reglab/housing_qa huggingface dataset:
24-A ME Rev Stat § 765 (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 §765. Effect of consent by the policyholder

 §765. Effect of consent by the policyholder If a policyholder consents to the transfer pursuant to section 764 or if the transfer is effected under section 766, there is a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer is relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer is directly and solely liable to the policyholder for those insurance obligations or risks.   [PL 1993, c. 603 (NEW).]SECTION HISTORY PL 1993, c. 603 (NEW).
24-A ME Rev Stat § 766 (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 §766. Authority of the insurance regulatory official

 §766. Authority of the insurance regulatory official 1.  Transfer in the best interest of the policyholders.  If an insurer domiciled in this State or in a jurisdiction having a substantially similar law is determined by the domiciliary insurance regulatory official to be in hazardous financial condition or an administrative proceeding has been instituted against it for the purpose of reorganizing or conserving the insurer, and the transfer of the contracts of insurance is in the best interest of the policyholders, as determined by the domiciliary insurance regulatory official, a transfer and novation may be effected notwithstanding the provisions of this subchapter. This may include a form of implied consent and adequate notification to the policyholder of the circumstances requiring the transfer as approved by the insurance regulatory official.   [PL 1993, c. 603 (NEW).] 2.  Protection.  Notwithstanding any other provision of law, in the event that a transfer and novation is effected by a decision of a domiciliary insurance regulatory official under this section, the residents of this State whose policies are transferred to an unlicensed insurer are entitled to full protection under chapter 57, subchapter III and chapter 62.   [PL 1993, c. 603 (NEW).] SECTION HISTORY PL 1993, c. 603 (NEW).
24-A ME Rev Stat § 783 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §783. Limited purpose of special purpose reinsurance vehicle

 §783. Limited purpose of special purpose reinsurance vehicle Special purpose reinsurance vehicles authorized under this subchapter are created for the limited purpose of entering into insurance securitization transactions with investors and related agreements to pay one or more ceding insurers agreed-upon amounts under a special purpose reinsurance vehicle contract upon the occurrence of triggering events related to the insurance business of the ceding insurer. A special purpose reinsurance vehicle may not issue a contract for assumption of risk or indemnification of loss other than a special purpose reinsurance vehicle contract.   [PL 2003, c. 249, §2 (NEW).]SECTION HISTORY PL 2003, c. 249, §2 (NEW).
24-A ME Rev Stat § 785 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §785. Powers

 §785. Powers 1.  Powers.  A special purpose reinsurance vehicle authorized under this subchapter has the powers to enter into contracts and to conduct other commercial activities necessary to fulfill the purposes of this subchapter. These activities may include, but are not limited to, entering into contracts, issuing securities of the special purpose reinsurance vehicle and complying with the terms of the contracts, entering into trust agreements, swap agreements and any other agreements necessary to effectuate an insurance securitization in compliance with the limitations and pursuant to the authorities granted to the reinsurance vehicle under this subchapter or the plan of operation approved by the superintendent.   [PL 2003, c. 249, §2 (NEW).] 2.  Bylaws.  A special purpose reinsurance vehicle organized or doing business under this subchapter is capable of suing or being sued and may make or enforce contracts in relation to the business of the reinsurance vehicle; may have and use a common seal and in the name of the reinsurance vehicle or by a trustee chosen by the board of directors is capable of taking, purchasing, holding and disposing of real and personal property for carrying into effect the purposes of its organization; and may by its board of directors, trustees, officers or managers make bylaws and amendments to the bylaws not inconsistent with the laws or the constitution of this State or of the United States. The bylaws must define the manner of electing directors, trustees or managers and officers of the reinsurance vehicle, together with their qualifications, duties and term of office.   [PL 2003, c. 249, §2 (NEW).] SECTION HISTORY PL 2003, c. 249, §2 (NEW).
24-A ME Rev Stat § 786 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §786. Affiliation

 §786. Affiliation Notwithstanding the provisions of section 222, the special purpose reinsurance vehicle, the special purpose reinsurance vehicle organizer or subsequent debt or equity investors in special purpose reinsurance vehicle securities are not deemed affiliates of the ceding insurer by virtue of the special purpose reinsurance vehicle contract between the ceding insurer and the reinsurance vehicle, the securities of the reinsurance vehicle or related agreements necessary to implement the special purpose reinsurance vehicle insurance securitization.   [PL 2007, c. 386, §15 (AMD).]SECTION HISTORY PL 2003, c. 249, §2 (NEW). PL 2007, c. 386, §15 (AMD).
24-A ME Rev Stat § 787 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §787. Capitalization

