reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 1: ASSETS › 24-A §901-A. Statutory accounting principles; reserves

§901-A. Statutory accounting principles; reserves
1.  Principles; admitted assets.
In evaluating the financial condition of an insurer, the superintendent shall determine which assets may be recognized as admitted assets and shall value the insurer's admitted assets and the insurer's liabilities:
A. In accordance with recognized statutory accounting principles as codified by the National Association of Insurance Commissioners or its successor organization and reflected in the association's accounting practices and procedures manual and valuation of securities manual and their successor publications; and   [PL 2001, c. 524, §1 (NEW).]
B. In accordance with any additional accounting practices permitted by the superintendent upon the request of the insurer.   [PL 2001, c. 524, §1 (NEW).]
[PL 2001, c. 524, §1 (RPR).]
2.  Reserve required.
If the superintendent finds, in view of the character of investments held by a domestic insurer, that it would be prudent for the insurer to establish a special reserve for possible losses or fluctuations in the value of its investments, including realty holdings acquired by mortgage loan default, the superintendent may permit or require the insurer to establish such a reserve, reasonable in amount, and may require that the reserve be maintained and reported in any statement or report of the financial condition of the insurer.
[PL 2001, c. 72, §7 (NEW).]
3.  Rules.
The superintendent may adopt rules to implement the purposes of this section. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A.
[PL 2001, c. 72, §7 (NEW).]
SECTION HISTORY
PL 2001, c. 72, §7 (NEW). PL 2001, c. 524, §1 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 1: ASSETS › 24-A §902. Assets not allowed (REPEALED)

§902. Assets not allowed
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1987, c. 399, §2 (AMD). PL 2001, c. 72, §8 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2: LIABILITIES › 24-A §921. Liabilities, in general (REPEALED)

§921. Liabilities, in general
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1977, c. 432, §1 (AMD). PL 2001, c. 72, §9 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2: LIABILITIES › 24-A §922. Disallowance of "wash" transactions (REPEALED)

§922. Disallowance of "wash" transactions
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 2001, c. 72, §9 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2: LIABILITIES › 24-A §923. Unearned premium reserve (REPEALED)

§923. Unearned premium reserve
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 2001, c. 72, §9 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2: LIABILITIES › 24-A §924. Unearned premium reserve for marine and transportation insurance (REPEALED)

§924. Unearned premium reserve for marine and transportation insurance
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 2001, c. 72, §9 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2: LIABILITIES › 24-A §925. Health insurance policy reserves (REPEALED)

§925. Health insurance policy reserves
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 124 (AMD). PL 1973, c. 585, §12 (AMD). PL 1979, c. 453, §1 (RPR). PL 1979, c. 663, §§140,141 (AMD). PL 2001, c. 72, §9 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2: LIABILITIES › 24-A §926. Title insurance reserves (REPEALED)

§926. Title insurance reserves
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 2001, c. 72, §9 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2: LIABILITIES › 24-A §927. Mortgage guaranty contingency reserve (REPEALED)

§927. Mortgage guaranty contingency reserve
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §16 (AMD). PL 1973, c. 585, §12 (AMD). PL 1981, c. 501, §43 (AMD). PL 2001, c. 72, §9 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2-A: PROPERTY CASUALTY INSURANCE RESERVES › 24-A §941. Definitions (REPEALED)

§941. Definitions
(REPEALED)
SECTION HISTORY
PL 1991, c. 128 (NEW). PL 2007, c. 281, §1 (RP). PL 2007, c. 281, §3 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2-A: PROPERTY CASUALTY INSURANCE RESERVES › 24-A §942. Property and casualty insurance reserves; required annual certifications (REPEALED)

§942. Property and casualty insurance reserves; required annual certifications
(REPEALED)
SECTION HISTORY
PL 1991, c. 128 (NEW). PL 2007, c. 281, §1 (RP). PL 2007, c. 281, §3 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2-A: PROPERTY CASUALTY INSURANCE RESERVES › 24-A §943. Statement of certifying actuary (REPEALED)

