reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §418. Power to amend, modify or refuse to renew certificates of authority

§418. Power to amend, modify or refuse to renew certificates of authority
Notwithstanding the authority of the District Court, the superintendent may amend, modify or refuse to renew any insurer's certificate of authority for cause pursuant to procedures in conformity with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter IV.   [PL 1983, c. 419, §3 (AMD); 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 1969, c. 177, §10 (AMD). PL 1973, c. 585, §12 (AMD). PL 1977, c. 694, §404 (RPR). PL 1983, c. 419, §3 (AMD). PL 1999, c. 547, §B78 (AMD). PL 1999, c. 547, §B80 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §418-A. Order, notice of suspension or, revocation; publication; effect upon agents' authority

§418-A. Order, notice of suspension or, revocation; publication; effect upon agents' authority
1.
All suspensions or revocations of, or refusals to continue, an insurer's certificate of authority shall be by the superintendent's order, given to the insurer by personal delivery or by certified or registered mail, addressed to the insurer at its last address of record with the superintendent. Notice by mail shall be deemed given when so mailed.
[PL 1983, c. 419, §4 (NEW).]
2.
Upon issuance of the order, the superintendent shall forthwith give notice thereof to the insurer's agents in this State of record in the bureau, and shall likewise suspend or revoke the authority of those agents to represent the insurer.
[PL 1983, c. 419, §4 (NEW).]
SECTION HISTORY
PL 1983, c. 419, §4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §419. Duration of suspension; insurer's obligation during suspension period; reinstatement

§419. Duration of suspension; insurer's obligation during suspension period; reinstatement
1.
The suspension of an insurer's certificate of authority must be for such period as the superintendent specifies in the order of suspension. During the suspension period, the superintendent may rescind or shorten the suspension period by further order. The superintendent may reinstate the insurer's certificate of authority upon written request of the insurer if the superintendent finds that the causes of the suspension are no longer continuing and that the insurer is otherwise in compliance with the requirements of this Title.
[PL 1995, c. 570, §2 (AMD).]
2.
During the suspension period, the insurer shall not solicit or write any new business in this State, but shall file its annual statement, pay fees, licenses and taxes as required under this Title, and may service its business already in force in this State, as if the certificate of authority had continued in full force.
[PL 1983, c. 419, §5 (AMD).]
3.
Upon expiration of the suspension period, if within that period the certificate of authority has not terminated, the insurer's certificate of authority shall reinstate unless the superintendent finds that the causes of the suspension are continuing, or that the insurer is otherwise not in compliance with the requirements of this Title.
[PL 1983, c. 419, §5 (AMD).]
4.
Upon reinstatement of the insurer's certificate of authority, the authority of its agents in this State to represent the insurer shall likewise reinstate. The superintendent shall promptly notify the insurer and its agents in this State, of record in the bureau, of that reinstatement.
[PL 1983, c. 419, §5 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1977, c. 694, §§405,406 (AMD). PL 1983, c. 419, §5 (AMD). PL 1995, c. 570, §2 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §420. General corporation laws inapplicable to foreign insurers

§420. General corporation laws inapplicable to foreign insurers
The general corporation laws of this State shall not apply as to foreign insurers holding certificates of authority to transact insurance in this State.   [PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §421. Superintendent process agent for insurers

§421. Superintendent process agent for insurers
1.
Before the superintendent authorizes it to transact insurance in this State, each insurer shall appoint an agent to receive service of legal process issued against the insurer in this State. The insurer shall file with the superintendent a copy of the appointment. The notice to the superintendent must be accompanied by a copy of a resolution of the board of directors or like governing body of the insurer, if an incorporated insurer, showing that those officers who executed the appointment were duly authorized to do so on behalf of the insurer. The registered agent must consent to the appointment.
[PL 1997, c. 592, §12 (AMD).]
1-A.
[MRSA T. 24-A §421, sub-§1-A (RP).]
2.
[PL 1997, c. 457, §12 (RP).]
3.
Service of process against a foreign or alien insurer may be made only by service thereof upon the attorney appointed by the insurer.
[PL 1997, c. 457, §13 (AMD).]
4.
Service of such process against a domestic insurer may be made as provided hereunder, or in any other manner provided by law.
[PL 1969, c. 132, §1 (NEW).]
5.
At the time of application for a certificate of authority the insurer shall file the appointment with the superintendent, together with designation of the person to whom process against it served upon the appointed agent is to be forwarded. The insurer may change such designation by a new filing.
[PL 1997, c. 592, §13 (AMD).]
6.
A copy of such appointment, certified by the superintendent, shall be received in evidence in all courts of this State.
[PL 1973, c. 585, §12 (AMD).]
7.
Any person or entity required by Title 24 or this Title to appoint an agent for service of process who does not have a valid appointment on file with the superintendent or required by applicable law to appoint the superintendent as agent for service of process is deemed to have appointed the superintendent as agent for service of process, and process may be served within this State in the same manner as provided in section 2105. This subsection does not relieve that person or entity from any requirement to appoint an agent for service of process or from the applicable penalties for failure to comply with that requirement.
[PL 2013, c. 238, Pt. E, §1 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1997, c. 457, §§10-14 (AMD). PL 1997, c. 592, §§12, 13 (AMD). PL 1999, c. 113, §18 (AMD). PL 2013, c. 238, Pt. E, §1 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §422. Serving process (REPEALED)