 §787. Capitalization A special purpose reinsurance vehicle must have minimum initial capital of not less than $5,000. All of the initial capital must be received by the reinsurance vehicle in cash. The minimum initial capital required and all other funds of the reinsurance vehicle in excess of its minimum initial capital, including funds held in trust to secure the obligations of the reinsurance vehicle pursuant to its special purpose reinsurance vehicle contracts, must be invested as provided in section 795.   [PL 2003, c. 249, §2 (NEW).]SECTION HISTORY PL 2003, c. 249, §2 (NEW).
24-A ME Rev Stat § 788 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §788. Dividends

 §788. Dividends The special purpose reinsurance vehicle may not declare or pay dividends in any form to its owners unless the dividends do not cause the reinsurance vehicle or any of its protected cells to become impaired and, after giving effect to the dividends, the assets of the reinsurance vehicle, including assets held in trust pursuant to the terms of the insurance securitization, must be sufficient to meet its obligations. Except for dividends specifically provided for in the approved plan of operation under section 782, subsection 2, paragraph H, the prior approval of the superintendent is required for any dividend paid during the term of coverage or while the reinsurance vehicle has undischarged obligations to the ceding insurer. The dividends may be declared by the board of directors of the reinsurance vehicle if the dividends would not violate the provisions of this subchapter or the approved plan of operation and would not jeopardize the fulfillment of the obligations of the reinsurance vehicle or the trustee pursuant to the special purpose reinsurance vehicle insurance securitization, the special purpose reinsurance vehicle contract or any related transaction. The provisions of section 222, subsection 11‑C do not apply to such dividends.   [PL 2009, c. 511, Pt. A, §6 (AMD).]SECTION HISTORY PL 2003, c. 249, §2 (NEW). PL 2007, c. 386, §16 (AMD). PL 2009, c. 511, Pt. A, §6 (AMD).
24-A ME Rev Stat § 789 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §789. Records and financial reports

 §789. Records and financial reports 1.  Records.  The records of the special purpose reinsurance vehicle must be maintained in this State and must be available for examination by the superintendent at any time. No later than 5 months after the end of the fiscal year of the reinsurance vehicle, the reinsurance vehicle shall file with the superintendent an audit by a certified public accounting firm of the financial statements of the reinsurance vehicle and the trust accounts referred to in section 784, subsection 2, paragraph E.   [PL 2003, c. 249, §2 (NEW).] 2.  Statement of operation.  Each special purpose reinsurance vehicle organized under this subchapter shall file with the superintendent no later than March 1st of each year a statement of operations, including a statement of income, a balance sheet and a detailed listing of invested assets, including identification of assets held in trust to secure the reinsurance vehicle's obligations under the special purpose reinsurance vehicle contract, for the year ending the prior December 31st. The statements must be prepared in accordance with statutory accounting principles consistent with section 901‑A on forms required by the superintendent. If one or more protected cells have been established, the statement must detail the financial experience of the general account and each protected cell separately, in addition to providing the combined financial experience of the special purpose reinsurance vehicle and all protected cells.   [PL 2007, c. 386, §17 (AMD).] 3.  Financial statement.  The special purpose reinsurance vehicle shall keep its books and records in such manner that its financial condition, affairs and operations can be ascertained and so that its financial statements filed with the superintendent can be readily verified and its compliance with the provisions of this subchapter determined. The books and records may be photographed, reproduced on film or stored and reproduced electronically.   [PL 2003, c. 249, §2 (NEW).] 4.  Preservation.  All books, records, documents, accounts and vouchers must be preserved and kept available in this State for the purpose of examination and until authority to destroy or otherwise dispose of the records is secured from the superintendent. The original records may, however, be kept and maintained outside this State if, according to a plan adopted by the special purpose reinsurance vehicle's board of directors and approved by the superintendent, it maintains suitable records in lieu of the original records.   [PL 2003, c. 249, §2 (NEW).] SECTION HISTORY PL 2003, c. 249, §2 (NEW). PL 2007, c. 386, §17 (AMD).
24-A ME Rev Stat § 790 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §790. Officers and directors