§943. Statement of certifying actuary
(REPEALED)
SECTION HISTORY
PL 1991, c. 128 (NEW). PL 2007, c. 281, §1 (RP). PL 2007, c. 281, §3 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2-A: PROPERTY CASUALTY INSURANCE RESERVES › 24-A §944. Exceptions (REPEALED)

§944. Exceptions
(REPEALED)
SECTION HISTORY
PL 1991, c. 128 (NEW). PL 1999, c. 113, §22 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2-A: PROPERTY CASUALTY INSURANCE RESERVES › 24-A §945. Transition period (REPEALED)

§945. Transition period
(REPEALED)
SECTION HISTORY
PL 1991, c. 128 (NEW). PL 2007, c. 281, §1 (RP). PL 2007, c. 281, §3 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2-A: PROPERTY CASUALTY INSURANCE RESERVES › 24-A §946. Required notice (REPEALED)

§946. Required notice
(REPEALED)
SECTION HISTORY
PL 1991, c. 128 (NEW). PL 2007, c. 281, §1 (RP). PL 2007, c. 281, §3 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 2-A: PROPERTY CASUALTY INSURANCE RESERVES › 24-A §947. Rules authorized (REPEALED)

§947. Rules authorized
(REPEALED)
SECTION HISTORY
PL 1991, c. 128 (NEW). PL 2007, c. 281, §1 (RP). PL 2007, c. 281, §3 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 3: LIFE INSURANCE RESERVES › 24-A §951. Short title

§951. Short title
This subchapter may be known and cited as "the Standard Valuation Law."   [PL 2013, c. 238, Pt. C, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1983, c. 346, §1 (AMD). PL 2013, c. 238, Pt. C, §1 (RPR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 3: LIFE INSURANCE RESERVES › 24-A §952. Calculation of reserve liabilities

§952. Calculation of reserve liabilities
1.
The superintendent shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurer transacting business in this State in accordance with this subchapter, except that in the case of an alien insurer, such valuation must be limited to its United States business; and may certify the amount of any such reserves, specifying the mortality table or tables, rate or rates of interest and methods, net level premium method or other, used in the calculation of such reserves. In calculating such reserves, the superintendent may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required of any foreign or alien insurer, the superintendent may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when such valuation complies with the minimum standard herein provided. For policies and contracts issued before the operative date of the valuation manual or not addressed by the valuation manual, reserves must be determined according to sections 953 to 958‑A. For policies and contracts issued after the operative date of the valuation manual, reserves must be determined according to sections 959 and 960 and as specified by the valuation manual.
[PL 2013, c. 238, Pt. C, §3 (AMD).]
2.
Any such insurer which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard herein provided may, with the approval of the superintendent, adopt any lower standard of valuation, but not lower than the minimum herein provided.
[PL 1973, c. 585, §12 (AMD).]
3.
Beginning on the operative date of the valuation manual, a life or health insurer and a casualty or multiple lines insurer transacting health insurance shall comply with the applicable requirements of this subchapter if the insurer is required to hold a certificate of authority to write one or more subject lines of insurance in this State or if the insurer has written, issued or reinsured contracts of one or more subject lines of insurance in this State and has at least one such policy in force or on claim.
[PL 2013, c. 238, Pt. C, §4 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 2013, c. 238, Pt. C, §§3, 4 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 3: LIFE INSURANCE RESERVES › 24-A §952-B. Applicability of reserving methodologies

§952-B. Applicability of reserving methodologies
Sections 953 to 958‑A do not apply to a policy or contract that is issued on or after the operative date of the valuation manual and is subject to section 959, unless those sections are made applicable by reference in whole or part in the valuation manual.   [PL 2013, c. 238, Pt. C, §6 (NEW).]
SECTION HISTORY
PL 2013, c. 238, Pt. C, §6 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 3: LIFE INSURANCE RESERVES › 24-A §955. Minimum reserves

