reglab/housing_qa huggingface dataset:
24-A ME Rev Stat § 1134 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1134. Time limit for disposal of other ineligible property and securities

 §1134. Time limit for disposal of other ineligible property and securities Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition, shall be disposed of within 3 years from date of acquisition unless within such period the security has attained to the standard of eligibility; except, that any security or personal property acquired under any agreement of bulk reinsurance, merger or consolidation, may be retained for a longer period if so provided in the plan for such reinsurance, merger, or consolidation as approved by the superintendent under chapter 47. Upon application by the insurer and proof that forced sale of any such property or security would materially injure the interests of the insurer, the superintendent may extend the disposal period for an additional reasonable time.   [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 § 1135 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1135. Failure to dispose of real estate or securities; effect, penalty

 §1135. Failure to dispose of real estate or securities; effect, penalty 1.  Any real estate, personal property or securities lawfully acquired, and held by an insurer after expiration of the period for disposal thereof or any extension of such period granted by the superintendent as provided in sections 1133 and 1134 shall not be allowed as an asset of the insurer.   [PL 1973, c. 585, §12 (AMD).] 2.  The insurer shall forthwith dispose of any ineligible investment unlawfully acquired by it, and the superintendent shall suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within such reasonable time as the superintendent may, by the superintendent's order, specify.   [RR 2021, c. 1, Pt. B, §190 (COR).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §190 (COR).
24-A ME Rev Stat § 1137 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13: INVESTMENTS|24-A §1137. Investments of foreign insurers

 §1137. Investments of foreign insurers The investment portfolio of a foreign or alien insurer shall be as permitted by the laws of its domicile if of a quality substantially equal to that required under this chapter for similar funds of like domestic insurers.   [PL 1969, c. 132, §1 (NEW).]SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1151 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13-A: INVESTMENTS OF LIFE INSURERS AND LIFE AND HEALTH INSURERS|24-A §1151. Scope of chapter

 §1151. Scope of chapter Except as provided in sections 1101 and 1161, this chapter applies only to a domestic life or health insurer that transacts business of a type described in section 409, subsection 3.   [PL 1991, c. 385, §10 (AMD).]SECTION HISTORY PL 1987, c. 399, §14 (NEW). PL 1989, c. 846, §§B8,E4 (RPR). PL 1991, c. 385, §10 (AMD).
24-A ME Rev Stat § 1152 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13-A: INVESTMENTS OF LIFE INSURERS AND LIFE AND HEALTH INSURERS|24-A §1152. Eligibility of investments

 §1152. Eligibility of investments 1.  Eligible investments.  Insurers shall invest in or lend their funds on the security of and shall hold as eligible investments only those as prescribed or permitted in this chapter.   [PL 1987, c. 399, §14 (NEW).] 2.  Prior investments.  Any particular investment held by an insurer on the effective date of this chapter, which was a legal investment at the time it was made, and which the insurer was legally entitled to possess immediately before the effective date of this chapter, shall be considered an eligible investment.   [PL 1987, c. 399, §14 (NEW).] 3.  Eligibility date.  Eligibility of an investment shall be determined as of the date of its making or acquisition, except as stated in subsection 2, or in section 1153, subsection 3, or in section 1156, subsection 2, paragraph H, subparagraph (4).   [PL 1987, c. 399, §14 (NEW).] 4.  Basis for limitation or diversification.  Any investment limitation or diversification requirement based upon the amount of the insurer's assets or particular funds must relate to such assets or funds as shown by the insurer's annual or quarterly statement as of the statement date immediately preceding the date of acquisition of the investment by the insurer, or as shown by a current applicable financial statement, prepared on the same basis as that annual or quarterly statement, resulting from merger with another insurer, bulk reinsurance or change in capitalization.   [PL 2017, c. 169, Pt. A, §7 (AMD).] 5.  Capital loans.  Nothing in this chapter prohibits an insurer from advancing funds to another insurer upon the type of agreement provided for in section 3415, borrowed capital funds, and subject to the terms of that section.   [PL 1987, c. 399, §14 (NEW).] SECTION HISTORY PL 1987, c. 399, §14 (NEW). PL 2017, c. 169, Pt. A, §7 (AMD).
24-A ME Rev Stat § 1154 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13-A: INVESTMENTS OF LIFE INSURERS AND LIFE AND HEALTH INSURERS|24-A §1154. Authorization; record of investments

