reglab/housing_qa huggingface dataset:
24-A ME Rev Stat § 3364 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 2: PROVISIONS APPLYING ONLY TO MUTUAL INSURERS|24-A §3364. Contingent liability of members

 §3364. Contingent liability of members 1.  Except as provided otherwise in section 3367 with respect to nonassessable policies, each member of a domestic mutual insurer has a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability may not be greater than 6 times the annual premium for the member's policy at the annual premium rate, as is specified in the insurer's articles of incorporation or bylaws.   [PL 2013, c. 299, §10 (AMD).] 2.  Every policy issued by the insurer shall contain a plain and legible statement of the contingent liability upon either the face or back thereof.   [PL 1969, c. 132, §1 (NEW).] 3.  Termination of the policy of any such member does not relieve the member of contingent liability for the member's proportion of the obligations of the insurer that accrued while the policy was in force.   [RR 2021, c. 1, Pt. B, §268 (COR).] 4.  Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1981, c. 501, §45 (AMD). PL 2013, c. 299, §10 (AMD). RR 2021, c. 1, Pt. B, §268 (COR).
24-A ME Rev Stat § 3365 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 2: PROVISIONS APPLYING ONLY TO MUTUAL INSURERS|24-A §3365. Levy of contingent liability

 §3365. Levy of contingent liability 1.  If at any time the assets of a domestic mutual insurer are less than its liabilities, exclusive of guaranty capital shares, if any, at par value, and the minimum amount of surplus required to be maintained by it under this Title for authority to transact the kinds of insurance being transacted, and the deficiency is not cured from other sources, its directors may, if the same is approved by the superintendent as being reasonable and in the best interests of the insurer and its members, levy an assessment only on its members who held the policies providing for contingent liability at any time within the 12 months next preceding the date the levy was authorized by the board of directors, and such members shall be liable to the insurer for the amount so assessed.   [PL 1973, c. 585, §12 (AMD).] 2.  The levy of assessment shall be for such an amount as is required to cure such deficiency and to provide a reasonable amount of working funds above such minimum amount of surplus, but such working funds so provided shall not exceed 5% of the sum of the insurer's liabilities and such minimum required surplus as of the date of the levy.   [PL 1969, c. 132, §1 (NEW).] 3.  As to the respective policies subject to the levy, the assessment shall be computed upon the basis of premium earned during the period covered by the levy.   [PL 1969, c. 132, §1 (NEW).] 4.  A member may not have an offset or counterclaim against any assessment for which the member is liable, on account of any claim for unearned premium or loss payable.   [RR 2021, c. 1, Pt. B, §269 (COR).] 5.  As to life insurance, any part of such an assessment upon a member which remains unpaid following notice of assessment, demand for payment, and lapse of a reasonable waiting period as specified in such notice, may, if approved by the superintendent as being in the best interests of the insurer and its members, be secured by placing a lien upon the cash surrender values and accumulated dividends held or to be held by the insurer to the credit of the member's policy.   [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, §269 (COR).
24-A ME Rev Stat § 3366 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 2: PROVISIONS APPLYING ONLY TO MUTUAL INSURERS|24-A §3366. Enforcement of contingent liability

 §3366. Enforcement of contingent liability 1.  The insurer shall notify each member of the amount of assessment to be paid, and the date, not less than 20 days after mailing date, by which payment is to be made, by written notice mailed to the member at the member's address last of record with the insurer. Failure of the member to receive the notice so mailed, within the time specified therein for the payment of the assessment or at all, is not a defense in any action to collect the assessment.   [RR 2021, c. 1, Pt. B, §270 (COR).] 2.  If a member fails to pay the assessment within the period specified in the notice, the insurer may institute suit to collect the same.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). RR 2021, c. 1, Pt. B, §270 (COR).
24-A ME Rev Stat § 3367 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 2: PROVISIONS APPLYING ONLY TO MUTUAL INSURERS|24-A §3367. Nonassessable policies; limits of assessability; use of funds; combination operation