§955. Minimum reserves
1.  Minimum aggregate reserves for life insurance policies.
An insurer's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, that are subject to section 953, subsection 2 may not be less than the aggregate reserves calculated in accordance with the method set forth in sections 954 and 957‑A and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for these policies.
[PL 1993, c. 634, Pt. B, §2 (NEW).]
2.  Minimum aggregate reserves for all policies.
The aggregate reserves for all policies, contracts and benefits may not be less than the aggregate reserves determined necessary by the appointed actuary in the opinion required by section 952‑A.
[PL 2013, c. 238, Pt. C, §7 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1983, c. 346, §6 (AMD). PL 1993, c. 634, Pt. B, §2 (RPR). PL 2013, c. 238, Pt. C, §7 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 3: LIFE INSURANCE RESERVES › 24-A §956. Optional reserve calculation

§956. Optional reserve calculation
1.  Reserve calculation.
Reserves for any category of policies, contracts or benefits as established by the superintendent that are subject to section 953, subsection 2, may be calculated at the option of the insurer according to any standards that produce greater aggregate reserves for that category than those calculated according to the minimum standard provided in section 955, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, may not be higher than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided.
[PL 1993, c. 634, Pt. B, §3 (NEW).]
2.  Lower standard of valuation.
Any insurer that adopts any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in section 955 may adopt, with the approval of the superintendent, any lower standards of valuation, but not lower than the minimum required, except that for the purposes of this section the holding of additional reserves previously determined necessary by the appointed actuary in the opinion required by section 952‑A may not be determined to be the adoption of a higher standard of valuation.
[PL 2013, c. 238, Pt. C, §8 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1979, c. 453, §6 (AMD). PL 1993, c. 634, Pt. B, §3 (RPR). PL 2013, c. 238, Pt. C, §8 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 3: LIFE INSURANCE RESERVES › 24-A §957. Deficiency reserve

§957. Deficiency reserve
If the gross premium charged by any life insurer on any policy or contract which is subject to section 953, subsection 2, is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon, but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for that policy or contract shall be the greater of either the reserve calculated according to the mortality table, rate of interest and method actually used for that policy or contract, or the reserve calculated by the method actually used for that policy or contract, but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section are those standards stated in sections 953 and 953‑A.   [PL 1983, c. 346, §7 (AMD).]
For any life insurance policy issued on or after January 1, 1987, for which the gross premium in the first policy year exceeds that of the 2nd year and for which no comparable additional benefit is provided in the first year for that excess and that provides an endowment benefit or a cash surrender value or a combination thereof in an amount greater than that excess premium, the foregoing provisions of this section must be applied as if the method actually used in calculating the reserve for that policy were the method described in section 954, ignoring the 2nd paragraph of section 954. The minimum reserve at each policy anniversary of such a policy is the greater of the minimum reserve calculated in accordance with section 954, including the 2nd paragraph of that section, and the minimum reserve calculated in accordance with this section.   [PL 2011, c. 420, Pt. A, §22 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1979, c. 453, §7 (RPR). PL 1983, c. 346, §7 (AMD). PL 2011, c. 420, Pt. A, §22 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 3: LIFE INSURANCE RESERVES › 24-A §957-A. Superintendent's authority to approve certain plans

§957-A. Superintendent's authority to approve certain plans
1.
In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance or annuity which is of such a nature that the minimum reserves cannot be determined by the methods described in sections 954 and 957, the reserves which are held under any plan of that type must:
A. Be appropriate in relation to the benefits and the pattern of premiums for that plan; and   [PL 1983, c. 346, §8 (NEW).]
B. Be computed by a method which is consistent with the principles of this Standard Valuation Law,   [PL 1983, c. 346, §8 (NEW).]
as determined by regulations promulgated by the superintendent.
[PL 1983, c. 346, §8 (NEW).]
SECTION HISTORY
PL 1983, c. 346, §8 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 3: LIFE INSURANCE RESERVES › 24-A §958. Interest rates