 §790. Officers and directors The directors of a special purpose reinsurance vehicle shall elect officers that they consider necessary to carry out the purposes of the reinsurance vehicle pursuant to this subchapter. The provisions of Title 13-C, section 857 apply to the indemnification of officers and directors of reinsurance vehicles organized under this subchapter.   [PL 2003, c. 249, §2 (NEW).]1.  Appointment; election of officers; directors.  Each special purpose reinsurance vehicle authorized to do business in this State shall notify the superintendent within 30 days after the appointment or election of any new officers or directors.   [PL 2003, c. 249, §2 (NEW).] 2.  Removal of officer; director.  When the superintendent determines that an officer or director does not meet the standards set forth in this section, the superintendent shall, after notice and opportunity for hearing afforded to the officer or director, and after a finding that the officer or director is incompetent or untrustworthy or of known bad character, order the removal of the person. If the reinsurance vehicle does not comply with a removal order within 30 days, the superintendent may suspend that reinsurance vehicle's limited certificate of authority until such time as the order is complied with.   [PL 2003, c. 249, §2 (NEW).] 3.  Loans with affiliate.  The reinsurance vehicle may make no loans to any special purpose reinsurance vehicle organizer, owner, director, officer, manager or affiliate of the reinsurance vehicle.   [PL 2003, c. 249, §2 (NEW).] SECTION HISTORY PL 2003, c. 249, §2 (NEW).
24-A ME Rev Stat § 791 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §791. Fees and taxes

 §791. Fees and taxes A special purpose reinsurance vehicle application under section 782, subsection 2 is subject to the application fee specified in section 601, subsection 1. A reinsurance vehicle is also responsible for expenses and costs incurred by the bureau in accordance with section 228. The reinsurance vehicle is not subject to state premium or other taxes incidental to the operation of its business as long as the business remains within the limitations of this subchapter.   [PL 2003, c. 249, §2 (NEW).]SECTION HISTORY PL 2003, c. 249, §2 (NEW).
24-A ME Rev Stat § 792 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §792. Dissolution

 §792. Dissolution A special purpose reinsurance vehicle operating under this subchapter may be dissolved at any time by a vote of its directors under section 790 and after the action has been approved by the superintendent. Voluntary dissolution may not be effected or allowed until and unless all of the obligations of the reinsurance vehicle pursuant to the insurance securitization or securitizations have been fully and finally satisfied pursuant to their terms. In the case of voluntary dissolution, the disposition of the affairs of the reinsurance vehicle, including the settlement of all outstanding obligations, must be made by the officers or directors of the reinsurance vehicle and when the liquidation has been completed and a final statement in acceptable form has been filed with and approved by the superintendent the provisions for voluntary dissolution under section 3484 must be followed to dissolve the reinsurance vehicle.   [PL 2007, c. 386, §18 (AMD).]SECTION HISTORY PL 2003, c. 249, §2 (NEW). PL 2007, c. 386, §18 (AMD).
24-A ME Rev Stat § 794 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §794. Not subject to guaranty funds; residual market or similar arrangements

 §794. Not subject to guaranty funds; residual market or similar arrangements 1.  Guaranty funds.  The special purpose reinsurance vehicle or the activities, assets and obligations relating to the reinsurance vehicle are not subject to the provisions of chapter 57, subchapter 3 or chapter 62 and a reinsurance vehicle may not be assessed by or otherwise be required to contribute to any guaranty fund or guaranty association in this State with respect to the activities, assets or obligations of a reinsurance vehicle or the ceding insurer.   [PL 2003, c. 249, §2 (NEW).] 2.  Residual market.  The special purpose reinsurance vehicle may not be required to participate in any residual market, so-called "FAIR" plan or other similar plan to provide insurance coverage, take out policies, assume risks, make capital contributions, pay or be otherwise obligated for assessments, surcharges or fees or otherwise support or participate in such plans or arrangements.   [PL 2003, c. 249, §2 (NEW).] SECTION HISTORY PL 2003, c. 249, §2 (NEW).
24-A ME Rev Stat § 795 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §795. Asset and investment limitations