§422. Serving process
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1997, c. 457, §15 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §423. Annual statement

§423. Annual statement
1.
Each authorized insurer shall annually on or before March 1st, or within any reasonable extension of time that the superintendent for good cause may have granted on or before such March 1st, file with the superintendent a full and true statement of its financial condition, transactions and affairs as of December 31st preceding. The statement must be on an annual statement blank of the National Association of Insurance Commissioners, be prepared in accordance with the association's annual statement instructions, and follow practices and procedures prescribed by the association's accounting practices and procedures manual, with any useful or necessary modification or adaptation thereof and as supplemented by additional information required by the superintendent. The statement must be verified by the oath of the insurer's president or vice-president, and secretary or actuary as applicable, or in the absence of the foregoing, by 2 other principal officers; or if a reciprocal insurer, by the oath of the attorney-in-fact or its like officers if a corporation.
[PL 1993, c. 313, §16 (AMD).]
2.
The statement of an alien insurer shall be verified by its United States manager or other officer duly authorized, and shall relate only to the insurer's transactions and affairs in the United States unless the superintendent requires otherwise. If the superintendent requires a statement as to such an insurer's affairs throughout the world, the insurer shall file such statement with the superintendent as soon as reasonably possible.
[PL 1973, c. 585, §12 (AMD).]
3.
The superintendent may refuse to continue, or may suspend or revoke, the certificate of authority of any insurer failing to file its annual statement when due.
[PL 1973, c. 585, §12 (AMD).]
4.
Before August 10th, and at the same time the insurer makes payment for its annual assessment, the insurer shall pay the fee for filing its annual statement as prescribed by section 601 (fee schedule).
[PL 1995, c. 544, §5 (AMD).]
5.
The superintendent may adopt rules that prescribe accounting standards applicable to statements filed pursuant to this section. These rules may permit or require any class or classes of insurers domiciled or authorized to do business in this State to conform its financial presentations to the standards of preparation prescribed in the accounting practices and procedures manual of the National Association of Insurance Commissioners.
[PL 1991, c. 828, §14 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1991, c. 828, §14 (AMD). PL 1993, c. 313, §16 (AMD). PL 1995, c. 544, §5 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §423-A. Interim financial reporting requirements

§423-A. Interim financial reporting requirements
1.  Quarterly statement.
No later than the 15th day of the 2nd month following the close of any calendar quarter, except the 4th quarter, an authorized insurer that is subject to the requirements of section 423 shall file a quarterly statement of financial condition with the superintendent.
[PL 2017, c. 169, Pt. A, §4 (AMD).]
2.  Form and content.
The quarterly statement must be in the form prescribed by the National Association of Insurance Commissioners and must be prepared in accordance with the association's quarterly statement instructions.
[PL 2017, c. 169, Pt. A, §4 (AMD).]
3.  Verification.
The report must be verified by the oath of the insurer's president or vice-president, and the secretary or actuary as applicable, or in the absence of the foregoing, by 2 other principal officers; or if a reciprocal insurer, by the oath of the attorney-in-fact or its like officers if a corporation.
[PL 2017, c. 169, Pt. A, §4 (AMD).]
4.  Supplemental reporting.
Upon the superintendent's request, the insurer shall file periodic reports of financial condition on a monthly basis, or at other intervals prescribed by the superintendent, in such form and containing such information as the superintendent prescribes.
[PL 2017, c. 169, Pt. A, §4 (NEW).]
SECTION HISTORY
PL 1985, c. 330, §6 (NEW). PL 2017, c. 169, Pt. A, §4 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §423-B. Periodic financial reports of insurer-controlled health maintenance organizations

