reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1127. Leased property and noncorporate obligations

§1127. Leased property and noncorporate obligations
1.
An insurer may invest in personal or real property owned either by the insurer, or a trustee, while under lease to a lessee able to meet any one of the earnings tests provided by section 1109.
[PL 1979, c. 458, §11 (NEW).]
2.
In addition to investments otherwise permitted under this chapter, an insurer may invest in obligations, other than those of institutions as defined in section 1110, subsection 1‑A, paragraph H, which are secured by:
A. An assignment of a right to receive rental, charter, hire, purchase or other payments for the use or purchase of real or personal property adequate to return the investments and payable or guaranteed by one or more governmental units or instrumentalities, whose obligations would qualify for investment under section 1107 or section 1108, or by one or more institutions whose obligations would qualify for investment under section 1109. The aggregate amount of investments made or acquired under this subsection may not exceed 2% of an insurer's total admitted assets; and   [PL 2001, c. 471, Pt. B, §13 (AMD).]
B. A mortgage or a security interest in that real or personal property.   [PL 1979, c. 458, §11 (NEW).]
[PL 2001, c. 471, Pt. B, §13 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1979, c. 458, §11 (RPR). PL 2001, c. 471, §B13 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1128. Special investments; separate accounts (REPEALED)

§1128. Special investments; separate accounts
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 560, §1 (RPR). PL 1973, c. 585, §12 (AMD). PL 1987, c. 399, §10 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1129. Special investments of title insurers

§1129. Special investments of title insurers
1.
A title insurer may also have invested funds in an amount not exceeding 50% of its paid-in capital stock and its surplus, in its abstract plant and equipment and in stocks of abstract companies.
[PL 1969, c. 132, §1 (NEW).]
2.
Investments authorized under subsection 1 shall not be credited against required reserves.
[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 13: INVESTMENTS › 24-A §1130. Investments in foreign countries

§1130. Investments in foreign countries
1.
An insurer authorized to transact insurance in a foreign country or which has outstanding insurance or reinsurance contracts on risks resident or located in a foreign country may invest in or otherwise acquire or loan upon securities and investments in such foreign country which are substantially of the same kinds, classes and investment grades as those eligible for investment under other sections of this chapter; but the aggregate amount of such investments in a foreign country and of cash in the currency of such country shall not, except as to Canadian investments otherwise authorized under this chapter, exceed 1 1/2 times the amount of its reserves and other obligations under such contracts or the amount which the insurer is required by law to invest in such country, whichever is the greater.
[PL 1987, c. 399, §11 (AMD).]
2.
In addition to the foreign investments otherwise permitted under this chapter, an insurer may invest in or otherwise acquire or loan upon securities and investments in foreign countries which are substantially of the same kinds, classes and investment grades as those otherwise eligible for investment under this chapter; but the aggregate amount of such investments under this subsection shall not exceed 1% of the insurer's assets.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1987, c. 399, §11 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1131. Miscellaneous investments

§1131. Miscellaneous investments
1.
An insurer may make loans or investments, not otherwise eligible, qualified or expressly permitted under this chapter, in an aggregate amount not over 10% of the insurer's assets and not over 1% of those assets as to any one such loan or investment. The investment limitations contained in this chapter, qualitative or quantitative or otherwise, shall not apply to loans or investments under this section, provided that all loans or investments made or acquired under this section shall meet the following requirements.
A. The loan or investment must fulfill the requirements of section 1103 and otherwise qualify as a sound investment.   [PL 2001, c. 72, §12 (AMD).]
B. No such loan or investment may be represented by:
(1) Any asset determined to be nonadmitted pursuant to section 901‑A or rules adopted under that section;
(2) Any loan or investment expressly prohibited under section 1136; or
(3) Agents' balances, or amounts advanced to or owing by agents, except as to mortgage loans and collateral loans to those agents otherwise authorized under this chapter.   [PL 2001, c. 72, §12 (AMD).]
C. No loan or investment may cause the insurer to exceed the specific diversification requirements enumerated in section 1106.   [PL 1987, c. 399, §12 (RPR).]
[PL 2001, c. 72, §12 (AMD).]
2.
The insurer shall keep a separate record of all loans and investments made under this section. Any such loan or investment that subsequent to the date of making or acquisition thereof has attained the standard of eligibility and qualifies under any other section of this chapter may thereupon be deemed to have been made or acquired under and in compliance with that section and shall no longer be considered to have been made or acquired under this section.
[PL 1979, c. 458, §12 (RPR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1979, c. 458, §12 (RPR). PL 1983, c. 759, §3 (AMD). PL 1987, c. 399, §12 (AMD). PL 2001, c. 72, §12 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1132. Conversion and incidental rights

