance intermediary-brokers 1.  Records required.  For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing:   A. The type of contract, limits, underwriting restrictions, classes of risks and territory;   [PL 1991, c. 828, §20 (NEW).]B. Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;   [PL 1991, c. 828, §20 (NEW).]C. Reporting and settlement requirements of balances;   [PL 1991, c. 828, §20 (NEW).]D. Rate used to compute the reinsurance premium;   [PL 1991, c. 828, §20 (NEW).]E. Names and addresses of assuming reinsurers;   [PL 1991, c. 828, §20 (NEW).]F. Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker;   [PL 1991, c. 828, §20 (NEW).]G. Related correspondence and memoranda;   [PL 1991, c. 828, §20 (NEW).]H. Proof of placement;   [PL 1991, c. 828, §20 (NEW).]I. Details regarding retrocessions handled by the reinsurance intermediary-broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded;   [PL 1991, c. 828, §20 (NEW).]J. Financial records, including, but not limited to, premium and loss accounts; and   [PL 1991, c. 828, §20 (NEW).]K. When the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer:   (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or   (2) Placed through a representative of the assuming reinsurer that is not an employee, written evidence that the reinsurer has delegated binding authority to the representative.   [PL 1991, c. 828, §20 (NEW).][PL 1991, c. 828, §20 (NEW).] 2.  Access.  The insurer must have access and may copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer.   [PL 1991, c. 828, §20 (NEW).] SECTION HISTORY PL 1991, c. 828, §20 (NEW).
24-A ME Rev Stat § 746 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 4: REINSURANCE INTERMEDIARIES|24-A §746. Duties of insurers utilizing the services of a reinsurance intermediary-broker

 §746. Duties of insurers utilizing the services of a reinsurance intermediary-broker 1.  License requirements.  An insurer may not engage the services of any person to act as a reinsurance intermediary-broker on the insurer's behalf unless that person is licensed as required by this subchapter.   [PL 1991, c. 828, §20 (NEW).] 2.  Status of intermediary-broker.  An insurer may not employ an individual who is employed by a reinsurance intermediary-broker with which the insurer transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to section 222.   [PL 1991, c. 828, §20 (NEW).] 3.  Financial statements.  The insurer shall annually obtain a copy of statements of current origin of the financial condition of each reinsurance intermediary-broker with which the insurer transacts business. These statements must be certified reports or reviews performed by a certified public accountant.   [PL 1991, c. 828, §20 (NEW).] SECTION HISTORY PL 1991, c. 828, §20 (NEW).
24-A ME Rev Stat § 748 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 4: REINSURANCE INTERMEDIARIES|24-A §748. Books, records and powers; reinsurance intermediary-managers

 §748. Books, records and powers; reinsurance intermediary-managers 1.  Records required.  For at least 10 years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-manager, the reinsurance intermediary-manager shall keep a complete record for each transaction showing:   A. The type of contract, limits, underwriting restrictions, classes of risks and territory;   [PL 1991, c. 828, §20 (NEW).]B. Period of coverage, including effective and expiration dates, cancellation provisions and notice required for cancellation, and status of disposition of outstanding reserves on covered risks;   [PL 1991, c. 828, §20 (NEW).]C. Reporting and settlement requirements of balances;   [PL 1991, c. 828, §20 (NEW).]D. Rate used to compute the reinsurance premium;   [PL 1991, c. 828, §20 (NEW).]E. Names and addresses of reinsurers;   [PL 1991, c. 828, §20 (NEW).]F. Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-manager;   [PL 1991, c. 828, §20 (NEW).]G. Related correspondence and memoranda;   [PL 1991, c. 828, §20 (NEW).]H. Proof of placement;   [PL 1991, c. 828, §20 (NEW).]I. Details regarding retrocessions handled by the reinsurance intermediary-manager including the identity of retrocessionaires and the percentage of each contract assumed or ceded;   [PL 1991, c. 828, §20 (NEW).]J. Financial records, including but not limited to, premium and loss accounts; and   [PL 1991, c. 828, §20 (NEW).]K. When the reinsurance intermediary-manager places a reinsurance contract on behalf of a ceding insurer:   (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or   (2) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.   [PL 1991, c. 828, §20 (NEW).][PL 1991, c. 828, §20 (NEW).] SECTION HISTORY PL 1991, c. 828, §20 (NEW).
24-A ME Rev Stat § 749 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 4: REINSURANCE INTERMEDIARIES|24-A §749. Prohibited acts