§423-B. Periodic financial reports of insurer-controlled health maintenance organizations
An authorized insurer that controls and operates a health maintenance organization as a division or line of business shall file on a continuing basis any additional periodic financial reports required by the superintendent by rule.   [PL 1993, c. 702, Pt. A, §8 (NEW).]
SECTION HISTORY
PL 1993, c. 702, §A8 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §423-D. Annual report supplement

§423-D. Annual report supplement
1.  Annual report supplement required.
Each health insurer and health maintenance organization shall file an annual report supplement on or before March 1st of each year, or within any reasonable extension of time that the superintendent for good cause may have granted on or before March 1st. The superintendent shall adopt rules regarding specifications for the annual report supplement. The annual report supplements must provide the public with general, understandable and comparable financial information relative to the in-state operations and results of authorized insurers and health maintenance organizations. Such information must include, but is not limited to, medical claims expense, administrative expense and underwriting gain for each line segment of the market in this State in which the insurer participates. The annual report supplements must contain sufficient detail for the public to understand the components of cost incurred by authorized health insurers and health maintenance organizations as well as the annual cost trends of these carriers. The superintendent shall develop standardized definitions of each reported measure. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.
[PL 2003, c. 469, Pt. E, §2 (NEW).]
2.  Exemption.
If an insurer is engaged in the type of health insurance business identified as an exception to the definition of health insurance in section 704, subsection 2 and is not engaged in health insurance in this State as defined in that section, then the insurer is not subject to the requirements of this section for the filing of annual report supplements.
[PL 2003, c. 469, Pt. E, §2 (NEW).]
SECTION HISTORY
PL 2003, c. 469, §E2 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §423-E. Report to Legislature (REPEALED)

§423-E. Report to Legislature
(REPEALED)
SECTION HISTORY
PL 2007, c. 629, Pt. A, §2 (NEW). PL 2011, c. 90, Pt. B, §3 (RP). PL 2011, c. 90, Pt. B, §10 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §423-F. Own risk and solvency assessment

§423-F. Own risk and solvency assessment
1.  General requirement.
A domestic insurer that is not subject to registration under section 222, subsection 8 shall comply with the requirements of section 222, subsection 8, paragraph B‑3 if the requirements of that paragraph would apply if the insurer were subject to registration. The superintendent is considered the insurer's lead regulator for purposes of this section.
[PL 2013, c. 238, Pt. A, §30 (NEW); PL 2013, c. 238, Pt. A, §34 (AFF).]
2.  Confidentiality.
All documents prepared or filed pursuant to this section are confidential to the same extent and subject to the same terms and procedures as if they were prepared or filed pursuant to section 222, subsection 8, paragraph B‑3.
[PL 2013, c. 238, Pt. A, §30 (NEW); PL 2013, c. 238, Pt. A, §34 (AFF).]
SECTION HISTORY
PL 2013, c. 238, Pt. A, §30 (NEW). PL 2013, c. 238, Pt. A, §34 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §424. -- penalty for late or false statement

§424. -- penalty for late or false statement
1.
An insurer failing, without just cause beyond the reasonable control of the insurer, to file its annual statement as required in section 423 shall forfeit to the State $25 for each day of delinquency, to be collected if necessary, by civil action against the insurer in the District Court, Southern Kennebec Division.
[PL 1969, c. 132, §1 (NEW).]
2.
Any director, officer, agent or employee of any insurer who subscribes to, makes or concurs in making or publishing, any annual or other statement required by law, knowing the same to contain any material statement that is false, commits a Class D crime.
[PL 1991, c. 797, §9 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1991, c. 797, §9 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §425. Transactions with parent corporation, subsidiaries, and affiliates