 §795. Asset and investment limitations 1.  Assets.  Assets of the special purpose reinsurance vehicle held in trust to secure obligations under the special purpose reinsurance vehicle contract must at all times be held in:   A. Cash and cash equivalents;   [PL 2003, c. 249, §2 (NEW).]B. Securities listed by the Securities Valuation Office of the National Association of Commissioners or its successor organization and qualifying as admitted assets under statutory accounting principles pursuant to section 901‑A; or   [PL 2003, c. 249, §2 (NEW).]C. Any other form of security acceptable to the superintendent.   [PL 2003, c. 249, §2 (NEW).][PL 2003, c. 249, §2 (NEW).] 2.  Investment practices.  In addition, the special purpose reinsurance vehicle may enter into swap agreements or other transactions that have the objective of leveling timing differences in funding of upfront or ongoing transaction expenses or managing credit or interest rate risk of the investments in the trust to ensure that the investments are sufficient to ensure payment or repayment of the securities and related interest or principal payments issued pursuant to a special purpose reinsurance vehicle insurance securitization transaction or the reinsurance vehicle's obligations under the special purpose reinsurance vehicle contract.   [PL 2003, c. 249, §2 (NEW).] SECTION HISTORY PL 2003, c. 249, §2 (NEW).
24-A ME Rev Stat § 796 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §796. No transaction of insurance business by investors in securities

 §796. No transaction of insurance business by investors in securities The securities issued by the special purpose reinsurance vehicle pursuant to a special purpose reinsurance vehicle insurance securitization are not deemed to be insurance or reinsurance contracts. An investor in such securities issued pursuant to insurance securitization or any holder of such securities may not by sole means of this investment or holding be deemed to be transacting an insurance business in this State. The underwriters or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives and advisors involved in an insurance securitization are not deemed to be acting as insurance or reinsurance producers, intermediaries or consultants by virtue of their activities in connection with the special purpose reinsurance vehicle or with the insurance securitization.   [PL 2007, c. 386, §20 (AMD).]SECTION HISTORY PL 2003, c. 249, §2 (NEW). PL 2007, c. 386, §20 (AMD).
24-A ME Rev Stat § 796-A (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §796-A. Confidentiality of proprietary information

 §796-A. Confidentiality of proprietary information Any requirement established by this subchapter to file proprietary business information with the superintendent does not in and of itself make that information a public record. Information filed with the superintendent pursuant to this subchapter is entitled to any privileges and confidentiality protections that would apply if the special purpose reinsurance vehicle were a captive insurance company licensed by the superintendent pursuant to section 6702.   [PL 2007, c. 386, §21 (NEW).]SECTION HISTORY PL 2007, c. 386, §21 (NEW).
24-A ME Rev Stat § 797 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §797. Authority to adopt rules

 §797. Authority to adopt rules The superintendent may adopt rules necessary to effectuate the purposes of this subchapter. Any rules so adopted do not affect a special purpose reinsurance vehicle insurance securitization in effect at the time of adoption. Rules adopted pursuant to this subchapter are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.   [PL 2003, c. 249, §2 (NEW).]SECTION HISTORY PL 2003, c. 249, §2 (NEW).
24-A ME Rev Stat § 798 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE|Subchapter 6: SPECIAL PURPOSE REINSURANCE VEHICLE|24-A §798. Exemption from insurance laws within limitations

 §798. Exemption from insurance laws within limitations 1.  Titles consistent.  A special purpose reinsurance vehicle is subject to chapters 1, 3 and 5 to the extent consistent with this subchapter.   [PL 2003, c. 249, §2 (NEW).] 2.  Provisions not applicable.  No other provisions of this Title are applicable to a special purpose reinsurance vehicle organized under this subchapter, except as expressly provided in this subchapter or in rules adopted by the superintendent pursuant to section 797.   [PL 2003, c. 249, §2 (NEW).] 3.  Variance.  The superintendent may issue an order exempting a special purpose reinsurance vehicle or a protected cell from provisions of this subchapter upon a finding that the variance is necessary for conformance to the laws or regulatory requirements of a ceding insurer's state of domicile and that the variance is consistent with the purposes of this subchapter given the nature of the risks to be insured.   [PL 2007, c. 386, §22 (NEW).] SECTION HISTORY PL 2003, c. 249, §2 (NEW). PL 2007, c. 386, §22 (AMD).
24-A ME Rev Stat § 901 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 11: ASSETS AND LIABILITIES|Subchapter 1: ASSETS|24-A §901. "Assets" defined (REPEALED)

 §901. "Assets" defined (REPEALED)SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1981, c. 501, §42 (AMD). PL 1991, c. 828, §21 (AMD). PL 2001, c. 72, §6 (RP).