 §749. Prohibited acts The reinsurance intermediary-manager may not:   [PL 1991, c. 828, §20 (NEW).]1.  Retrocession.  Retrocede business on behalf of the reinsurer; except that, the reinsurance intermediary-manager may facultatively retrocede business pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for any such retrocession. The guidelines must include a list of reinsurers with which automatic agreements are in effect, commission schedules and for each reinsurer, the coverages and amounts or percentages that may be reinsured;   [PL 1991, c. 828, §20 (NEW).] 2.  Use of syndicates.  Commit the reinsurer to participate in reinsurance syndicates;   [PL 1991, c. 828, §20 (NEW).] 3.  Use of other licensees.  Make use of any agent or broker without ensuring that the agent or broker is lawfully licensed to transact the kind of reinsurance for which the agent or broker is being used;   [PL 1991, c. 828, §20 (NEW).] 4.  Claim payment.  Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer's policyholder surplus as of December 31st of the next preceding calendar year;   [PL 1991, c. 828, §20 (NEW).] 5.  Claim recovery.  Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer;   [PL 1991, c. 828, §20 (NEW).] 6.  Joint employment.  Jointly employ an individual who is employed by the reinsurer unless the reinsurance intermediary-manager is under common control with the reinsurer subject to section 222; or   [PL 1991, c. 828, §20 (NEW).] 7.  Subcontract.  Assign duties under a contract to a subcontracting manager.   [PL 1991, c. 828, §20 (NEW).] SECTION HISTORY PL 1991, c. 828, §20 (NEW).
24-A ME Rev Stat § 750 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 4: REINSURANCE INTERMEDIARIES|24-A §750. Duties of reinsurers utilizing the services of a reinsurance intermediary-manager

 §750. Duties of reinsurers utilizing the services of a reinsurance intermediary-manager 1.  License required.  A reinsurer may not engage the services of any person to act as a reinsurance intermediary-manager on its behalf unless that person is licensed as required by this subchapter.   [PL 1991, c. 828, §20 (NEW).] 2.  Financial statements.  The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-manager that the reinsurer has engaged prepared by an independent certified public accountant in a form acceptable to the superintendent.   [PL 1991, c. 828, §20 (NEW).] 3.  Actuarial review.  If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary who specializes in the type of insurance under consideration attesting to the adequacy of loss reserves including losses incurred and outstanding on business produced by the reinsurance intermediary-manager. This opinion is in addition to any other required loss reserve certification.   [PL 1991, c. 828, §20 (NEW).] 4.  Binding authority.  Binding authority for all retrocessional contracts or participation in reinsurance syndicates rests with an officer of the reinsurer who may not be affiliated with the reinsurance intermediary-manager.   [PL 1991, c. 828, §20 (NEW).] 5.  Notice of termination.  Within 30 days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of termination to the superintendent.   [PL 1991, c. 828, §20 (NEW).] 6.  Board member qualifications.  A reinsurer may not appoint to its board of directors, any officer, director, employee, controlling shareholder or subproducer of its reinsurance intermediary-manager. This subsection does not apply to relationships governed by section 222 or chapter 77.   [PL 1991, c. 828, §20 (NEW).] SECTION HISTORY PL 1991, c. 828, §20 (NEW).
24-A ME Rev Stat § 751 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 4: REINSURANCE INTERMEDIARIES|24-A §751. Examination authority

 §751. Examination authority 1.  Authority.  A reinsurance intermediary is subject to examination by the superintendent. The superintendent must have access to all books, bank accounts and records of the reinsurance intermediary in a usable form.   [PL 1991, c. 828, §20 (NEW).] 2.  Status.  A reinsurance intermediary-manager may be examined as if it were the reinsurer.   [PL 1991, c. 828, §20 (NEW).] SECTION HISTORY PL 1991, c. 828, §20 (NEW).
24-A ME Rev Stat § 752 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 4: REINSURANCE INTERMEDIARIES|24-A §752. Penalties and liabilities