§425. Transactions with parent corporation, subsidiaries, and affiliates
1.
No insurer shall engage directly or indirectly in any transaction or agreement with its parent corporation, or with any subsidiary or affiliated person which shall result or tend to result in:
A. Substitution through any method of any asset of the insurer with an asset or assets of inferior quality or lower fair market value; or   [PL 1969, c. 132, §1 (NEW).]
B. Deception as to the true operating results of the insurer; or   [PL 1969, c. 132, §1 (NEW).]
C. Deception as to the true financial condition of the insurer; or   [PL 1969, c. 132, §1 (NEW).]
D. Allocation to the insurer of a proportion of the expense of combined facilities or operations which is unfair and unfavorable to the insurer; or   [PL 1969, c. 132, §1 (NEW).]
E. Unfair, unnecessary or excessive charges against the insurer for services, or facilities, or supplies or reinsurance; or   [PL 1969, c. 132, §1 (NEW).]
F. Unfair and inadequate charges by the insurer for reinsurance, services, facilities or supplies furnished by the insurer to others; or   [PL 1969, c. 132, §1 (NEW).]
G. Payment by the insurer for services, facilities, supplies or reinsurance not reasonably needed by the insurer.   [PL 1969, c. 132, §1 (NEW).]
[PL 1969, c. 132, §1 (NEW).]
2.
In all transactions between the insurer and its parent corporation, or involving the insurer and any subsidiary or affiliated person, full recognition shall be given to the paramount duty and obligation of the insurer to protect the interests of policyholders, both existing and future.
[PL 1969, c. 132, §1 (NEW).]
3.
For the purposes of this section a "subsidiary" is a person of which either the insurer or the parent corporation, or both, holds practical control, and an "affiliated person" is a person controlled by any combination of the insurer, the parent corporation, a subsidiary, or the principal stockholders or officers or directors of any of the foregoing.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §425-A. Contract to participate in finance program

§425-A. Contract to participate in finance program
An authorized insurer may enter into a contract or arrangement with a financial institution for the purpose of participating in a finance program with the financial institution. In this case, the financial institution need not be licensed as a producer, as long as the purpose of the arrangement is to authorize an insurer to direct or refer insureds, prospective insureds or other customers to the financial institution for loans, or for the purpose of authorizing an insurer to facilitate arrangements for leases, loans or credit applications with the financial institution. This section does not exempt persons from otherwise complying with applicable state or federal laws relating to entering into such contracts.   [PL 1997, c. 457, §16 (NEW).]
SECTION HISTORY
PL 1997, c. 457, §16 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §426. Resident agent; countersignature law (REPEALED)

§426. Resident agent; countersignature law
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1989, c. 168, §2 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › 24-A §427. -- exceptions (REPEALED)

§427. -- exceptions
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §11 (AMD). PL 1979, c. 162 (AMD). PL 1985, c. 524, §§1-4 (AMD). PL 1987, c. 481, §1 (AMD). PL 1989, c. 168, §3 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 2: INSURANCE EMERGENCIES › 24-A §471. Proclamation by Governor

§471. Proclamation by Governor
Whenever it appears to the Governor that the welfare of the State or any section thereof, or the welfare and security of insurers under the supervision of the superintendent or their insureds or beneficiaries require, the Governor may proclaim that an insurance emergency exists and this subchapter shall thereupon become effective.   [PL 1973, c. 585, §12 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 2: INSURANCE EMERGENCIES › 24-A §472. Rules and regulations

§472. Rules and regulations
During the period of any insurance emergency described in section 471, the superintendent has power to make, amend or rescind such rules and regulations governing the business of any insurers as the superintendent considers expedient in order to adopt and maintain sound methods of protecting the interests of insurer, insureds, beneficiaries or the public.   [RR 2021, c. 1, Pt. B, §182 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §182 (COR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 2: INSURANCE EMERGENCIES › 24-A §473. Insurers regulated; suspended

§473. Insurers regulated; suspended
During any insurance emergency period as described in sections 471 and 472, the superintendent is empowered to suspend for such time or times as the superintendent may determine the transaction of insurance functions of any authorized insurer, whether domestic or foreign, solvent or otherwise, and to limit its insurance business in volume or character to such particular amounts or classifications and for such time or times as the superintendent considers advisable.   [RR 2021, c. 1, Pt. B, §183 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §183 (COR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 2: INSURANCE EMERGENCIES › 24-A §474. Payments deferred

§474. Payments deferred
During any insurance emergency period as described in sections 471 and 472, the superintendent has authority to postpone or defer, by rules or orders made and issued by the superintendent, for such time or times as the superintendent determines, the payment of any amount payable under the terms of any policy of insurance, annuity or pure endowment contract, and the payment of judgments, notes, drafts, checks, bills of exchange or other forms of payment of claims due from insurers to any person, firm or corporation, whether such claim is liquidated or unliquidated, due or to become due at a day certain, and defer the payment of premiums on policies affected by such postponements or suspensions and may direct payment in full or in part whenever in the superintendent's discretion such payment may be safely consummated.   [RR 2021, c. 1, Pt. B, §184 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §184 (COR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 2: INSURANCE EMERGENCIES › 24-A §475. "Insurer" defined

§475. "Insurer" defined
The words "insurer" or "insurers" as used in this subchapter shall include corporations, interinsurers, associations, societies and orders as well as partnerships and individual agents representing such organizations.   [PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 2: INSURANCE EMERGENCIES › 24-A §476. Personal responsibility of the superintendent limited