§1132. Conversion and incidental rights
Nothing in this chapter shall be deemed to prohibit an insurer from making an investment otherwise authorized under this chapter, because the investment is convertible into other securities in which the insurer is not permitted to invest under this chapter, or because the insurer receives in connection with such investment stock warrants, whether or not detachable, stock options, stock, property interests or other assets of any kind. Anything so received by the insurer and in which the insurer is otherwise not authorized to invest shall be carried on its books at no value.   [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 13: INVESTMENTS › 24-A §1133. Time limit for disposal of real estate

§1133. Time limit for disposal of real estate
1.
Except as stated in subsection 2, or unless the insurer elects to hold the real estate as an investment under section 1125, subsection 1, paragraph G:
A. An insurer shall dispose of real estate acquired under section 1125, subsection 1, paragraph A, within 5 years after it has ceased to be necessary for the convenient accommodation of the insurer in the transaction of its business.   [PL 1969, c. 132, §1 (NEW).]
B. An insurer shall dispose of real estate acquired under section 1125, subsection 1, paragraphs B, C or E, within 5 years after the date of acquisition, unless used or to be used for the insurer's accommodation under section 1125, subsection 1, paragraph A.   [PL 1969, c. 132, §1 (NEW).]
[PL 1969, c. 132, §1 (NEW).]
2.
Upon proof satisfactory to the superintendent that the interests of the insurer will suffer materially by the forced sale thereof, the superintendent may by order grant a reasonable extension of the period, as specified in such order, within which the insurer shall dispose of any particular parcel of such real estate.
[RR 2021, c. 1, Pt. B, §189 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §189 (COR).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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 paragraphs:
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 must 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 paragraphs of 50% of the insurer's assets.
[PL 2023, c. 59, §3 (AMD).]
2.  Counter-party 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 2023, c. 59, §3 (AMD).]
3.  Other investment limitations.
Other investment limitations are as provided in particular sections of this chapter.
[PL 2023, c. 59, §3 (AMD).]
SECTION HISTORY
PL 1987, c. 399, §14 (NEW). PL 1999, c. 715, §11 (AMD). PL 2001, c. 524, §3 (AMD). PL 2023, c. 59, §3 (AMD).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 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).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 15: ADMINISTRATION OF DEPOSITS › 24-A §1262. Deficiency of deposit

§1262. Deficiency of deposit
If for any reason the market value of securities of an insurer held on deposit in this State as required under this Title falls below the required amount, the insurer shall promptly deposit other or additional assets eligible for deposit sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 20 days after receipt of notice thereof by registered mail from the superintendent, the superintendent shall forthwith revoke the insurer's certificate of authority.   [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 15: ADMINISTRATION OF DEPOSITS › 24-A §1263. Duration and release of deposit, in general

