reglab/housing_qa huggingface dataset:
24-A ME Rev Stat § 6607 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 81: MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS|24-A §6607. Trust deposit or surety bond

 §6607. Trust deposit or surety bond If the superintendent determines that a multiple-employer welfare arrangement has failed to establish or maintain the actuarially indicated level of funding as required, the superintendent may require the arrangement to file a security deposit or a surety bond in accordance with this section.   [PL 1995, c. 618, §11 (AMD).]1.  Deposit.  If required, deposit funds, which may consist of cash, securities or any combination of cash and securities acceptable to the superintendent, must be filed with the superintendent for deposit with the Treasurer of State in an amount equal to the greater of either 25% of the immediately preceding 12 months' health care claims expenditures or 15% of the expected gross annual contributions for the current year. In no case may the amount of the deposit be less than $50,000 or more than $1,000,000 except that the superintendent, after due notice to all interested parties and opportunity for hearing, and after consideration of the records, may prescribe an amount in excess of $1,000,000. All income from deposits belongs to the depositing arrangement and must be paid to it when received. An arrangement that has made a security deposit, subject to approval of the superintendent, may withdraw that deposit or any part of that deposit after making a substitute deposit of cash, securities or any combination of cash and securities of equal amount and value. A judgment creditor or other claimant of a multiple-employer welfare arrangement may not levy upon any of the assets or securities held in this State as a deposit under this section.   [PL 1993, c. 688, §1 (NEW).] 2.  Surety bond in lieu of deposit.  In lieu of the deposit required under subsection 1, an arrangement may file with the superintendent a surety bond in like amount. The bond must be one issued by an authorized surety insurer, must be for the same purpose as the deposit in lieu of which it is filed and must be in a form prescribed by the superintendent. A bond may not be canceled or subject to cancellation unless at least 60 days' advance notice of cancellation in writing is filed with the superintendent and the chair of the trustees.   [PL 1993, c. 688, §1 (NEW).] 3.  Insolvency termination.  In the event of a termination of an arrangement due to insolvency, a determination of impairment or the failure of the arrangement to pay any final judgment rendered against it in this State within 30 days after the judgment becomes final, the deposit held by the superintendent pursuant to subsection 1 or the bond held by the superintendent pursuant to subsection 2 must be applied to the extent of the insolvency or to the extent of any default in payment of benefit claims. Any deposit funds remaining in excess of the amount needed to make the arrangement solvent must be distributed in accordance with section 6610.   [PL 1993, c. 688, §1 (NEW).] SECTION HISTORY PL 1993, c. 688, §1 (NEW). PL 1995, c. 618, §11 (AMD).
24-A ME Rev Stat § 6608 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 81: MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS|24-A §6608. Forms

 §6608. Forms 1.  Approval of forms by superintendent required.  A participation agreement or contract form, application form, certificate, rider, endorsement, summary plan description or other evidence of coverage may not be issued by an arrangement unless the form and all changes to the form have been filed with the superintendent by or on behalf of the arrangement that proposes to use the form and have been approved by the superintendent.   [PL 1993, c. 688, §1 (NEW).] 2.  Grounds for disapproval of forms by superintendent.  The superintendent may disapprove a form filed under this section or withdraw previous approval of a form only if the form:   A. Violates or does not comply with this chapter;   [PL 1993, c. 688, §1 (NEW).]B. Contains or incorporates by reference inconsistent, ambiguous or misleading clauses or exceptions and conditions that deceptively affect the risk proposed to be assumed in the general coverage of the contract;   [PL 1993, c. 688, §1 (NEW).]C. Has any title, heading or other indication of its provisions that is misleading;   [PL 1993, c. 688, §1 (NEW).]D. Is printed or otherwise reproduced in such manner as to render any material provision of the form substantially illegible; or   [PL 1993, c. 688, §1 (NEW).]E. Contains provisions that are unfair, inequitable or encourage misrepresentation.   [PL 1993, c. 688, §1 (NEW).][PL 1993, c. 688, §1 (NEW).] SECTION HISTORY PL 1993, c. 688, §1 (NEW).
24-A ME Rev Stat § 6609 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 81: MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS|24-A §6609. Liability of participants