§476. Personal responsibility of the superintendent limited
The superintendent shall not be held legally responsible for any act or failure to act in the premises when such act or failure to act shall have been shown to be the result of good faith.   [PL 1973, c. 585, §12 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 2: INSURANCE EMERGENCIES › 24-A §477. Duration at will of Governor

§477. Duration at will of Governor
The authority and power given the superintendent under this subchapter shall terminate and be of no effect when the Governor proclaims that any insurance emergency has ceased to exist.   [PL 1973, c. 585, §12 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 2: INSURANCE EMERGENCIES › 24-A §478. Jurisdiction of courts

§478. Jurisdiction of courts
During any emergency insurance period as described in sections 471 and 472, the superintendent is authorized to issue such directions, rules or orders as in the superintendent's discretion the circumstances may warrant, and any Justice of the Supreme Judicial or Superior Courts has full jurisdiction to enforce this chapter by appropriate decrees.   [RR 2021, c. 1, Pt. B, §185 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §185 (COR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS › Subchapter 2: INSURANCE EMERGENCIES › 24-A §479. Penalties

§479. Penalties
Any violation of any order issued by virtue of this subchapter or any rule or regulatory provision made by the superintendent pursuant thereto shall be punishable by a fine of not more than $1,000 or by imprisonment for less than one year, or by both.   [PL 1973, c. 585, §12 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 7: FEES AND TAXES › 24-A §602. Tax on premiums and annuity considerations

§602. Tax on premiums and annuity considerations
As to returns and taxes on premiums and annuity considerations refer to Title 36, chapter 357.   [PL 1989, c. 502, Pt. A, §92 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1989, c. 502, §A92 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 7: FEES AND TAXES › 24-A §603. Record, remittance of fees

§603. Record, remittance of fees
The superintendent shall keep a correct account of all fees and moneys received by the superintendent by virtue of the superintendent's office, and shall pay the same over to the Treasurer of State forthwith.   [RR 2021, c. 1, Pt. B, §186 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §186 (COR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 7: FEES AND TAXES › 24-A §604. Insurance Regulatory Fund

§604. Insurance Regulatory Fund
1.
There is created in the State Treasury a dedicated account to be designated the "Insurance Regulatory Fund," the funds of which are hereby appropriated for the partial support and maintenance of the Insurance Bureau.
[PL 1973, c. 585, §12 (AMD).]
2.
The Treasurer of State shall credit the following funds to the Insurance Regulatory Fund:
A. The balance, if any, remaining on January 1, 1970 of funds allocated to the bureau pursuant to Title 24, section 372;   [PL 1973, c. 625, §136 (AMD).]
B. Fees, licenses and other charges collected and remitted by the superintendent under section 601 (fee schedule), or as increased pursuant to section 428 (retaliatory provision);   [PL 1985, c. 446, §3 (AMD).]
C.   [PL 1997, c. 457, §22 (RP).]
D. Amounts assessed by the superintendent under Title 24, section 2332;   [PL 1985, c. 446, §3 (AMD).]
E. Amounts assessed by the superintendent under section 237;   [PL 1985, c. 446, §3 (NEW).]
F. Amounts assessed by the superintendent under Title 39‑A, section 409; and   [PL 1991, c. 885, Pt. E, §24 (AMD); PL 1991, c. 885, Pt. E, §47 (AFF).]
G. Such other amounts as may be expressly required by law to be so credited.   [PL 1985, c. 446, §3 (NEW).]
[PL 2001, c. 559, §1 (AMD); PL 2001, c. 559, §2 (AFF).]
3.
Expenditures by the bureau from the Insurance Regulatory Fund shall be subject to budget control in the same manner as applies to departments of State in general.
[PL 1973, c. 585, §12 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §§12,13 (AMD). PL 1973, c. 585, §12 (AMD). PL 1973, c. 625, §136 (AMD). PL 1985, c. 446, §3 (AMD). PL 1991, c. 885, §E24 (AMD). PL 1991, c. 885, §E47 (AFF). PL 1997, c. 457, §22 (AMD). PL 2001, c. 559, §Z1 (AMD). PL 2001, c. 559, §Z2 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 7: FEES AND TAXES › 24-A §605. In lieu, pre-emption provision