§1263. Duration and release of deposit, in general
1.
Every deposit made in this State by an insurer pursuant to this Title shall be held as long as there is outstanding any liability of the insurer as to which the deposit was so required; or, if a deposit required under the retaliatory provision, section 428, the deposit shall be held for so long as the basis of such retaliation exists.
[PL 1969, c. 132, §1 (NEW).]
2.
Upon the request of a domestic insurer, the superintendent shall return to the insurer the whole or any portion of the assets and securities of the insurer held on deposit when the superintendent is satisfied that the securities so to be returned are subject to no liability and are not required to be longer held by any provision of law or the purposes of the original deposit. If the insurer has reinsured all its outstanding risks in another insurer or insurers authorized to transact insurance in this State, and if so provided in the reinsurance agreement, the superintendent shall deliver such securities to such insurer or insurers so assuming such risks, upon proof to the superintendent's satisfaction:
A. That the assuming insurer has assumed and agreed to discharge all liabilities of every kind due and to become due that the deposit was to secure;   [RR 2021, c. 1, Pt. B, §199 (COR).]
B. That the assuming insurer has on deposit in this State or with a State official in the United States, securities in an amount and value not less than the deposit required of the reinsured insurer and that will subsist for the security of the obligations of the reinsured insurer so assumed; and   [RR 2021, c. 1, Pt. B, §199 (COR).]
C. That such assets and securities have been duly assigned, transferred and set over to such assuming insurer or insurers.   [PL 1969, c. 132, §1 (NEW).]
[RR 2021, c. 1, Pt. B, §199 (COR).]
3.
The superintendent shall return to a foreign insurer any deposit made in this State by the insurer, when the insurer has ceased transacting insurance in this State, or in the United States, and the insurer is not subject to any liability in this State on account of which the deposit was held.
[PL 1973, c. 585, §12 (AMD).]
4.
If the insurer is subject to delinquency proceedings as defined in section 4353 upon the order of a court of competent jurisdiction the superintendent shall yield the insurer's assets held on deposit to the receiver, conservator, rehabilitator or liquidator of the insurer, or to any other properly designated official or officials who succeed to the management and control of the insurer's assets.
[PL 1973, c. 585, §12 (AMD).]
5.
A release of deposited assets may not be made except upon application to and the written order of the superintendent. The superintendent may have no personal liability for any release of any such deposit or part thereof so made by the superintendent in good faith.
[RR 2021, c. 1, Pt. B, §200 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §§199, 200 (COR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 16: PRODUCERS, ADJUSTERS AND CONSULTANTS › Subchapter 1: SCOPE OF CHAPTER AND DEFINITIONS › 24-A §1401. Scope of chapter

§1401. Scope of chapter
1.  Producers, consultants and adjusters.
This chapter governs the qualifications, licensing and general requirements for producers, consultants and adjusters as to any and all kinds of insurance and types of insurers, nonprofit hospital or medical service organizations, health maintenance organizations, fraternal benefit societies, viatical settlement providers and risk retention groups, except reinsurers.
[PL 2001, c. 259, §2 (AMD).]
2.  Agents and brokers.
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF); MRSA T. 24-A §1401, sub-§2 (RP).]
SECTION HISTORY
PL 1997, c. 457, §23 (NEW). PL 1997, c. 457, §55 (AFF). PL 2001, c. 259, §2 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 16: PRODUCERS, ADJUSTERS AND CONSULTANTS › Subchapter 2: GENERAL LICENSING REQUIREMENTS FOR PRODUCERS, ADJUSTERS, CONSULTANTS AND BUSINESS ENTITIES › 24-A §1411. License required

