reglab/housing_qa huggingface dataset:
24-A ME Rev Stat § 3854 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3854. Name; suits

 §3854. Name; suits A reciprocal insurer shall:   [PL 1969, c. 132, §1 (NEW).]1.  Have and use a business name. The name shall include the word "reciprocal," or "interinsurer," or "interinsurance," or "exchange," or "underwriters," or "underwriting" or "association."   [PL 1969, c. 132, §1 (NEW).] 2.  Sue and be sued in its own name.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3855 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3855. Attorney

 §3855. Attorney 1.  "Attorney", as used in this chapter, refers to the attorney-in-fact of a reciprocal insurer. The attorney may be an individual, firm or corporation.   [PL 1969, c. 132, §1 (NEW).] 2.  The attorney of a foreign reciprocal insurer, which insurer is duly authorized to transact insurance in this State, shall not, by virtue of discharge of its duties as such attorney with respect to the insurer's transactions in this State, be thereby deemed to be doing business in this State within the meaning of any laws of this State applying to foreign persons, firms or corporations.   [PL 1969, c. 132, §1 (NEW).] 3.  The subscribers and the attorney-in-fact comprise a reciprocal insurer and a single entity for the purposes of chapter 7 as to all operations under the insurer's certificate of authority.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3856 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3856. Organization of reciprocal insurer

 §3856. Organization of reciprocal insurer 1.  Twenty-five or more persons domiciled in this State may organize a domestic reciprocal insurer and make application to the superintendent for a certificate of authority to transact insurance.   [PL 1973, c. 585, §12 (AMD).] 2.  The proposed attorney shall fulfill the requirements of and shall execute and file with the superintendent when applying for a certificate of authority, a declaration setting forth:   A. The name of the insurer;   [PL 1969, c. 132, §1 (NEW).]B. The location of the insurer's principal office, which shall be the same as that of the attorney and shall be maintained within this State;   [PL 1969, c. 132, §1 (NEW).]C. The kinds of insurance proposed to be transacted;   [PL 1969, c. 132, §1 (NEW).]D. The names and addresses of the original subscribers;   [PL 1969, c. 132, §1 (NEW).]E. The designation and appointment of the proposed attorney and a copy of the power of attorney;   [PL 1969, c. 132, §1 (NEW).]F. The names and addresses of the officers and directors of the attorney, if a corporation, or its members if a firm;   [PL 1969, c. 132, §1 (NEW).]G. The powers of the subscribers' advisory committee; and the names and terms of office of the members thereof;   [PL 1969, c. 132, §1 (NEW).]H. That all moneys paid to the reciprocal shall, after deducting therefrom any sum payable to the attorney, be held in the name of the insurer and for the purposes specified in the subscribers' agreement;   [PL 1969, c. 132, §1 (NEW).]I. A statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be transacted, and that the insurer has received from each such subscriber the full premium or premium deposit required for the policy applied for, for a term of not less than 6 months at an adequate rate theretofore filed with and approved by the superintendent;   [PL 1973, c. 625, §12 (AMD).]J. A statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as required by section 410 is on hand; and   [PL 1969, c. 132, §1 (NEW).]K. A copy of each policy, endorsement and application form it then proposes to issue or use.   [PL 1969, c. 132, §1 (NEW).][PL 1973, c. 585, §12 (AMD).] The declaration shall be acknowledged by the attorney in the manner required for the acknowledgment of deeds.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).
24-A ME Rev Stat § 3857 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3857. Certificate of authority

 §3857. Certificate of authority 1.  The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer.   [PL 1969, c. 132, §1 (NEW).] 2.  The superintendent may refuse to grant a certificate of authority, and may file a complaint with the District Court seeking suspension or revocation of a certificate of authority, for failure of the attorney to comply with any applicable provision of this Title, in addition to other grounds for those sanctions.   [PL 1977, c. 694, §429 (RPR); PL 1999, c. 547, Pt. B, §78 (AMD); PL 1999, c. 547, Pt. B, §80 (AFF).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1977, c. 694, §429 (AMD). PL 1999, c. 547, §B78 (AMD). PL 1999, c. 547, §B80 (AFF).
24-A ME Rev Stat § 3858 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3858. Power of attorney