§605. In lieu, pre-emption provision
1.
Payment by the insurer of the taxes as required by Title 25, section 2399 and Title 36, chapter 357 is in lieu of all taxes imposed by the State upon the insurer, or any subsidiary referred to in section 1157, subsection 5, paragraph B, subparagraph (1), upon premiums or upon income, and of any franchise, privilege or other taxes measured by income of the insurer or the subsidiary.
[PL 1993, c. 502, §1 (AMD); PL 1993, c. 502, §5 (AFF).]
2.
The State preempts the field of regulating, or of imposing excise, privilege, franchise, income, license, permit, registration and similar taxes, licenses and fees upon, insurers, any subsidiary referred to in section 1157, subsection 5, paragraph B, subparagraph (1), their general agents, agents and other representatives as such; and on the intangible property of insurers, any subsidiary referred to in section 1157, subsection 5, paragraph B, subparagraph (1) or such representatives; and all political subdivisions or agencies in this State are prohibited from regulating insurers, any subsidiary referred to in section 1157, subsection 5, paragraph B, subparagraph (1) or their general agents, agents and other representatives as such, and from imposing upon them any such tax, license or fee. This provision does not prohibit the imposition by political subdivisions of taxes upon real and tangible personal property.
[PL 1993, c. 502, §2 (AMD); PL 1993, c. 502, §5 (AFF).]
3.
This section shall not be modified or repealed by any law of general application hereafter enacted, unless expressly referred to or expressly repealed therein.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §14 (AMD). PL 1989, c. 502, §A93 (AMD). PL 1993, c. 502, §§1,2 (AMD). PL 1993, c. 502, §5 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 1: KINDS OF INSURANCE › 24-A §701. Definitions not mutually exclusive

§701. Definitions not mutually exclusive
It is intended that certain insurance coverages may come within the definitions of 2 or more kinds of insurance as defined in this chapter, and the inclusion of such coverage within one definition shall not exclude it as to any other kind of insurance within the definition of which such coverage is likewise reasonably includable.   [PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 1: KINDS OF INSURANCE › 24-A §702. "Life insurance" defined

§702. "Life insurance" defined
Life insurance is insurance on human lives. The transaction of life insurance includes also the granting endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits in event of the insured's disability, and optional modes of settlement of proceeds of life insurance.   [PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 1: KINDS OF INSURANCE › 24-A §703. "Annuity" defined

§703. "Annuity" defined
For the purposes of this Title, an "annuity" is a contract under which obligations are assumed with respect to periodic payments for a specific term or terms or where the making or continuance of all or of some of the payments, or the amount of a payment, is dependent upon the continuance of human life, except payments made pursuant to optional modes of settlement under the authority of section 702. A contract that includes extra benefits of the kinds defined in sections 702 and 704 is deemed to be an annuity, if the extra benefits constitute a subsidiary or incidental part of the entire contract. A charitable gift annuity agreement, as defined in section 703‑A, is not insurance.   [PL 1995, c. 375, Pt. C, §2 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1995, c. 375, §C2 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 1: KINDS OF INSURANCE › 24-A §703-A. Charitable gift annuity agreement

§703-A. Charitable gift annuity agreement
1.  Charitable gift annuity agreement defined.
For the purposes of this Title, a "charitable gift annuity agreement" is a written contract in which a qualified organization receives money or other property conditioned upon the organization's agreement to pay an annuity to one or more individuals; as long as, with respect to the organization, the annuity meets the requirements for exclusion from the definition of "acquisition indebtedness" under the Internal Revenue Code, Section 514(c)(5) or a successor provision.
[PL 1995, c. 375, Pt. C, §3 (NEW).]
2.  Qualified organization defined.
For the purposes of this Title, a "qualified organization" is an organization that is privately and specially established as an instrumentality of the State for a nonprofit purpose or an organization that meets the following requirements.
A. The organization is a nonprofit organization that is either:
(1) An organization to which the Maine Nonprofit Corporation Act applies; or
(2) Organized under the laws of a jurisdiction within the United States and qualified as a foreign corporation pursuant to Title 13‑B, chapter 12.   [PL 1995, c. 375, Pt. C, §3 (NEW).]
B. The organization qualifies as a tax-exempt organization under the Internal Revenue Code, Section 501(c)(3) or a successor provision.   [PL 1995, c. 375, Pt. C, §3 (NEW).]
C. The organization:
(1) Has been operating continuously for 5 or more years;
(2) Is a parent or subsidiary of a qualified organization; or
(3) Is the successor to an organization that meets the requirements of paragraphs A and B and both organizations together have operated continuously for 5 or more years.   [PL 1995, c. 375, Pt. C, §3 (NEW).]
[PL 1995, c. 375, Pt. C, §3 (NEW).]
SECTION HISTORY
PL 1995, c. 375, §C3 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 1: KINDS OF INSURANCE › 24-A §704-A. Health maintenance organization