 §752. Penalties and liabilities 1.  Violation.  A reinsurance intermediary, insurer or reinsurer found by the superintendent, after a hearing conducted in accordance with the Maine Administrative Procedure Act, to be in violation of any provision of this Title, is subject to the following.   A. For each separate violation, a violator must pay a penalty of not less than $5,000 and not more than $100,000 for each separate violation.   [PL 1991, c. 828, §20 (NEW).]B. A violator is subject to revocation or suspension of its license.   [PL 1991, c. 828, §20 (NEW).]C. If a violation was committed by the reinsurance intermediary, the reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation.   [PL 1991, c. 828, §20 (NEW).][PL 1991, c. 828, §20 (NEW).] 2.  Final agency action.  The decision, determination or order of the superintendent pursuant to this section is a final agency action and may be appealed pursuant to section 236.   [PL 1991, c. 828, §20 (NEW).] 3.  Nonexclusivity of penalties.  Nothing contained in this section affects the right of the superintendent to impose any other penalties provided in this Title.   [PL 1991, c. 828, §20 (NEW).] 4.  Rights of others.  Nothing contained in this subchapter limits or restricts the rights of policyholders, claimants, creditors or other 3rd parties or confers any rights to those persons.   [PL 1991, c. 828, §20 (NEW).] SECTION HISTORY PL 1991, c. 828, §20 (NEW).
24-A ME Rev Stat § 753 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 4: REINSURANCE INTERMEDIARIES|24-A §753. Rules

 §753. Rules The superintendent may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.   [PL 1991, c. 828, §20 (NEW).]SECTION HISTORY PL 1991, c. 828, §20 (NEW).
24-A ME Rev Stat § 754 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 4: REINSURANCE INTERMEDIARIES|24-A §754. Effective date

 §754. Effective date This subchapter takes effect January 1, 1993. An insurer or reinsurer may not continue to utilize the services of a reinsurance intermediary on and after February 1, 1993 unless utilization is in compliance with this subchapter.   [PL 1991, c. 828, §20 (NEW).]SECTION HISTORY PL 1991, c. 828, §20 (NEW).
24-A ME Rev Stat § 761 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 5: ASSUMPTION REINSURANCE|24-A §761. Definitions

 §761. Definitions As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.   [PL 1993, c. 603 (NEW).]1.  Assuming insurer.  "Assuming insurer" means the insurer that acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement.   [PL 1993, c. 603 (NEW).] 2.  Assumption reinsurance agreement.  "Assumption reinsurance agreement" means a contract that both:   A. Transfers insurance obligations or risks of existing or in-force contracts of insurance from a transferring insurer to an assuming insurer; and   [PL 1993, c. 603 (NEW).]B. Is intended to effect a novation of the transferred contract of insurance with the result that the assuming insurer becomes directly liable to the policyholders of the transferring insurer and the transferring insurer's insurance obligations or risks under the contracts are extinguished.   [PL 1993, c. 603 (NEW).][PL 1993, c. 603 (NEW).] 3.  Contract of insurance.  "Contract of insurance" means a written agreement between an insurer and policyholder pursuant to which the insurer, in exchange for premium or other consideration, agrees to assume an obligation or risk of the policyholder or to make payments on behalf of, or to, the policyholder or its beneficiaries. Contract of insurance may include property, casualty, life, health, accident, surety, title and annuity business authorized to be written pursuant to the insurance laws of this State.   [PL 1993, c. 603 (NEW).] 4.  Home service business.  "Home service business" means insurance business on which premiums are collected on a weekly or monthly basis by an agent of the insurer.   [PL 1993, c. 603 (NEW).] 5.  Notice of transfer.  "Notice of transfer" means the written notice to policyholders required by section 764, subsection 1.   [PL 1993, c. 603 (NEW).] 6.  Policyholder.  "Policyholder" means an individual or entity that has the right to terminate or otherwise alter the terms of a contract of insurance. It includes a certificateholder whose certificate is in force on the proposed effective date of the assumption, if the certificateholder has the right to keep the certificate in force without change in benefit following termination of the group policy.   The right to keep the certificate in force referred to in this section does not include the right to elect individual coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, COBRA, of the Employee Retirement Income Security Act of 1974, as amended, 29 United States Code, Section 1161 to 1168.   [PL 1993, c. 603 (NEW).] 7.  Transferring insurer.  "Transferring insurer" means the insurer that transfers an insurance obligation risk to an assuming insurer pursuant to an assumption reinsurance agreement.   [PL 1993, c. 603 (NEW).] SECTION HISTORY PL 1993, c. 603 (NEW).
24-A ME Rev Stat § 762 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 5: ASSUMPTION REINSURANCE|24-A §762. Scope