 §6609. Liability of participants 1.  Liability of each employer participant.  The liability of each employer participant for the obligations of the multiple-employer welfare arrangement is joint and several.   [PL 1993, c. 688, §1 (NEW).] 2.  Contingent assessment liability.  Each employer participant has a contingent assessment liability pursuant to section 6610 for payment of actual losses and expenses incurred while the participation agreement was in force.   [PL 1993, c. 688, §1 (NEW).] 3.  Statement of contingent liability.  Each participation agreement or contract issued by the arrangement must contain a statement of the contingent liability of employer participants. Both the application for participation and the participation agreement must contain, in contrasting color and not less than 10-point type, the following statement: "This is a fully assessable contract. In the event the arrangement is unable to pay its obligations, participating employers will be required to contribute through an equitable assessment the money necessary to meet any unfulfilled obligations."   [PL 1993, c. 688, §1 (NEW).] SECTION HISTORY PL 1993, c. 688, §1 (NEW).
24-A ME Rev Stat § 6610 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 81: MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS|24-A §6610. Termination

 §6610. Termination If an arrangement is terminated for any reason, the trust may not be dissolved until all outstanding claims, debts and obligations of the arrangement are paid. The arrangement may retain sufficient funds to provide coverage for an additional period as the trustees of the arrangement consider prudent. In addition, the trustees may purchase additional insurance they consider necessary for protection against potential future claims. Any funds remaining in the arrangement after satisfaction of all obligations must be paid to participating employers or covered employees in an equitable manner meeting with the approval of the superintendent, including, without ruling out other alternatives, equally on a per capita basis to each participating employer or employee who is covered under the arrangement as of the effective date of termination. Written notice of the termination of the arrangement must be provided to each covered employee, the Department of Labor, Bureau of Labor Standards and the superintendent at least 10 days before the effective date of the termination.   [PL 1995, c. 618, §12 (AMD).]If an arrangement provided by a registered employee leasing company is terminated for any reason, written notice of the termination of the arrangement must be provided by the employee leasing company to each covered employee, the client companies involved, the Department of Labor, Bureau of Labor Standards and the superintendent at least 10 days before the effective date of the termination.   [PL 1995, c. 618, §12 (NEW).]SECTION HISTORY PL 1993, c. 688, §1 (NEW). PL 1995, c. 618, §12 (AMD).
24-A ME Rev Stat § 6612 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 81: MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS|24-A §6612. Place of business; records maintenance

 §6612. Place of business; records maintenance Each arrangement must have and maintain its principal place of business in the State and must make available to the superintendent complete records of its assets, transactions and affairs in accordance with such methods and systems as are customary for or suitable to the kind or kinds of business transacted.   [PL 1993, c. 688, §1 (NEW).]SECTION HISTORY PL 1993, c. 688, §1 (NEW).
24-A ME Rev Stat § 6613 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 81: MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS|24-A §6613. Grounds for denial, suspension or revocation of arrangement

 §6613. Grounds for denial, suspension or revocation of arrangement 1.  Mandatory denial, suspension or revocation.  Subject to other provisions of this chapter, the superintendent shall deny, suspend or revoke an arrangement's authorization if the superintendent finds that the arrangement:   A. Is impaired within the meaning of section 6601, subsection 3;   [PL 1993, c. 688, §1 (NEW).]B. Has refused to be examined or to produce its accounts, records and files for examination, or if any of its officers has refused to give information with respect to its affairs or to perform any other legal obligation as to such examination when required by the superintendent;   [PL 1993, c. 688, §1 (NEW).]C. Has failed to pay a judgment rendered against it in the State within 30 days after the judgment becomes final; or   [PL 1993, c. 688, §1 (NEW).]D. No longer meets the requirements for the authority originally granted.   [PL 1993, c. 688, §1 (NEW).][PL 1993, c. 688, §1 (NEW).] 2.  Discretionary denial, suspension or revocation.  The superintendent, in the superintendent's discretion, may deny, suspend or revoke the authorization of an arrangement if the superintendent finds that the arrangement:   A. Has violated this chapter or a lawful order or rule of the superintendent;   [PL 1993, c. 688, §1 (NEW).]B. Has refused to be examined or to produce its accounts, records and files for examination, or if any of its officers have refused to give information with respect to its affairs or to perform any other legal obligation as to such examination when required by the superintendent; or   [PL 1993, c. 688, §1 (NEW).]C. Has failed to correct any deficiency determined pursuant to section 6610.   [PL 1993, c. 688, §1 (NEW).][PL 1993, c. 688, §1 (NEW).] SECTION HISTORY PL 1993, c. 688, §1 (NEW).
24-A ME Rev Stat § 6614 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 81: MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS|24-A §6614. Violations