§704-A. Health maintenance organization
For purposes of this Title, "health maintenance organization" is defined in section 4202‑A, subsection 10.   [PL 1993, c. 702, Pt. A, §9 (NEW).]
SECTION HISTORY
PL 1993, c. 702, §A9 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 1: KINDS OF INSURANCE › 24-A §705. "Property insurance" defined

§705. "Property insurance" defined
Property insurance is insurance on real or personal property of every kind and of every interest therein against loss or damage from any and all hazard or cause, and against loss consequential upon such loss or damage, other than noncontractual legal liability for any such loss or damage. Property insurance does not include title insurance, as defined in section 709.   [PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 1: KINDS OF INSURANCE › 24-A §706. "Bonds" defined

§706. "Bonds" defined
The definition of "bonds" includes:   [PL 1995, c. 329, §4 (AMD).]
1.
Fidelity insurance, which is insurance guaranteeing the honesty of persons holding positions of public or private trust;
[PL 1995, c. 329, §4 (AMD).]
2.
Surety insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings and contracts of suretyship; and
[PL 1995, c. 329, §4 (AMD).]
3.
Insurance indemnifying banks, bankers, brokers, financial or moneyed corporations or associations against loss, resulting from any cause, of bills of exchange, notes, bonds, securities, evidences of debt, deeds, mortgages, warehouse receipts or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, gems, precious and semiprecious stones, including any loss while the same are being transported in armored motor vehicles, or by messenger, but not including any other risks of transportation or navigation; also insurance against loss or damage to such an insured's premises or to the insured's furnishings, fixtures, equipment, safes and vaults therein, caused by burglary, robbery, theft, vandalism or malicious mischief, or any attempt thereat.
[RR 2021, c. 1, Pt. B, §187 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1995, c. 329, §4 (AMD). RR 2021, c. 1, Pt. B, §187 (COR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 1: KINDS OF INSURANCE › 24-A §709. "Title insurance" defined

§709. "Title insurance" defined
Title insurance is insurance of owners of property or others having an interest therein, or liens or encumbrances thereon, against loss by encumbrance, or defective titles, or invalidity, or adverse claim to title.   [PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 1: KINDS OF INSURANCE › 24-A §709-A. Financial guaranty insurance defined

§709-A. Financial guaranty insurance defined
The term "financial guaranty insurance" includes any insurance under which loss is payable upon proof of occurrence of any of the following events to the damage of an insured claimant or obligee:   [PL 1987, c. 707, §2 (NEW).]
1.
Failure of any obligor or obligors on any debt instrument or other monetary obligation, including common or preferred stock, to pay when due the principal, interest, dividend or purchase price of the instrument or obligation, whether the failure is the result of a financial default or insolvency and whether or not the obligation is incurred directly or as guarantor by, or on behalf of, another obligor which has also defaulted;
[PL 1987, c. 707, §2 (NEW).]
2.
Changes in the level of interest rates,whether short term or long term, or in the difference between interest rates existing in various markets;
[PL 1987, c. 707, §2 (NEW).]
3.
Changes in the rate of exchange of currency, or from the inconvertibility of one currency into another for any reason; or
[PL 1987, c. 707, §2 (NEW).]
4.
Changes in the value of specific assets, including the residual value of property at the termination of a lease.
[PL 1987, c. 707, §2 (NEW).]
SECTION HISTORY
PL 1987, c. 707, §2 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 1: KINDS OF INSURANCE › 24-A §710. "Multiple line" insurers (REPEALED)

§710. "Multiple line" insurers
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1991, c. 385, §8 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 2: LIMITS OF RISK › 24-A §721. Limits of risk