 §3858. Power of attorney 1.  The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers.   [PL 1969, c. 132, §1 (NEW).] 2.  The power of attorney must set forth:   A. The powers of the attorney;   [PL 1969, c. 132, §1 (NEW).]B. If a domestic reciprocal insurer, that the attorney is empowered to accept service of process on behalf of the insurer in actions against the insurer upon contracts exchanged;   [PL 1969, c. 132, §1 (NEW).]C. The general services to be performed by the attorney;   [PL 1969, c. 132, §1 (NEW).]D. The maximum amount to be deducted from advance premiums or deposits to be paid to the attorney and the general items of expense in addition to losses, to be paid by the insurer; and   [PL 1969, c. 132, §1 (NEW).]E. Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount which amount shall be not less than one nor more than 10 times the premium or premium deposit stated in the policy.   [PL 1969, c. 132, §1 (NEW).][PL 1969, c. 132, §1 (NEW).] 3.  The power of attorney may:   A. Provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder;   [PL 1969, c. 132, §1 (NEW).]B. Impose such restrictions upon the exercise of the power as are agreed upon by the subscribers;   [PL 1969, c. 132, §1 (NEW).]C. Provide for the exercise of any right reserved to the subscribers directly or through their advisory committee; and   [PL 1969, c. 132, §1 (NEW).]D. Contain other lawful provisions deemed advisable.   [PL 1969, c. 132, §1 (NEW).][PL 1969, c. 132, §1 (NEW).] 4.  The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement shall be used or be effective in this State until approved by the superintendent.   [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 § 3859 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3859. Modifications

 §3859. Modifications Modifications of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers' advisory committee. No such modification shall be effective retroactively, nor as to any insurance contract issued prior thereto.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3860 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3860. Attorney's bond

 §3860. Attorney's bond 1.  Concurrently with the filing of the declaration provided for in section 3856, the attorney of a domestic reciprocal insurer shall file with the superintendent a bond in favor of this State for the benefit of all persons damaged as a result of breach by the attorney of the conditions of attorney's bond as set forth in subsection 2. The bond must be executed by the attorney and by an authorized corporate surety, and is subject to the superintendent's approval.   [RR 2021, c. 1, Pt. B, §312 (COR).] 2.  The bond must be in the penal sum of $25,000, aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into the attorney's hands, and that the attorney will not withdraw or appropriate to the attorney's own use from the funds of the insurer, any moneys or property to which the attorney is not entitled under the power of attorney.   [RR 2021, c. 1, Pt. B, §313 (COR).] 3.  The bond shall provide that it is not subject to cancellation unless 30 days' advance notice in writing of cancellation is given both the attorney and the superintendent.   [PL 1973, c. 585, §12 (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §§312, 313 (COR).
24-A ME Rev Stat § 3861 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3861. Deposit in lieu of bond

 §3861. Deposit in lieu of bond In lieu of the bond required under section 3860, the attorney may maintain on deposit with the Treasurer of State through the office of the superintendent, a like amount in cash or in value of securities qualified under this Title as insurers' investments, and subject to the same conditions as the bond.   [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 § 3862 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3862. Action on bond

 §3862. Action on bond Action on the attorney's bond or to recover against any such deposit made in lieu thereof may be brought at any time by one or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and become part of the insurer's funds. The total aggregate liability of the surety shall be limited to the amount of the penalty of such bond.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3863 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3863. Service of process; judgment

 §3863. Service of process; judgment 1.  Legal process must be served upon a domestic reciprocal insurer by serving the insurer's attorney at that attorney's principal offices.   [PL 1997, c. 457, §47 (AMD).] 2.  Any judgment based upon legal process so served shall be binding upon each of the insurer's subscribers as their respective interests may appear, but in an amount not exceeding their respective contingent liabilities, if any, the same as though personal service of process was had upon each such subscriber.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1997, c. 457, §47 (AMD).
24-A ME Rev Stat § 3864 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3864. Contributions to insurer

 §3864. Contributions to insurer The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms such funds as it may require from time to time in its operations. Sums so advanced shall not be treated as a liability of the insurer, and, except upon liquidation of the insurer, shall not be withdrawn or repaid except out of the insurer's realized earned surplus in excess of its minimum required surplus. No such withdrawal or repayment shall be made without the advance approval of the superintendent. This section does not apply to bank loans, or to other loans made upon security.   [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 § 3865 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3865. Financial conditions; method of determining