 §6614. Violations In addition to any other penalties provided for by this Title and subject to this chapter:   [PL 1993, c. 688, §1 (NEW).]1.  Civil penalty.  An arrangement that fails to obtain and maintain a valid approval from the superintendent while operating or maintaining a multiple-employer welfare arrangement is subject to a civil penalty of not less than $5,000 or more than $50,000 for each violation; and   [PL 1993, c. 688, §1 (NEW).] 2.  Cease and desist order.  The superintendent may issue a cease and desist order if the superintendent finds a person operating or maintaining a multiple-employer welfare arrangement without a currently effective certificate of approval.   [PL 1993, c. 688, §1 (NEW).] SECTION HISTORY PL 1993, c. 688, §1 (NEW).
24-A ME Rev Stat § 6615 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 81: MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS|24-A §6615. Delinquency proceedings

 §6615. Delinquency proceedings The rehabilitation, liquidation, conservation or dissolution of a multiple-employer welfare arrangement must be conducted under the supervision of the superintendent, who has all power with regard to the rehabilitation, liquidation, conservation or dissolution of a multiple-employer welfare arrangement granted to the superintendent under the laws governing the rehabilitation, liquidation, conservation or dissolution of insurers.   [PL 1993, c. 688, §1 (NEW).]SECTION HISTORY PL 1993, c. 688, §1 (NEW).
24-A ME Rev Stat § 6616 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 81: MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS|24-A §6616. Regulatory authority

 §6616. Regulatory authority The superintendent may adopt, pursuant to Title 5, chapter 375, subchapter II, rules that the superintendent determines reasonable and necessary to carry out properly the functions and responsibilities assigned under the laws of this State. Rules adopted to implement the provisions of this chapter are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A.   [PL 1995, c. 618, §14 (AMD).]SECTION HISTORY PL 1993, c. 688, §1 (NEW). PL 1995, c. 618, §14 (AMD).
24-A ME Rev Stat § 6703 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6703. Names of companies

 §6703. Names of companies A captive insurance company may not adopt a name that is the same as, deceptively similar to or likely to be confused with or mistaken for any other existing business name registered in the State.   [PL 1997, c. 435, §1 (NEW).]SECTION HISTORY PL 1997, c. 435, §1 (NEW).
24-A ME Rev Stat § 6704 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6704. Minimum capital and surplus