§1411. License required
1.  Producer.
A person may not act as or purport to be an insurance producer or limited insurance producer or engage in producer activities with respect to insurance risks resident, located or to be performed in this State or elsewhere for any kind or kinds of insurance unless licensed for such a kind or kinds in accordance with subchapter II‑A.
[PL 2001, c. 259, §12 (AMD).]
2.  Consultant; adjuster.
A person may not act as or purport to be a consultant with respect to insurance risks resident, located or to be performed in this State or elsewhere unless licensed as a consultant under this chapter. A person may not act as or purport to be an adjuster unless licensed as an adjuster under this chapter, except as provided in section 1475.
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
3.  Insurance business.
A person may not for a fee or commission engage in the business of offering any advice, counsel, opinion or similar service with respect to the benefits, advantages or disadvantages under any policy of insurance that is issued in this State unless that person is:
A. Engaged or employed as an attorney licensed in this State to practice law;   [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
B. A licensed insurance producer offering advice concerning a kind of insurance for which the insurance producer is licensed to transact business and does not receive a separate fee for rendering such advice other than commissions or fees for the sale of an insurance or annuity policy, except that this paragraph does not apply to a licensed insurance producer who is also authorized to act as or on behalf of an investment advisor pursuant to section 1402, subsection 4, paragraph D, subparagraph (6);   [PL 1999, c. 225, §3 (AMD).]
C. An actuary or a certified public accountant engaged or employed in a consulting capacity, performing duties incidental to that position;   [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
D. A licensed adjuster acting within the scope of the license; or   [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
E. A licensed insurance consultant acting within the scope of the license.   [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
[PL 1999, c. 225, §3 (AMD).]
4.  Liability.
A licensee is personally liable under any insurance contract made by or through the licensee that is outside the scope of the license authority. An insurance contract issued on an application solicited, received or forwarded by an unlicensed person and otherwise valid is not thereby rendered invalid.
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
SECTION HISTORY
PL 1997, c. 457, §23 (NEW). PL 1997, c. 457, §55 (AFF). PL 1999, c. 225, §3 (AMD). PL 2001, c. 259, §12 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 16: PRODUCERS, ADJUSTERS AND CONSULTANTS › Subchapter 2: GENERAL LICENSING REQUIREMENTS FOR PRODUCERS, ADJUSTERS, CONSULTANTS AND BUSINESS ENTITIES › 24-A §1412. Prohibited activities

§1412. Prohibited activities
1.  License revocation.
A person whose license as an insurance producer, consultant or adjuster has been revoked, suspended, denied for cause or voluntarily surrendered to avoid prosecution in this State may not participate in any manner in the conduct of an insurance business entity, whether an agency or insurance brokerage or consulting or adjusting business.
[PL 2001, c. 259, §13 (AMD).]
2.  Compensation.
A person whose license as an insurance producer, consultant or adjuster has been revoked, suspended, denied for cause or voluntarily surrendered to avoid prosecution may not derive any compensation, by whatever name called, based on the operation of the insurance business entity in which the person was engaged or employed prior to the revocation, suspension, denial or surrender of license. This subsection does not prohibit a person from receiving compensation for activities that the person engaged in prior to any loss of license referred to in this section, nor does it prohibit any person from divesting an interest in an insurance company or agency for value.
[PL 2001, c. 259, §13 (AMD).]
3.  Relicensure.
Nothing in this section prohibits any rights a person may have to seek relicensure under section 1418.
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
4.  Violations.
Any person violating this section is guilty of a Class E crime and may be punished upon conviction, by a fine of not less than $100 nor more than $1,000, or by imprisonment for not more than 6 months, or by both.
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
SECTION HISTORY
PL 1997, c. 457, §23 (NEW). PL 1997, c. 457, §55 (AFF). PL 2001, c. 259, §13 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 16: PRODUCERS, ADJUSTERS AND CONSULTANTS › Subchapter 2: GENERAL LICENSING REQUIREMENTS FOR PRODUCERS, ADJUSTERS, CONSULTANTS AND BUSINESS ENTITIES › 24-A §1414. Trade names

§1414. Trade names
A licensee doing business under any name other than the licensee's legal name is required to notify the superintendent prior to using the trade name.   [PL 2001, c. 259, §15 (RPR).]
SECTION HISTORY
PL 1997, c. 457, §23 (NEW). PL 1997, c. 457, §55 (AFF). PL 2001, c. 259, §15 (RPR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 16: PRODUCERS, ADJUSTERS AND CONSULTANTS › Subchapter 2: GENERAL LICENSING REQUIREMENTS FOR PRODUCERS, ADJUSTERS, CONSULTANTS AND BUSINESS ENTITIES › 24-A §1415. License authorities