§958. Interest rates
All changes in the interest rates specified in this subchapter and in sections 2528 to 2534, which were made by the Amendatory Acts of 1979, shall become ineffective as to contracts or policies issued on or after November 1, 1987, unless expressly extended by law.   [PL 1979, c. 453, §8 (NEW).]
SECTION HISTORY
PL 1979, c. 453, §8 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 3: LIFE INSURANCE RESERVES › 24-A §958-A. Interest rates extended

§958-A. Interest rates extended
Notwithstanding section 958, the changes in the interest rates for life insurance specified in this subchapter and in sections 2528 to 2534, which were made by the Amendatory Acts of 1979, shall continue to apply to life insurance policies issued on or after January 1, 1980 and prior to the operative date of the Standard Nonforfeiture Law for Life Insurance, section 2532‑A.   [PL 1983, c. 346, §9 (NEW).]
SECTION HISTORY
PL 1983, c. 346, §9 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 3: LIFE INSURANCE RESERVES › 24-A §961. Experience reporting

§961. Experience reporting
For all policies and contracts in force on or after the operative date of the valuation manual, an insurer shall submit mortality, morbidity, policyholder behavior and expense experience data, as applicable, and other data as prescribed in the valuation manual.   [PL 2013, c. 238, Pt. C, §9 (NEW).]
SECTION HISTORY
PL 2013, c. 238, Pt. C, §9 (NEW).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 4: VALUATION OF ASSETS › 24-A §981. Valuation of bonds (REPEALED)

§981. Valuation of bonds
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 1991, c. 828, §22 (AMD). PL 1993, c. 313, §19 (AMD). PL 2001, c. 72, §10 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 4: VALUATION OF ASSETS › 24-A §982. Valuation of other securities (REPEALED)

§982. Valuation of other securities
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1971, c. 622, §§78-A (AMD). PL 1973, c. 585, §12 (AMD). PL 1977, c. 432, §2 (AMD). PL 1993, c. 313, §20 (AMD). PL 2001, c. 72, §10 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 4: VALUATION OF ASSETS › 24-A §983. Valuation of property (REPEALED)

§983. Valuation of property
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). PL 2001, c. 72, §10 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 4: VALUATION OF ASSETS › 24-A §984. Valuation of purchase money mortgages (REPEALED)

§984. Valuation of purchase money mortgages
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 2001, c. 72, §10 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 5: PROPERTY AND CASUALTY ACTUARIAL OPINION › 24-A §991. Short title

§991. Short title
This Act may be known and cited as "the Property and Casualty Actuarial Opinion Act."   [PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
SECTION HISTORY
PL 2007, c. 281, §2 (NEW). PL 2007, c. 281, §3 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 5: PROPERTY AND CASUALTY ACTUARIAL OPINION › 24-A §992. Definitions

§992. Definitions
As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.   [PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
1.  Covered kinds of insurance.
"Covered kinds of insurance" means property insurance as defined in section 705 and casualty insurance as defined in section 707 and does not include health insurance as defined in section 704, unless required by the applicable NAIC annual statement instructions to be included in the property and casualty actuarial opinion of a casualty insurer or multiple lines insurer, or property insurance written by domestic mutual assessment insurers pursuant to chapter 51.
A. [PL 2013, c. 238, Pt. C, §10 (RP).]
B. [PL 2013, c. 238, Pt. C, §10 (RP).]
[PL 2013, c. 238, Pt. C, §10 (RPR).]
2.  NAIC.
[PL 2021, c. 521, §27 (RP).]
3.  Qualified actuary.
"Qualified actuary" means a person who is a member of the American Academy of Actuaries who has obtained a designation either as a fellow or an associate in the Casualty Actuarial Society and, if an associate, has at least 5 years' experience in actuarial practice obtained in the covered kinds of insurance.
[PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
SECTION HISTORY
PL 2007, c. 281, §2 (NEW). PL 2007, c. 281, §3 (AFF). PL 2013, c. 238, Pt. C, §10 (AMD). PL 2021, c. 521, §27 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 11: ASSETS AND LIABILITIES › Subchapter 5: PROPERTY AND CASUALTY ACTUARIAL OPINION › 24-A §993. Actuarial opinion of reserves and supporting documentation