 §6704. Minimum capital and surplus 1.  Minimum capital and surplus.  A captive insurance company may not be issued a license unless the company has and maintains unimpaired paid-in capital and surplus of:   A. In the case of a pure captive insurance company, not less than $250,000;   [PL 2009, c. 335, §10 (AMD).]B. In the case of an association captive insurance company, not less than $750,000, except for an association captive insurance company insuring only health risks that elects to secure coverage in accordance with section 6706, subsection 2‑A, maintains adequate reserve funds and has reinsurance unless the superintendent waives or modifies the reinsurance requirement. Reserve funds are presumed adequate if the association members have an aggregate net worth of at least $100,000,000 and the superintendent determines that the funds are adequate to cover at least 3 months of claims and expenses;   [PL 2011, c. 90, Pt. I, §3 (AMD).]C. In the case of an industrial insured captive insurance company, not less than $500,000;   [PL 2009, c. 335, §10 (AMD).]D. In the case of a sponsored captive insurance company, not less than $500,000; and   [PL 2009, c. 335, §10 (NEW).]E. In the case of a risk retention group, not less than $1,000,000.   [PL 2009, c. 335, §10 (NEW).]The superintendent may prescribe additional capital based upon the type, volume and nature of insurance business transacted, except for an association captive health insurance company insuring only health risks that elects to secure coverage in accordance with section 6706, subsection 2‑A.   [PL 2011, c. 90, Pt. I, §3 (AMD).] 2.  Letter of credit.  The required capital may be in the form of cash, an irrevocable letter of credit issued by a bank chartered in this State or a member bank of the Federal Reserve System or any other security approved by the superintendent.   [PL 1997, c. 435, §1 (NEW).] 3.  Dividends.  A captive insurance company may not pay a dividend out of or make any other distribution with respect to capital and surplus in excess of the limitations under section 222 without the prior approval of the superintendent. Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon the retention, at the time of each payment, of capital and surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the superintendent. Notwithstanding the provisions of Title 13‑B or 13-C, a captive insurance company organized under the provisions of either Title may make such distributions as are in conformity with its purposes with the prior approval of the superintendent.   [PL 2009, c. 335, §10 (AMD).] SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §10 (AMD). PL 2011, c. 90, Pt. I, §3 (AMD).
24-A ME Rev Stat § 6705 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6705. Minimum surplus (REPEALED)

 §6705. Minimum surplus (REPEALED)SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §11 (RP).
24-A ME Rev Stat § 6707 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6707. Financial statements and other reports

 §6707. Financial statements and other reports 1.  Financial statement.  A captive insurance company shall submit an annual statement of financial condition audited by an independent certified public accountant to the superintendent on or before the last day of the 6th month following the end of the company's fiscal year.   A. The audited financial statement of an association captive insurance company or industrial insured captive insurance company must be prepared in conformity with statutory accounting principles.   [PL 2017, c. 169, Pt. G, §8 (NEW).]B. The audited financial statement of a captive insurance company other than those set out in paragraph A must be prepared in conformity with either generally accepted accounting principles or statutory accounting principles, at the election of the company.   [PL 2017, c. 169, Pt. G, §8 (NEW).][PL 2017, c. 169, Pt. G, §8 (AMD).] 2.  Annual and quarterly statements.  An association captive insurance company or industrial insured captive insurance company shall file annual and quarterly statements in accordance with statutory accounting principles, each of which must be a true statement of its financial condition, transactions and affairs, substantially similar to the statements required under sections 423 and 423-A for insurance companies certified under section 414, in general form and context as approved by the National Association of Insurance Commissioners, or other format prescribed by the superintendent, verified by oaths of at least 2 of the insurer's principal officers.   [PL 2017, c. 169, Pt. G, §8 (AMD).] 3.  Reserves.  The statements required under subsections 1 and 2 must include, but are not limited to, actuarially appropriate reserves for:   A. Known claims and associated expenses;   [PL 1997, c. 435, §1 (NEW).]B. Claims incurred but not reported and associated expenses;   [PL 1997, c. 435, §1 (NEW).]C. Unearned premiums; and   [PL 1997, c. 435, §1 (NEW).]D. Bad debts, reserves for which must be shown as liabilities.   [PL 1997, c. 435, §1 (NEW).]An actuarial opinion regarding reserves for known claims and claims incurred but not reported, and expenses associated with those claims, must be included in the audited statements. The actuarial opinion must be given by a member of the American Academy of Actuaries or other qualified loss reserve specialist as defined in the annual statement instructions adopted by the National Association of Insurance Commissioners.   [PL 2017, c. 169, Pt. G, §8 (AMD).] 4.  Other reports.  The superintendent may prescribe the format and frequency of other reports, which may include, but are not limited to, summary loss reports, material transaction reports and interim financial statements.   [PL 2017, c. 169, Pt. G, §8 (AMD).] SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 1997, c. 583, §4 (AMD). PL 2017, c. 169, Pt. G, §8 (AMD).
24-A ME Rev Stat § 6708 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6708. Examinations and investigations