 §3865. Financial conditions; method of determining In determining the financial condition of a reciprocal insurer the superintendent shall apply the following rules:   [PL 1973, c. 585, §12 (AMD).]1.  The superintendent shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis.   [RR 2021, c. 1, Pt. B, §314 (COR).] 2.  The surplus deposits of subscribers shall be allowed as assets, except that any premium deposits delinquent for 90 days shall first be charged against such surplus deposit.   [PL 1969, c. 132, §1 (NEW).] 3.  The surplus deposits of subscribers shall not be charged as a liability.   [PL 1969, c. 132, §1 (NEW).] 4.  All premium deposits delinquent less than 90 days shall be allowed as assets.   [PL 1969, c. 132, §1 (NEW).] 5.  An assessment levied upon subscribers, and not collected, shall not be allowed as an asset.   [PL 1969, c. 132, §1 (NEW).] 6.  The contingent liability of subscribers shall not be allowed as an asset.   [PL 1969, c. 132, §1 (NEW).] 7.  The computation of reserves shall be based upon premium deposits other than membership fees and without any deduction for expenses and the compensation of the attorney.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §314 (COR).
24-A ME Rev Stat § 3866 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3866. Who may be subscribers

 §3866. Who may be subscribers Individuals, partnerships and corporations of this State may make application, enter into agreement for and hold policies or contracts in or with and be a subscriber of any domestic, foreign or alien reciprocal insurer. Any corporation now or hereafter organized under the laws of this State shall, in addition to the rights, powers, and franchises specified in its articles of incorporation, have full power and authority as a subscriber to exchange insurance contracts through such reciprocal insurer. The right to exchange such contracts is hereby declared to be incidental to the purposes for which such corporations are organized and to be as fully granted as the rights and powers expressly conferred upon such corporations. Government or governmental agencies, state or political subdivisions thereof, boards, associations, estates, trustees or fiduciaries are authorized to exchange nonassessable reciprocal interinsurance contracts with each other and with individuals, partnerships and corporations to the same extent that individuals, partnerships and corporations are herein authorized to exchange reciprocal interinsurance contracts. Any officer, representative, trustee, receiver or legal representative of any such subscriber shall be recognized as acting for or on its behalf for the purpose of such contract but shall not be personally liable upon such contract by reason of acting in such representative capacity.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3867 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3867. Subscribers' advisory committee

 §3867. Subscribers' advisory committee 1.  The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under such rules as the subscribers adopt.   [PL 1969, c. 132, §1 (NEW).] 2.  Not less than 2/3 of such committee shall be subscribers other than the attorney, or any person employed by, representing, or having a financial interest in the attorney.   [PL 1969, c. 132, §1 (NEW).] 3.  The committee shall:   A. Supervise the finances of the insurer;   [PL 1969, c. 132, §1 (NEW).]B. Supervise the insurer's operations to such extent as to assure conformity with the subscribers' agreement and power of attorney;   [PL 1969, c. 132, §1 (NEW).]C. Procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; and   [PL 1969, c. 132, §1 (NEW).]D. Have such additional powers and functions as may be conferred by the subscribers' agreement.   [PL 1969, c. 132, §1 (NEW).][PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3868 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3868. Subscribers' liability

 §3868. Subscribers' liability 1.  The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several and proportionate liability, and not joint.   [PL 1969, c. 132, §1 (NEW).] 2.  Except as to a nonassessable policy, each subscriber has a contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers' agreement, for payment of actual losses and expenses incurred while the subscriber's policy was in force. Such contingent liability may be at the rate of not less than one nor more than 10 times the premium or premium deposit stated in the policy, and the maximum aggregate thereof must be computed in the manner set forth in section 3872.   [RR 2021, c. 1, Pt. B, §315 (COR).] 3.  Each assessable policy issued by the insurer shall contain a statement of the contingent liability, set in type of the same prominence as the insuring clause.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). RR 2021, c. 1, Pt. B, §315 (COR).
24-A ME Rev Stat § 3869 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3869. Subscribers' liability on judgment