§993. Actuarial opinion of reserves and supporting documentation
1.  Statement of actuarial opinion.
Every property and casualty insurance company doing business for covered kinds of insurance in this State, unless otherwise exempted by the domiciliary commissioner, shall annually submit the opinion of an appointed qualified actuary entitled “Statement of Actuarial Opinion.” This opinion must be filed in accordance with the appropriate NAIC property and casualty annual statement instructions.
[PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
2.  Actuarial opinion summary.
An actuarial opinion summary is required pursuant to this subsection.
A. Every property and casualty insurance company domiciled in this State that is required to submit a statement of actuarial opinion shall annually submit an actuarial opinion summary, written by the company’s appointed qualified actuary. This actuarial opinion summary must be filed in accordance with the appropriate NAIC property and casualty annual statement instructions and must be considered as a document supporting the actuarial opinion required in subsection 1.   [PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
B. A property and casualty insurance company licensed but not domiciled in this State shall provide an actuarial opinion summary upon request of the superintendent.   [PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
[PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
3.  Actuarial report and work papers.
An actuarial report is required pursuant to this subsection.
A. An actuarial report and underlying work papers as required by the appropriate NAIC property and casualty annual statement instructions must be prepared to support each actuarial opinion.   [PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
B. If a property and casualty insurance company fails to provide a supporting actuarial report or work papers at the request of the superintendent or the superintendent determines that the supporting actuarial report or work papers provided by the company are otherwise unacceptable to the superintendent, the superintendent may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting actuarial report or work papers.   [PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
[PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
4.  Liability.
The appointed qualified actuary is not liable for damages to any person, other than the property and casualty insurance company and the superintendent, for any act, error, omission, decision or conduct with respect to the actuary's opinion, except in cases of fraud, willful misconduct or reckless disregard on the part of the actuary.
[PL 2007, c. 281, §2 (NEW); PL 2007, c. 281, §3 (AFF).]
SECTION HISTORY
PL 2007, c. 281, §2 (NEW). PL 2007, c. 281, §3 (AFF).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1101. Scope of chapter

§1101. Scope of chapter
1.
Subject to subsection 2 and section 1137, this chapter applies to all insurers except life or health insurers that transact business of a type described in section 409, subsection 3.
[PL 1991, c. 385, §9 (NEW).]
2.
Each domestic all lines insurer, as defined in section 409, subsection 2, shall, for accounting and financing purposes, establish and maintain distinct accounts dedicated exclusively to the insurance it transacts under its life or health insurance authority and to the remainder of its business. Each account must include reserves and surplus funds adequate to financially support the underwriting activity. All assets allocated to life accounts and health accounts are subject to chapter 13‑A rather than this chapter. The books and records of any insurer writing more than one kind of business must reflect the assets and operations relating to each underwriting activity in detail sufficient to demonstrate compliance with this chapter and chapter 13‑A.
[PL 1991, c. 385, §9 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1987, c. 399, §3 (AMD). PL 1989, c. 846, §§B1,E4 (AMD). PL 1991, c. 385, §9 (RPR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1102. Eligible investments