 §1154. Authorization; record of investments 1.  Authorization required.  An insurer shall not make any investment or loan, other than policy loans or annuity contract loans, unless it is authorized or approved by the insurer's board of directors or by a committee of the board of directors charged with supervision of investments and loans.   [PL 1987, c. 399, §14 (NEW).] 2.  Records.  The insurer shall maintain a full record of each investment, showing, among other things, the name of any officer, director or principal stockholder of the insurer having any direct, indirect or contingent interest in the securities, loan or property constituting the investment, or in the person in whose behalf the investment is made, and the nature of that interest.   [PL 1987, c. 399, §14 (NEW).] SECTION HISTORY PL 1987, c. 399, §14 (NEW).
24-A ME Rev Stat § 1155 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13-A: INVESTMENTS OF LIFE INSURERS AND LIFE AND HEALTH INSURERS|24-A §1155. Diversification

 §1155. Diversification Investments of an insurer shall be subject to the following diversification requirements and limitations.   [PL 1987, c. 399, §14 (NEW).]1.  Real estate; personal property; equity interests; subsidiaries.  Not more than 40% of the insurer's assets in aggregate amount may consist of investments described in the following subdivisions:   A. Real estate, section 1156, subsection 2, paragraph D, subparagraph (1);   [PL 1987, c. 399, §14 (NEW).]B. Personal property, section 1156, subsection 2, paragraph E;   [PL 1987, c. 399, §14 (NEW).]C. Equity interests, section 1156, subsection 2, paragraph F; and   [PL 1987, c. 399, §14 (NEW).]D. Subsidiaries, section 1157, except as provided in that section.   [PL 1987, c. 399, §14 (NEW).]If, on or after the effective date of this subsection, the insurer makes investments of those types in institutions or property located within the State aggregating 1% or more of its assets, the 40% limitation in this subsection shall be increased by an equal amount up to 45%, exclusive of those investments in institutions or property located within the State, thus providing for a maximum limit on the investments described in those subdivisions of 50% of the insurer's assets.   [PL 1987, c. 399, §14 (NEW).] 2.  Government obligations; policy loans; other limitations.  Except as otherwise expressly provided, an insurer may not invest in or may not incur counter-party exposure to any one person if, after giving effect to those investments and that counter-party exposure, the aggregate of those investments in and that counter-party exposure to that person would exceed 10% of the insurer's admitted assets, with the following exceptions:   A. Government obligations pursuant to section 1156, subsection 2, paragraph A;   [PL 2001, c. 524, §3 (AMD).]B. Policy loans pursuant to section 1158; and   [PL 2001, c. 524, §3 (AMD).]C. Index mutual funds, but as to this exception, only with the prior approval of the superintendent and limited to 20% of the insurer's admitted assets.   [PL 2001, c. 524, §3 (NEW).][PL 2001, c. 524, §3 (AMD).] 3.  Other investment limitations shall be as provided in particular sections of this chapter.   [PL 1987, c. 399, §14 (NEW).] SECTION HISTORY PL 1987, c. 399, §14 (NEW). PL 1999, c. 715, §11 (AMD). PL 2001, c. 524, §3 (AMD).
24-A ME Rev Stat § 1158 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13-A: INVESTMENTS OF LIFE INSURERS AND LIFE AND HEALTH INSURERS|24-A §1158. Policy loans