 §6708. Examinations and investigations 1.  Powers, authorities and duties of superintendent.  The powers, authorities and duties relating to examinations and investigations are vested in and imposed upon the superintendent in order for the superintendent to verify that all captive insurance companies operate in accordance with the provisions of this chapter.   [PL 2011, c. 90, Pt. I, §6 (AMD).] 2.  Confidentiality of examinations documents.  All examination reports, preliminary examination reports or results, working papers, recorded information, documents and copies of any of these produced by, obtained by or disclosed to the superintendent or any other person in the course of an examination made under this section are confidential and are not subject to subpoena and may not be made public by the superintendent or any other person, except to the extent provided in this subsection. The superintendent may grant access to such information to public officers having jurisdiction over the regulation of insurance in any other state or country or to law enforcement officers of this State or any other state or agency of the Federal Government at any time, as long as the officers receiving the information agree in writing to hold it in a manner consistent with this subsection.   [PL 1997, c. 435, §1 (NEW).] 3.  Examinations.  At least once in 3 years, and whenever the superintendent determines it to be prudent, the superintendent shall personally, or by some competent person appointed by the superintendent, visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations and whether it has complied with the provisions of this chapter. The superintendent may enlarge the 3-year period to 5 years, as long as the captive insurance company is subject to a comprehensive annual audit during the period of a scope satisfactory to the superintendent by independent auditors approved by the superintendent. The expenses and charges of the examination must be paid to the State by the company or companies examined.   [PL 2009, c. 335, §13 (NEW).] SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §13 (AMD). PL 2011, c. 90, Pt. I, §6 (AMD).
24-A ME Rev Stat § 6709 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 83: CAPTIVE INSURANCE COMPANIES|24-A §6709. Grounds and procedures for suspension and revocation of license

 §6709. Grounds and procedures for suspension and revocation of license 1.  Grounds for suspension or revocation.  The superintendent may suspend or revoke the license of a captive insurance company for any of the following reasons:   A. Insolvency or impairment of capital or surplus;   [PL 1997, c. 435, §1 (NEW).]B. Failure to meet the requirements of section 6704;   [PL 2009, c. 335, §14 (AMD).]C. Refusal or failure to submit an annual report required by section 6707 or any other report or statement required by law or by lawful order of the superintendent;   [PL 1997, c. 435, §1 (NEW).]D. Failure to comply with the provisions of the company's charter or bylaws or other organizational document;   [PL 2009, c. 335, §15 (AMD).]E. Failure to submit to examination or any legal obligation as required by section 6708;   [PL 1997, c. 435, §1 (NEW).]F. Refusal or failure to pay the cost of examination required by sections 228 and 6708;   [PL 1997, c. 435, §1 (NEW).]G. Use of methods that, although not otherwise specifically prohibited by law, nevertheless render the company's operation detrimental or the company's condition unsound with respect to the public or to its policyholders;   [PL 1997, c. 435, §1 (NEW).]H. Failure to maintain actuarially appropriate loss reserves as determined by the superintendent, except that the superintendent shall issue at least one warning to the captive insurance company requiring it to correct the problem prior to suspending or revoking the license; and   [PL 1997, c. 435, §1 (NEW).]I. Failure otherwise to comply with the laws of this State.   [PL 1997, c. 435, §1 (NEW).][PL 2009, c. 335, §§14, 15 (AMD).] 2.  Procedure.  Notwithstanding any other law, if the superintendent, upon examination, hearing or other evidence, finds that a captive insurance company has committed any of the acts specified in subsection 1, the superintendent may suspend or revoke the license if the superintendent determines that it is in the best interest of the public and the policyholders of the captive insurance company.   [PL 1997, c. 435, §1 (NEW).] SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §§14, 15 (AMD).