§1102. Eligible investments
1.
Insurers shall hereafter invest in or lend their funds on the security of and shall hold as eligible investments only those as prescribed in this chapter.
[PL 1969, c. 177, §17 (AMD).]
2.
Any particular investment held by an insurer on January 1, 1970, which was a legal investment at the time it was made, and which the insurer was legally entitled to possess immediately prior to such effective date, shall be deemed to be an eligible investment.
[PL 1973, c. 625, §137 (AMD).]
3.
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 1131, subsection 2, or section 1134.
[PL 1979, c. 458, §1 (AMD).]
4.
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, §6 (AMD).]
5.
Nothing in this chapter shall be deemed to prohibit 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 such section 3415.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §17 (AMD). PL 1973, c. 625, §137 (AMD). PL 1979, c. 458, §1 (AMD). PL 1987, c. 399, §4 (AMD). PL 2017, c. 169, Pt. A, §6 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1103. General qualifications

§1103. General qualifications
1.
No security or investment, other than real and personal property acquired under section 1125 (real estate), shall be eligible for acquisition unless it is interest bearing or interest accruing or entitled to dividends, if declared, or is otherwise income-entitled, is not then in default in any respect, and the insurer is entitled to receive for its exclusive account and benefit the interest or income accruing thereon.
Notwithstanding this subsection, nothing in this chapter may be deemed to prohibit an insurer from effecting or maintaining bona fide hedging transactions in foreign currency in connection with the purchase and sale of securities eligible for investment under this chapter or in contracts for future delivery of options, calls and other rights to purchase and puts and other rights to require another person to purchase, securities eligible for investment under this chapter, provided that those contracts, options, calls, puts and rights are traded on a national securities exchange or board of trade regulated under the laws of the United States and provided that the aggregate amount of those investments, as valued for all purposes in accordance with generally accepted accounting principles, shall not exceed 1% of the insurer's assets. For purposes of this subsection, a "bona fide hedging transaction" means a purchase or sale of foreign currency or of a contract, option, call, put or right, as the case may be, entered into for the purchase of offsetting changes in foreign currency exchange rates or in the market value of a security held or proposed to be acquired by the insurer.
[PL 1983, c. 442, §1 (AMD).]
2.
No provision of this chapter shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or upon a debt or judgment, or under a lawful and bona fide agreement of bulk reinsurance, merger or consolidation. Any security or property so acquired which is not otherwise an eligible investment under this chapter shall be disposed of pursuant to section 1133 if real estate, or pursuant to section 1134 if personal property or securities.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1983, c. 442, §1 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1104. Authorization, record of investments

§1104. Authorization, record of investments
1.
An insurer shall not make any investment or loan unless the same is authorized or approved by the insurer's board of directors or by a committee thereof charged with supervision of investments and loans.
[PL 1987, c. 399, §5 (AMD).]
2.
The insurer shall maintain a full record of each investment, showing, among other pertinent information, 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 such interest.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1987, c. 399, §5 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1105. Diversification -- Life, life/health insurers (REPEALED)

§1105. Diversification -- Life, life/health insurers
(REPEALED)
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §§18-20 (AMD). PL 1983, c. 442, §§2,3 (AMD). PL 1987, c. 399, §6 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1107. Public obligations

§1107. Public obligations
An insurer may invest in bonds or other evidences of indebtedness, not in default as to principal or interest, which are valid and legally authorized obligations issued, assumed or guaranteed by the United States or by any state thereof, or by Canada or any of the provinces thereof, or by any county, city, town, village, municipality or district therein or by any political subdivision thereof or by a public instrumentality of one or more of the foregoing, if, by statutory or other legal requirements applicable thereto, such obligations are payable, as to both principal and interest, from:   [PL 1969, c. 132, §1 (NEW).]
1.
Taxes levied or by law required to be levied upon all taxable property or all taxable income within the jurisdiction of such governmental unit, or from
[PL 1969, c. 132, §1 (NEW).]
2.
Adequate special revenues pledged or otherwise appropriated or by law required to be provided for the purpose of such payment; but not including any obligation payable solely out of special assessments on properties benefited by local improvements unless adequate security is evidenced by the ratio of assessment to the value of the property or the obligation is additionally secured by an adequate guaranty fund required by law.
[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 §1108. Obligations, stock of certain federal and international agencies