§721. Limits of risk
1.
No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in this State or elsewhere, in an amount exceeding 10% of its surplus to policyholders.
[PL 1969, c. 132, §1 (NEW).]
2.
A "subject of insurance" for the purposes of this section, as to insurance against fire and hazards other than windstorm, earthquake and other catastrophic hazards, includes all properties insured by the same insurer which are customarily considered by underwriters to be subject to loss or damage from the same fire or the same occurrence of any other hazard insured against.
[PL 1969, c. 132, §1 (NEW).]
3.
Reinsurance ceded as authorized by subchapter 3 must be deducted in determining risk retained. As to surety risks, deduction must be made of the amount assumed by any authorized cosurety and the value of any security deposited, pledged or held subject to the surety's consent and for the surety's protection.
[PL 2023, c. 405, Pt. A, §83 (AMD).]
4.
As to alien insurers, this section shall relate only to risks and surplus to policyholders of the insurer's United States branch.
[PL 1969, c. 132, §1 (NEW).]
5.
"Surplus to policyholders" for the purposes of this section, in addition to the insurer's capital and surplus, shall be deemed to include any voluntary reserves which are not required pursuant to law, and shall be determined from the last sworn statement of the insurer on file with the superintendent, or by the last report of examination of the insurer, whichever is the more recent at time of assumption of risk.
[PL 1973, c. 585, §12 (AMD).]
6.
This section shall not apply to life or health insurance, annuities, title insurance, insurance of wet marine and transportation risks, workers' compensation insurance, employers' liability coverages, nor to any policy or type of coverage as to which the maximum possible loss to the insurer is not readily ascertainable on issuance of the policy.
[PL 1987, c. 769, Pt. A, §89 (AMD).]
7.
Limits of risk as to newly formed domestic mutual insurers shall be as provided in section 3352.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1987, c. 769, §A89 (AMD). PL 2023, c. 405, Pt. A, §83 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 3: REINSURANCE › 24-A §731. Reinsurance (REPEALED)

§731. Reinsurance
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §15 (AMD). PL 1973, c. 585, §12 (AMD). PL 1985, c. 330, §§7-9 (AMD). PL 1989, c. 846, §§E1,4 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 3: REINSURANCE › 24-A §731-A. Acceptance of reinsurance

§731-A. Acceptance of reinsurance
An insurer may accept reinsurance only of such kinds of risks, and retain risk thereon within such limits, as the insurer is otherwise authorized to insure.   [PL 1989, c. 846, Pt. E, §2 (NEW); PL 1989, c. 846, Pt. E, §4 (AFF).]
SECTION HISTORY
PL 1989, c. 846, §§E2,4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 3: REINSURANCE › 24-A §731-C. Bulk reinsurance

§731-C. Bulk reinsurance
The cession of bulk reinsurance by a domestic insurer is subject to section 3483.   [PL 1989, c. 846, Pt. E, §2 (NEW); PL 1989, c. 846, Pt. E, §4 (AFF).]
SECTION HISTORY
PL 1989, c. 846, §§E2,4 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 3: REINSURANCE › 24-A §731-D. Notification of reinsurance changes

§731-D. Notification of reinsurance changes
The superintendent may by rule or order require an insurer to promptly inform the superintendent in writing of the cancellation or any other material change of any of the insurer's reinsurance treaties or arrangements. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.   [PL 2013, c. 238, Pt. B, §9 (AMD).]
SECTION HISTORY
PL 1989, c. 846, Pt. E, §2 (NEW). PL 1989, c. 846, Pt. E, §4 (AFF). PL 2013, c. 238, Pt. B, §9 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 3: REINSURANCE › 24-A §731-E. Reinsurance concentration risk

§731-E. Reinsurance concentration risk
1.  Reinsurance claim exposure.
An insurer shall manage its reinsurance recoverables proportionate to its own book of business. A domestic insurer shall notify the superintendent within 30 days after reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, exceed 50% of the insurer's last reported surplus to policyholders or after it is determined that reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, are likely to exceed this limit.
[PL 2013, c. 238, Pt. B, §10 (NEW).]
2.  Diversification.
An insurer shall diversify its reinsurance program to the extent reasonably necessary to avoid imprudent concentrations of risk. A domestic insurer shall notify the superintendent within 30 days after ceding to any single assuming insurer, or group of affiliated assuming insurers, more than 20% of the insurer's gross written premium in the prior calendar year or after the insurer has determined that the reinsurance ceded to any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit.
[PL 2013, c. 238, Pt. B, §10 (NEW).]
3.  Risk management.
A notice provided by an insurer under subsection 1 or 2 must include a demonstration that the insurer is safely managing the exposure.
[PL 2013, c. 238, Pt. B, §10 (NEW).]
SECTION HISTORY
PL 2013, c. 238, Pt. B, §10 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 9: KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE › Subchapter 3: REINSURANCE › 24-A §732. Deposits and funds withheld under reinsurance treaties

§732. Deposits and funds withheld under reinsurance treaties
Any ceding insurer must report in its annual statement all funds withheld and deposit funds established pursuant to contracts of ceded reinsurance. Ceding insurers must report this and related information as required by reporting rules established by the National Association of Insurance Commissioners.   [PL 1991, c. 828, §19 (NEW).]
SECTION HISTORY
PL 1991, c. 828, §19 (NEW).