 §1158. Policy loans A life insurer may lend to its policyholder, upon pledge of the policy as collateral security, any sum not exceeding the cash surrender value of the policy; or may lend against pledge or assignment of any of its supplementary contracts or other contracts or obligations, as long as the loan is adequately secured by that pledge or assignment. Loans so made are eligible investments of the insurer.   [PL 1987, c. 399, §14 (NEW).]SECTION HISTORY PL 1987, c. 399, §14 (NEW).
24-A ME Rev Stat § 1159 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13-A: INVESTMENTS OF LIFE INSURERS AND LIFE AND HEALTH INSURERS|24-A §1159. Special investments; separate accounts

 §1159. Special investments; separate accounts 1.  Special investments.  Except as may be provided with respect to reserves for guaranteed benefits and funds referred to in subsection 2:   A. Amounts allocated to any separate account established by the insurer pursuant to section 2537, separate accounts and accumulations on those accounts may be invested and reinvested without regard to any requirements or limitations prescribed by this chapter except for the provisions of section 1156, subsection 1; and   [PL 1987, c. 399, §14 (NEW).]B. Except as provided in subsection 2, paragraph B, the investments in that separate account or accounts may not be taken into account in applying the investment limitations otherwise applicable to the investments of the insurer.   [PL 1987, c. 399, §14 (NEW).][PL 1987, c. 399, §14 (NEW).] 2.  Separate accounts.  Except with the approval of the superintendent and under such conditions as to investments and other matters as the superintendent may prescribe, which must recognize the guaranteed nature of the benefits provided, an insurer may not guarantee the value of the assets allocated to a separate account, or any interest in that account, or the investment results of that account, or the income from that account, to a contract holder, without limitation of liability under all those guarantees to the extent of the interest of the contract holder in assets allocated to that separate account, unless:   A. To the extent that the applicable agreements provide that the assets in that separate account are not chargeable with liabilities arising out of any other business of the insurer, the assets allocated to that separate account are invested subject to the requirements and limitations on investments imposed by section 1156, subsection 2, as though the aggregate assets allocated to that separate account were the insurer's total admitted assets; or   [RR 2021, c. 1, Pt. B, §192 (COR).]B. The assets allocated to that separate account are invested subject to the requirements and limitations on investments imposed by section 1156, subsection 2, as though they were part of the general assets of the insurer.   [PL 1987, c. 399, §14 (NEW).][RR 2021, c. 1, Pt. B, §192 (COR).] SECTION HISTORY PL 1987, c. 399, §14 (NEW). RR 2021, c. 1, Pt. B, §192 (COR).
24-A ME Rev Stat § 1161 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13-A: INVESTMENTS OF LIFE INSURERS AND LIFE AND HEALTH INSURERS|24-A §1161. Investments of foreign insurers

 §1161. Investments of foreign insurers The investment portfolio of a foreign or alien insurer shall be as permitted by the laws of its domicile, if of a quality substantially equal to that required under this chapter for similar funds of like domestic insurers.   [PL 1987, c. 399, §14 (NEW).]SECTION HISTORY PL 1987, c. 399, §14 (NEW).
24-A ME Rev Stat § 1162 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13-A: INVESTMENTS OF LIFE INSURERS AND LIFE AND HEALTH INSURERS|24-A §1162. Definitions (REPEALED)

 §1162. Definitions (REPEALED)SECTION HISTORY PL 1987, c. 399, §14 (NEW). PL 1993, c. 313, §30 (RP).
24-A ME Rev Stat § 1162-A (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 13-A: INVESTMENTS OF LIFE INSURERS AND LIFE AND HEALTH INSURERS|24-A §1162-A. Definitions (REPEALED)

 §1162-A. Definitions (REPEALED)SECTION HISTORY RR 1993, c. 1, §§57,58 (COR). PL 1993, c. 313, §31 (NEW). PL 1999, c. 715, §18 (RP).
24-A ME Rev Stat § 1251 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1251. Authorized deposits of insurers