§1108. Obligations, stock of certain federal and international agencies
An insurer may invest in the obligations, or stock where stated, issued, assumed or guaranteed by the following agencies of the government of the United States of America, or in which such government is a participant, whether or not such obligations are guaranteed by such government:   [PL 1969, c. 132, §1 (NEW).]
1.
Farm Loan Bank.
[PL 1969, c. 132, §1 (NEW).]
2.
Commodity Credit Corporation.
[PL 1969, c. 132, §1 (NEW).]
3.
Federal Intermediate Credit Banks.
[PL 1969, c. 132, §1 (NEW).]
4.
Federal Land Banks.
[PL 1969, c. 132, §1 (NEW).]
5.
Central Bank for Cooperatives.
[PL 1969, c. 132, §1 (NEW).]
6.
Federal Home Loan Banks, and stock thereof.
[PL 1969, c. 132, §1 (NEW).]
7.
Federal National Mortgage Association, and stock thereof when acquired in connection with sale of mortgage loans to such association.
[PL 1969, c. 132, §1 (NEW).]
8.
International Bank for Reconstruction and Development.
[PL 1969, c. 132, §1 (NEW).]
9.
Inter-American Development Bank.
[PL 1969, c. 132, §1 (NEW).]
10.
Asian Development Bank.
[PL 1969, c. 132, §1 (NEW).]
10-A.
African Development Bank; and
[PL 1987, c. 405, §36 (NEW).]
11.
Any other similar agency of, or participated in by, the government of the United States of America and of similar financial quality.
[PL 1969, c. 132, §1 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1987, c. 405, §36 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1109-A. High-yield corporate obligations (REPEALED)

§1109-A. High-yield corporate obligations
(REPEALED)
SECTION HISTORY
PL 1989, c. 846, §§B7,E4 (NEW). PL 1993, c. 313, §23 (RP).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1112. Preferred or guaranteed stocks

§1112. Preferred or guaranteed stocks
An insurer may invest in the preferred or guaranteed stocks or shares of any solvent institution created or existing under the laws of the United States or of Canada, or of any state, province, district or territory thereof, if all of the prior obligations and prior preferred stocks, if any, of such institution at the date of acquisition by the insurer are eligible as investments under this chapter; and if qualified under subsection 1 or subsection 2 following:   [PL 1969, c. 132, §1 (NEW).]
1.
Preferred stocks or shares shall be deemed qualified if both of the following requirements are met:
A. The earnings of such institution available for its fixed charges for a period of 5 fiscal years next preceding the date of acquisition by the insurer shall have averaged per year not less than 1 1/2 times the sum of its average annual fixed charges, if any, its average annual maximum contingent interest, if any, and its average annual preferred dividend requirements applicable to such period; and   [PL 1969, c. 132, §1 (NEW).]
B. During either of the last 2 years of such period such net earnings shall have been not less than 1 1/2 times the sum of its fixed charges, contingent interest and preferred dividend requirements for such year. The term "preferred dividend requirements" shall be deemed to mean cumulative or noncumulative dividends whether paid or not.   [PL 1969, c. 132, §1 (NEW).]
[PL 1969, c. 132, §1 (NEW).]
2.
Guaranteed stocks or shares shall be deemed qualified if the assuming or guaranteeing institution meets the requirements of section 1109, subsection 3, (corporate obligations), construed so as to include as a fixed charge the amount of guaranteed dividends of such issue or the rental covering the guarantee of such dividends.
[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 §1113. Common stocks