 §3367. Nonassessable policies; limits of assessability; use of funds; combination operation 1.  A domestic mutual insurer may extinguish the contingent liability to assessment of its members as to cash premium plan policies in force and may omit provisions imposing contingent liability in such policies currently issued while it has and maintains surplus, as determined by its financial statement filed with the superintendent as of the year end next preceding, of not less than $100,000 as to an insurer formed prior to January 1, 1968, and of not less than $200,000 as to an insurer formed after January 1, 1968.   [PL 1973, c. 585, §12 (AMD).] 2.  If the insurer after qualifying to issue such a nonassessable policy fails to maintain the applicable above requirement, it shall cease to issue nonassessable policies until it has again met and maintained the requirement for a period of one year.   [PL 1969, c. 132, §1 (NEW).] 3.  Any assessment levied under the contingent liability provisions of the policy shall be for the exclusive benefit of the holders of policies subject to contingent liability, and such policyholders shall not be liable to assessment in an amount greater in proportion to the total deficiency than the ratio that the deficiency attributable to the contingently liable business bears to the total deficiency. An assessment shall apply only to the holders of the type of policy or plan under which the deficiency occurred, and funds received from the assessment shall be for the exclusive benefit of such holders.   [PL 1969, c. 132, §1 (NEW).] 4.  Nothing in this chapter shall be deemed to prohibit a domestic mutual insurer formed prior to January 1, 1968 from at any one time transacting, in respective departments or divisions of its operations, insurance business on any two or all of the following bases:   A. Cash premium plan, without contingent liability to assessment, and issuance of nonassessable policies if qualified therefor as above provided in this section;   [PL 1969, c. 132, §1 (NEW).]B. Cash premium plan, with contingent liability to assessment; and   [PL 1969, c. 132, §1 (NEW).]C. Assessment plan.   [PL 1969, c. 132, §1 (NEW).][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 § 3409 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3409. Vouchers for expenditures

 §3409. Vouchers for expenditures 1.  No insurer shall make any disbursement of $50 or more, unless such disbursement is evidenced by a voucher or other document correctly describing the consideration for the payment and supported by a check or receipt endorsed or signed by or on behalf of the person receiving the money, or made through an electronic or wire funds transfer system supported by accurate records identifying the payor, payee, date of electronic or wire transfer payment, and the nature of the disbursement so made.   [PL 1981, c. 501, §47-A (AMD).] 2.  If the disbursement is for services and reimbursement, the voucher or other document, or some other writing referred to therein, shall describe the services and itemize the expenditures.   [PL 1969, c. 132, §1 (NEW).] 3.  If in a particular instance a required voucher cannot be obtained, the expenditure must be supported by an affidavit executed by an officer of the insurer stating the reasons for such inability and the particulars of such expenditure as otherwise required in this section.   [PL 1981, c. 501, §47-A (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1981, c. 501, §§47-A (AMD).
24-A ME Rev Stat § 3410 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3410. Destruction of records

 §3410. Destruction of records 1.  An insurer may destroy its obsolete records after expiration of such reasonable period after completion of the transactions to which they relate as the insurer may deem proper. The insurer may so destroy its closed files relating to losses and claims arising under its policies after the first to occur of the following events:   A. Completion of a regular examination of the insurer by the superintendent and to which the closed file was subject; or   [PL 1973, c. 585, §12 (AMD).]B. Expiration of 6 years after the file was duly closed.   [PL 1969, c. 132, §1 (NEW).][PL 1973, c. 585, §12 (AMD).] 2.  Records preserved on microfilm or other similar process and freely retrievable shall not be deemed to have been destroyed.   [PL 1969, c. 132, §1 (NEW).] 3.  This section shall not relieve the insurer of any responsibility or liability otherwise arising under law with respect to the existence and availability of any record.   [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 § 3411 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3411. Directors