 §1251. Authorized deposits of insurers The following deposits of insurers when made through the superintendent shall be accepted and held in trust, subject to the provisions of this chapter:   [PL 1973, c. 585, §12 (AMD).]1.  Deposits required under this Title for authority to transact insurance in this State.   [PL 1969, c. 132, §1 (NEW).] 2.  Deposits of domestic insurers when made pursuant to its charter; or pursuant to the laws of other states, provinces, and countries as requirement for authority to transact insurance in such state, province or country.   [PL 1969, c. 132, §1 (NEW).] 3.  Deposits in such additional amounts as are permitted to be made under section 1259.   [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 § 1252 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1252. Purpose of deposit

 §1252. Purpose of deposit 1.  Deposits made in this State under section 412 (deposit requirement) shall be held in trust for the respective purposes stated in that section.   [PL 1969, c. 132, §1 (NEW).] 2.  A deposit made in this State by a domestic insurer transacting insurance in another state, province or country, and as required by the laws of such other state, province or country, shall be held for the protection of all the insurer's policyholders or all its policyholders and creditors or for such other purpose or purposes as may be specified pursuant to such laws.   [PL 1969, c. 132, §1 (NEW).] 3.  Deposits required under the retaliatory provision, section 428, shall be held for such purposes as is required by such provision, and as specified by the superintendent's order requiring such deposit to be made.   [PL 1973, c. 585, §12 (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §25 (AMD). PL 1973, c. 585, §12 (AMD).
24-A ME Rev Stat § 1253 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1253. Securities eligible for deposit

 §1253. Securities eligible for deposit 1.  All such deposits required under section 412 for authority to transact insurance in this State and hereafter made shall consist of securities in negotiable form of kinds eligible for investment of funds of domestic insurers under chapter 13, other than real estate mortgages, and approved by the superintendent for deposit. Deposits heretofore made shall consist of such assets as were then eligible for deposit.   [PL 1973, c. 585, §12 (AMD).] 2.  All other deposits of a domestic insurer held in this State pursuant to the laws of another state, province or country shall be comprised of securities of the kinds described in subsection 1, and of such additional kind or kinds of securities required or permitted by the laws of such state, province or country.   [PL 1969, c. 132, §1 (NEW).] 3.  Deposits of foreign insurers made in this State under the retaliatory provision, section 428, shall consist of such assets as are required by the superintendent pursuant to such provision.   [PL 1973, c. 585, §12 (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §26 (AMD). PL 1973, c. 585, §12 (AMD).
24-A ME Rev Stat § 1254 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1254. Depositary; records

 §1254. Depositary; records 1.  Deposits made in this State under this Title shall be made through the superintendent with the Treasurer of State.   [PL 1973, c. 585, §12 (AMD).] 2.  The Treasurer of State shall furnish the superintendent, for delivery to the depositing insurer, the Treasurer of State's official certificate identifying the securities deposited, the amount and par value of each, and the Treasurer of State's opinion of their value.   [RR 2021, c. 1, Pt. B, §193 (COR).] 3.  The superintendent shall keep a record of the securities comprising the deposit of each insurer, showing as far as practical the amount and market value of each item, and all the superintendent's transactions relative thereto.   [RR 2021, c. 1, Pt. B, §194 (COR).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §§193, 194 (COR).
24-A ME Rev Stat § 1255 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1255. Responsibility for safekeeping

 §1255. Responsibility for safekeeping The State shall be responsible for the safekeeping of all securities and receipts delivered to the superintendent under authority of this chapter.   [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 § 1256 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1256. Custodial arrangements