§1415. License authorities
1.  Producer authorities.
An individual resident or nonresident insurance producer may receive any of the full license authorities pursuant to section 1420‑F, subsection 1, paragraphs A to F and surplus lines authority in accordance with chapter 19.
A. [PL 2001, c. 259, §16 (RP).]
B. [PL 2001, c. 259, §16 (RP).]
C. [PL 2001, c. 259, §16 (RP).]
D. [PL 2001, c. 259, §16 (RP).]
E. [PL 2001, c. 259, §16 (RP).]
[PL 2011, c. 238, Pt. H, §4 (AMD).]
2.  Consultant categories.
A resident or nonresident consultant may receive the following authorities under the license:
A. Property and casualty; or   [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
B. Life and health.   [PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
3.  Adjuster authorities.
A resident or nonresident adjuster may receive the following authorities under the license:
A. Property and casualty insurance adjuster;   [PL 2017, c. 152, §4 (AMD); PL 2017, c. 152, §5 (AFF).]
B. Multiple peril crop insurance adjuster; and   [PL 2017, c. 152, §4 (AMD); PL 2017, c. 152, §5 (AFF).]
C. Workers' compensation insurance adjuster.   [PL 2017, c. 152, §4 (NEW); PL 2017, c. 152, §5 (AFF).]
[PL 2017, c. 152, §4 (AMD); PL 2017, c. 152, §5 (AFF).]
SECTION HISTORY
PL 1997, c. 457, §23 (NEW). PL 1997, c. 457, §55 (AFF). PL 1997, c. 592, §21 (AMD). PL 2001, c. 259, §16 (AMD). PL 2009, c. 511, Pt. C, §5 (AMD). PL 2011, c. 238, Pt. H, §4 (AMD). PL 2017, c. 152, §4 (AMD). PL 2017, c. 152, §5 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 16: PRODUCERS, ADJUSTERS AND CONSULTANTS › Subchapter 2: GENERAL LICENSING REQUIREMENTS FOR PRODUCERS, ADJUSTERS, CONSULTANTS AND BUSINESS ENTITIES › 24-A §1416. Limited insurance licenses

§1416. Limited insurance licenses
1.  Limited license.
The superintendent may issue to an applicant qualified under this chapter a limited insurance producer license, in the areas of authority listed as such in section 1420‑F.
[PL 2001, c. 259, §17 (AMD).]
2.  Fee.
The fee for a limited insurance producer license is specified in section 601.
[PL 1997, c. 457, §23 (NEW); PL 1997, c. 457, §55 (AFF).]
SECTION HISTORY
PL 1997, c. 457, §23 (NEW). PL 1997, c. 457, §55 (AFF). PL 2001, c. 259, §17 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 16: PRODUCERS, ADJUSTERS AND CONSULTANTS › Subchapter 2: GENERAL LICENSING REQUIREMENTS FOR PRODUCERS, ADJUSTERS, CONSULTANTS AND BUSINESS ENTITIES › 24-A §1416-A. License continuation or termination

§1416-A. License continuation or termination
1.  License for indefinite term.
Each license issued under this chapter continues in force continuously, unless suspended, revoked or otherwise terminated by the superintendent, as long as any applicable fee set forth in section 601 is paid and education requirements for resident licensees are met by the due date.
[PL 2001, c. 259, §18 (NEW).]
2.  Biennial license continuation fees.
Each nonresident adjuster and consultant must be billed by the superintendent a biennial fee as provided in section 601 and shall pay the fee due by January 1st of even-numbered years. Each nonresident business entity must be billed by the superintendent a biennial fee as provided in section 601 and shall pay the fee due by April 1st of odd-numbered years. Each resident adjuster must be billed by the superintendent a biennial fee as provided in section 601 and shall pay the fee due by October 1st of even-numbered years. Each resident consultant must be billed by the superintendent a biennial fee as provided in section 601 and shall pay the fee due by the date the completion of the consultant's biennial education requirements is due in accordance with section 1482. Each resident business entity must be billed by the superintendent a biennial fee as provided in section 601 and shall pay the fee due by December 1st of even-numbered years.
[PL 2015, c. 49, §1 (AMD).]
3.  Suspension or revocation.
Failure to pay the required fees by a licensee within 90 days from the due date results in suspension or revocation of the license pursuant to section 1417, for violating the insurance laws pursuant to section 1420‑K, subsection 1, paragraph B.
[PL 2001, c. 259, §18 (NEW).]
SECTION HISTORY
PL 2001, c. 259, §18 (NEW). PL 2005, c. 43, §1 (AMD). PL 2015, c. 49, §1 (AMD).