 §3411. Directors 1.  The affairs of every domestic insurer must be managed by a board of directors consisting of not less than 7 directors or more than 21 directors, except that a domestic insurer may be managed by an initial board of not less than 3 directors during its first year of existence if so provided for by its articles of incorporation.   [PL 2013, c. 299, §11 (AMD).] 2.     Directors, other than initial directors named in the insurer's articles of incororation, must be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than 3 years each and until their successors are elected and have qualified; and, if the directors are to be elected for terms of more than one year, the insurer's bylaws may provide for a staggered term system under which the terms of a proportionate part of the members of the board of directors expire on the date of each annual meeting of stockholders or members. A directorship becoming vacant before expiration of the term may be filled by the board of directors for the remainder of the term.   [PL 2013, c. 299, §11 (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 2013, c. 299, §11 (AMD).
24-A ME Rev Stat § 3412 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3412. Officers; notice of change

 §3412. Officers; notice of change 1.  An insurer's board of directors shall elect one of their number as president, and shall elect a corporate secretary and such other officers as may be provided for in the bylaws or otherwise required by law. Any such officer shall serve for such term as may be fixed in the bylaws or by the board of directors, but shall be subject to removal as an officer by the board of directors at any time.   [PL 1969, c. 132, §1 (NEW).] 2.  Each officer shall have such powers and duties as may be prescribed by or pursuant to the insurer's charter or bylaws.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3416 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3416. Dividends to stockholders

 §3416. Dividends to stockholders 1.  A domestic stock insurer shall not pay any cash dividend to stockholders except out of that part of its available and accumulated surplus funds which is derived from realized net operating profits on its business and net realized capital gains.   [PL 1969, c. 132, §1 (NEW).] 2.  A cash dividend otherwise lawful may be payable out of the insurer's earned surplus even though its total surplus is then less than the aggregate of its past contributed or paid-in surplus.   [PL 1969, c. 132, §1 (NEW).] 3.  A stock dividend may be paid out of any available surplus funds, other than "surplus" resulting from borrowed capital funds such as provided for under section 3415.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3417 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3417. Participating policies

 §3417. Participating policies 1.  If provided for in its articles of incorporation, certificate of organization or charter, a stock insurer or mutual insurer may issue any or all of its policies or contracts with or without participation in profits, savings, unabsorbed portions of premiums or surplus; may classify policies issued and perils insured on a participating and nonparticipating basis; and may determine the right to participate and the extent of participation of any class or classes of policies. Any such classification or determination must be reasonable, and may not unfairly discriminate as between policies so classified.   [PL 2013, c. 299, §12 (AMD).] 2.  A life insurer may issue both participating and nonparticipating policies or contracts if the right or absence of right to participate is reasonably related to the premium charged.   [PL 1969, c. 132, §1 (NEW).] 3.  After the first policy year, no dividend, otherwise earned under a life or health insurance policy or annuity contract, shall be made contingent upon the payment of renewal premium on any such policy or contract; except that a participating life or health insurance policy providing for participation at the end of the first or second policy year may provide that the dividend or dividends will be paid subject to payment of premium for the next ensuing year.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 2013, c. 299, §12 (AMD).
24-A ME Rev Stat § 3418 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3418. Dividends to policyholders

 §3418. Dividends to policyholders 1.  The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its accumulated surplus funds which represents net realized savings, net realized earnings and net realized capital gains, all in excess of the surplus required by law to be maintained by the insurer.   [PL 1969, c. 132, §1 (NEW).] 2.  A dividend otherwise proper may be payable out of such savings, earnings and gains even though the insurer's total surplus is then less than the aggregate of contributed surplus remaining unpaid by the insurer.   [PL 1969, c. 132, §1 (NEW).] 3.  A domestic stock insurer may pay dividends to holders of its participating policies out of any available surplus funds.   [PL 1969, c. 132, §1 (NEW).] 4.  No dividend shall be paid which is inequitable, or which unfairly discriminates as between classifications of policies or policies within the same classifications.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3419 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3419. Pension and other plans for employees and others