 §3869. Subscribers' liability on judgment 1.  No action shall lie against any subscriber upon any obligation claimed against the insurer until a final judgment has been obtained against the insurer and remains unsatisfied for 30 days.   [PL 1969, c. 132, §1 (NEW).] 2.  Any such judgment is binding upon each subscriber only in such proportion as the subscriber's interests may appear and in amount not exceeding the subscriber's contingent liability, if any.   [RR 2021, c. 1, Pt. B, §316 (COR).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). RR 2021, c. 1, Pt. B, §316 (COR).
24-A ME Rev Stat § 3870 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3870. Assessments

 §3870. Assessments 1.  Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies by the attorney upon approval in advance by the subscribers' advisory committee and the superintendent; or by the superintendent in liquidation of the insurer.   [PL 1973, c. 585, §12 (AMD).] 2.  Each subscriber's share of a deficiency for which an assessment is made, but not exceeding in any event the subscriber's aggregate contingent liability as computed in accordance with section 3872, must be computed by applying to the premium earned on the subscriber's policy or policies during the period to be covered by the assessment, the ratio of the total deficiency to the total premiums earned during such period upon all policies subject to the assessment.   [RR 2021, c. 1, Pt. B, §317 (COR).] 3.  In computing the earned premiums for the purposes of this section, the gross premium received by the insurer for the policy shall be used as a base, deducting therefrom solely charges not recurring upon the renewal or extension of the policy.   [PL 1969, c. 132, §1 (NEW).] 4.  A subscriber may not have an offset against any assessment for which the subscriber is liable, on account of any claim for unearned premium or losses payable.   [RR 2021, c. 1, Pt. B, §318 (COR).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §§317, 318 (COR).
24-A ME Rev Stat § 3871 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3871. Time limit for assessments

 §3871. Time limit for assessments Every subscriber of a domestic reciprocal insurer having contingent liability is liable for, and shall pay the subscriber's share of any assessment, as computed and limited in accordance with this chapter, if:   [RR 2021, c. 1, Pt. B, §319 (COR).]1.  While the subscriber's policy is in force or within one year after its termination, the subscriber is notified by either the attorney or the superintendent of the superintendent's intentions to levy such assessment; or   [RR 2021, c. 1, Pt. B, §319 (COR).] 2.  If an order to show cause why a receiver, conservator, rehabilitator or liquidator of the insurer should not be appointed is issued while the subscriber's policy is in force or within one year after its termination.   [RR 2021, c. 1, Pt. B, §319 (COR).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §319 (COR).
24-A ME Rev Stat § 3872 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3872. Aggregate liability

 §3872. Aggregate liability No one policy or subscriber as to such policy shall be assessed or charged with an aggregate of contingent liability as to obligations incurred by a domestic reciprocal insurer in any one calendar year, in excess of the amount provided for in the power of attorney or in the subscribers' agreement, computed solely upon premium earned on such policy during that year.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3873 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 53: RECIPROCAL INSURERS|24-A §3873. Nonassessable policies

 §3873. Nonassessable policies 1.  If a reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital stock and surplus required to be maintained by a domestic stock insurer authorized to transact like kinds of insurance, upon application of the attorney and as approved by the subscribers' advisory committee the superintendent shall issue a certificate authorizing the insurer to extinguish the contingent liability of subscribers under its policies then in force in this State, and to omit provisions imposing contingent liability in all policies delivered or issued for delivery in this State for so long as all such surplus remains unimpaired.   [RR 2021, c. 1, Pt. B, §320 (COR).] 2.  Upon impairment of such surplus, the superintendent shall forthwith revoke the certificate. Such revocation shall not render subject to contingent liability any policy then in force and for the remainder of the period for which the premium has theretofore been paid; but after such revocation no policy shall be issued or renewed without providing for contingent assessment liability of the subscriber.   [PL 1973, c. 585, §12 (AMD).] 3.  The superintendent shall not authorize a domestic reciprocal insurer so to extinguish the contingent liability of any of its subscribers or in any of its policies to be issued, unless it qualified to and does extinguish such liability of all its subscribers and in all such policies for all kinds of insurance transacted by it. Except, that if required by the laws of another state in which the insurer is transacting insurance as an authorized insurer, the insurer may issue policies providing for the contingent liability of such of its subscribers as may acquire such policies in such state, and need not extinguish the contingent liability applicable to policies theretofore in force in such state.   [PL 1973, c. 585, §12 (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §320 (COR).