 §1256. Custodial arrangements 1.  In lieu of deposit with the Treasurer of State as provided in section 1254, upon the insurer's written request and for its greater convenience, the superintendent may in the superintendent's discretion permit the insurer to make and maintain the deposit under custodial arrangements with the trust department of an established bank located in Maine.   [RR 2021, c. 1, Pt. B, §195 (COR).] 2.  Where of convenience to the insurer in the buying, selling and exchange of securities comprising its deposit, and in the collection of accruals thereon, the insurer may, with the superintendent's advance written approval, deposit certain of its securities under custodial arrangements with an established bank or trust company located outside this State.   [PL 1973, c. 585, §12 (AMD).] 3.  The insurer shall deposit with the Treasurer of State through the superintendent the original receipts issued by the custodian institution for all securities held under such custodial arrangements.   [PL 1973, c. 585, §12 (AMD).] 4.  The form and terms of all such custodial arrangements shall be as prescribed or approved by the superintendent consistent with the applicable provisions of this Title.   [PL 1973, c. 585, §12 (AMD).] 5.  The insurer shall bear the costs of custodial arrangements, and the State of Maine shall not be responsible for the safekeeping of securities so held.   [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, §195 (COR).
24-A ME Rev Stat § 1257 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1257. Assignment, transfer of securities or assets

 §1257. Assignment, transfer of securities or assets All assets deposited by an insurer and not negotiable by delivery must be duly assigned or transferred to the superintendent and the superintendent's successors in office. Upon release of any such security to the insurer, the superintendent shall reassign or transfer the same to the insurer.   [RR 2021, c. 1, Pt. B, §196 (COR).]SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §196 (COR).
24-A ME Rev Stat § 1258 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1258. Appraisal

 §1258. Appraisal The superintendent may, in the superintendent's discretion, prior to acceptance for deposit of any particular security, or at any time thereafter while so deposited, have the same appraised or valued by competent appraisers. The reasonable cost of any such appraisal or valuation must be borne by the insurer.   [RR 2021, c. 1, Pt. B, §197 (COR).]SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §197 (COR).
24-A ME Rev Stat § 1259 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1259. Excess deposits

 §1259. Excess deposits 1.  If securities deposited by an insurer under this chapter are subject to material fluctuations in market value, the superintendent may, in the superintendent's discretion, require the insurer to deposit and maintain on deposit additional securities in amount reasonably necessary to assure that the deposit at all times has a market value of not less than the amount specified under the law by which the deposit is required.   [RR 2021, c. 1, Pt. B, §198 (COR).] 2.  An insurer may otherwise at its option deposit securities in amount exceeding its deposit required or otherwise permitted under this Title by not more than 20% of such required or permitted deposit, or $20,000, whichever is the larger amount, for the purpose of absorbing fluctuations in the value of securities deposited and to facilitate exchange and substitution of such securities. During the solvency of the insurer any such excess shall be released to the insurer upon its request. During the insolvency of the insurer, such excess deposit shall be released only as provided in section 1263, subsection 4.   [PL 1969, c. 177, §27 (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §27 (AMD). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §198 (COR).
24-A ME Rev Stat § 1260 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1260. Rights of insurer during solvency

 §1260. Rights of insurer during solvency So long as the insurer remains solvent and is in compliance with this Title it may:   [PL 1969, c. 132, §1 (NEW).]1.  Demand, receive, sue for and recover the income from the securities deposited;   [PL 1969, c. 132, §1 (NEW).] 2.  Exchange and substitute for the deposited securities, eligible securities of equivalent or greater fair market value; and   [PL 1969, c. 132, §1 (NEW).] 3.  At any reasonable time inspect any such deposit.   [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
24-A ME Rev Stat § 1261 (2021)
2021 Maine Revised Statutes|TITLE 24-A: MAINE INSURANCE CODE|Chapter 15: ADMINISTRATION OF DEPOSITS|24-A §1261. Levy upon deposit

 §1261. Levy upon deposit No judgment creditor or other claimant of an insurer shall have the right to levy upon any of the assets held in this State as a deposit for the protection of the insurer's policyholders or policyholders and creditors. As to deposits made pursuant to the retaliatory provision, section 428, levy thereupon shall be permitted if so provided in the superintendent's order under which the deposit is required.   [PL 1973, c. 585, §12 (AMD).]SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).