 §3419. Pension and other plans for employees and others 1.  Pursuant to the terms of a pension plan or plans or any modification thereof, heretofore or hereafter adopted by the insurer's board of directors and approved by the superintendent, any domestic stock or mutual insurer may pay the whole or any part of the cost of retirement or disability pensions for such of its officers, employees or full-time insurance agents as are specified in such plan or plans or modifications thereof. If so specified in the plan or plans, in lieu of such pensions actuarially equivalent benefits may be paid to such officers, employees or full-time agents or to their designated beneficiaries.   [PL 1973, c. 585, §12 (AMD).] 2.  The superintendent shall approve any such plan unless the superintendent finds the same not to be within the reasonable financial resources of the insurer or not fair and equitable as between the respective classifications of participants therein.   [RR 2021, c. 1, Pt. B, §279 (COR).] 3.  Nothing contained in this section or in section 3420 shall be deemed to prohibit profit-sharing, stock option or similar plans for an insurer's officers, employees or agents.   [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, §279 (COR).
24-A ME Rev Stat § 3420 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3420. Insurance benefits for employees and others

 §3420. Insurance benefits for employees and others Pursuant to vote of its board of directors heretofore or hereafter made, any domestic stock or mutual insurer may provide for its officers, employees or full-time insurance agents a plan or plans of insurance, to be issued under group or individual policies. The insurer may pay the cost, in whole or in part, of such insurance; or, if duly authorized by its charter and bylaws, may itself provide such benefits directly as the insurer thereof, without requirement of placement through a licensed insurance agent, and in such case may adjust the premium rate for the insurance to reflect such savings in expense as the insurer may deem applicable.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 3421 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3421. Solicitation, insuring in other states

 §3421. Solicitation, insuring in other states 1.  No domestic insurer shall knowingly solicit insurance business in any reciprocating state in which not then licensed as an authorized insurer. This subsection shall not prohibit advertising through publications and radio, television and other media originating outside such reciprocating state, if the insurer is licensed in the state in which the advertising originates and the advertising is not specifically directed to residents of such reciprocating state. This subsection shall not apply as to surplus lines insurance, or reinsurance, or prohibit insurance covering persons or risks located in a reciprocating state, under contracts solicited and issued in states in which the insurer is then licensed, or insurance otherwise effectuated in accordance with the laws of the reciprocating state. A "reciprocating" state, as used herein, is one under the laws of which a similar prohibition is imposed upon and enforced against insurers domiciled in that state.   [PL 1969, c. 132, §1 (NEW).] 2.  A domestic insurer duly authorized to transact insurance in another jurisdiction may frame and issue policies for delivery in such jurisdiction pursuant to applications for insurance solicited and obtained therein, in accordance with the laws thereof, subject only to such restrictions, if any, as may be contained in the insurer's articles of incorporation or bylaws; and subject, in the case of health insurers, to the provisions of section 2733 (policies issued for delivery in another state).   [PL 2013, c. 299, §13 (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §59 (AMD). PL 2013, c. 299, §13 (AMD).
24-A ME Rev Stat § 3422 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 47: ORGANIZATION, CORPORATE POWERS, PROCEDURES OF DOMESTIC LEGAL RESERVE STOCK AND MUTUAL INSURERS|Subchapter 3: PROVISIONS APPLYING TO STOCK AND MUTUAL INSURERS|24-A §3422. Purchase of own shares by stock insurer

 §3422. Purchase of own shares by stock insurer A domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows:   [PL 1969, c. 132, §1 (NEW).]1.  For elimination of fractional shares.   [PL 1969, c. 132, §1 (NEW).] 2.  Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares.   [PL 1969, c. 132, §1 (NEW).] 3.  For the purposes of a general savings and investment plan for employees or agents of the insurer.   [PL 1969, c. 132, §1 (NEW).] 4.  For mutualization of the insurer, as provided in section 3472.   [PL 1969, c. 132, §1 (NEW).] 5.  For retirement or otherwise of the shares under a plan submitted to and approved in writing by the superintendent. The superintendent may not approve a plan unless found by the superintendent to be reasonable, fair and equitable as to remaining stockholders of the insurer, and not materially adverse to the protection of the insurer's policyholders.   [RR 2021, c. 1, Pt. B, §280 (COR).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §280 (COR).