 §762. Scope 1.  Application.  This subchapter applies to an insurer authorized in this State that either assumes or transfers the obligations or risks on contracts of insurance pursuant to an assumption reinsurance agreement.   [PL 1993, c. 603 (NEW).] 2.  Exceptions.  This subchapter does not apply to the following:   A. A reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for its insurance obligations or risks under the contracts of insurance subject to the reinsurance agreement;   [PL 1993, c. 603 (NEW).]B. The substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;   [PL 1993, c. 603 (NEW).]C. The transfer of contracts of insurance pursuant to mergers or consolidations of 2 or more insurers to the extent that those transactions are regulated by law;   [PL 1993, c. 603 (NEW).]D. An insurer subject to a judicial order of liquidation or rehabilitation;   [PL 1993, c. 603 (NEW).]E. A reinsurance agreement or transaction to which a state insurance guaranty association is a party, except that policyholders do not lose any rights or claims afforded under their original policies pursuant to chapter 57, subchapter III and chapter 62; or   [PL 1993, c. 603 (NEW).]F. The transfer of liabilities from one insurer to another under a single group policy upon the request of the group policyholder, unless the certificateholder pays all or substantially all of the premium.   [PL 1993, c. 603 (NEW).][PL 1993, c. 603 (NEW).] SECTION HISTORY PL 1993, c. 603 (NEW).
24-A ME Rev Stat § 764 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 5: ASSUMPTION REINSURANCE|24-A §764. Rights of policyholder

 §764. Rights of policyholder 1.  Right to reject.  Every policyholder has the right to reject the transfer and novation of the contracts of insurance. A policyholder electing to reject the assumption transaction shall return to the transferring insurer the preaddressed, postage-paid response card or other written notice and indicate on the response card that the assumption is rejected.   [PL 1993, c. 603 (NEW).] 2.  Payment of premium.  Payment of the next premium to the assuming company after notice is received is determined to indicate the policyholder's acceptance of the transfer to the assuming insurer and a novation is determined to have been effected if the premium notice clearly states that payment of the premium to the assuming insurer constitutes acceptance of the transfer. The premium notice must also provide a method for the policyholder to pay the premium while reserving the right to reject the transfer. With respect to a home service business or any other business not using premium notices, the disclosures and procedural requirements of this subsection are to be set forth in the notice of transfer required by section 763, subsection 1, paragraph A and in the assumption certificate.   [PL 1995, c. 329, §6 (AMD).] 3.  Additional notice.  No fewer than 24 months after the mailing of the initial notice of transfer required under section 763, if positive consent to the transfer and assumption has not been received or consent has not been determined to have occurred under subsection 1, the transferring company shall send to the policyholder a 2nd and final notice of transfer as specified in section 763, subsection 1. If the policyholder does not reject the transfer during the one-month period immediately following the date on which the transferring insurer mailed the 2nd and final notice of transfer, the policyholder's consent is determined to have occurred and novation of the contract is effected. With respect to the home service business, the 24 and one-month periods must be measured from the date of delivery of the notice of transfer pursuant to section 763, subsection 1, paragraph A.   [PL 1993, c. 603 (NEW).] 4.  Response cards.  The transferring insurer is deemed to have received the response card on the date it is postmarked. A policyholder may also send a response card by facsimile or other electronic transmission or by registered mail, express delivery or courier service, in which case the response card is determined to have been received by the assuming insurer on the date of actual receipt by the transferring insurer.   [PL 1993, c. 603 (NEW).] SECTION HISTORY PL 1993, c. 603 (NEW). PL 1995, c. 329, §6 (AMD).