§1113. Common stocks
An insurer may invest in nonassessable, except as to bank or trust company stocks, and except for taxes, common stocks, other than insurance stocks, of any solvent corporation organized and existing under the laws of the United States or Canada, or of any state or province thereof, if such corporation has had net earnings available for dividends on such stock in at least 5 of the 7 fiscal years next preceding acquisition by the insurer. If the issuing corporation has not been in legal existence for the whole of such 7 fiscal years but was formed as a consolidation or merger of 2 or more businesses of which at least one was in operation on a date 7 years prior to the investment, eligibility of its common stock under this section shall be based upon consolidated pro-forma statements of the predecessor or constituent institutions.   [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 §1114. Insurance stocks

§1114. Insurance stocks
1.
An insurer may invest in the stocks of other solvent insurers formed under the laws of this or another state, which stocks meet the applicable requirements of section 1112 (preferred or guaranteed stocks) or 1113 (common stocks).
[PL 1969, c. 132, §1 (NEW).]
2.
With the superintendent's advance written consent an insurer may acquire and hold the controlling interest in the outstanding voting stock of a stock insurer formed under the laws of this or another state. The superintendent may not give consent if the superintendent finds that such acquisition would not be in the best interests of the insurers involved, or of their respective policyholders or stockholders, or that it would materially tend to lessen competition or to result in any monopoly in the insurance business.
[RR 2021, c. 1, Pt. B, §188 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §188 (COR).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1115. Stocks of subsidiaries

§1115. Stocks of subsidiaries
1.
An insurer may invest in the stock of its subsidiary insurance corporation formed or acquired by it; or in the stock of its subsidiary business corporation or corporations formed and engaged solely in any one or more of the following businesses:
A. In any business necessary and incidental to the convenient operation of the insurer's insurance business, or to the administration of any of its lawful affairs, or to the service or benefit of its policyholders;   [PL 1969, c. 132, §1 (NEW).]
B. Providing any of actuarial, computer, data processing, accounting, claims, appraisal, collection, loss prevention or safety engineering and similar services;   [PL 1969, c. 132, §1 (NEW).]
C. Real estate management and development;   [PL 1969, c. 132, §1 (NEW).]
D. Premium financing;   [PL 1969, c. 132, §1 (NEW).]
E. Financing of agents of the insurer;   [PL 1969, c. 132, §1 (NEW).]
F. Acting as investment adviser or principal underwriter of an investment company or companies, registered as such under the Investment Companies Act of 1940;   [PL 1969, c. 132, §1 (NEW).]
G. Financial and investment counseling services;   [PL 1969, c. 132, §1 (NEW).]
H. Administration of self-insurance plans;   [PL 1969, c. 132, §1 (NEW).]
I. Administration of self-insured pension and similar plans, or the self-insured portions of such plans;   [PL 1969, c. 132, §1 (NEW).]
J. Acting as administrative agent for a government instrumentality which is performing an insurance function;   [PL 1969, c. 132, §1 (NEW).]
K. Securities broker-dealer;   [PL 1969, c. 132, §1 (NEW).]
L. Escrow services;   [PL 1969, c. 132, §1 (NEW).]
M. Trust services with respect to funds payable or paid by it under its insurance contracts; or   [PL 1999, c. 715, §6 (AMD).]
N. A depository institution, or any company that controls such an institution, that is subject to the federal Gramm-Leach-Bliley Act, Sections 104(c) and 306(2), 113 Stat. 1338 as long as the insurer's total investment in all such subsidiaries does not exceed 5% of the insurer's admitted assets.   [PL 1999, c. 715, §7 (NEW).]
[PL 1999, c. 715, §§6, 7 (AMD).]
2.
For the purposes of this section a "subsidiary" is a corporation of which the insurer owns sufficient stock to give it effective control.
[PL 1969, c. 132, §1 (NEW).]
3.
[PL 1987, c. 399, §7 (RP).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1983, c. 759, §2 (AMD). PL 1987, c. 399, §7 (AMD). PL 1999, c. 715, §§6,7 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1116. Trustees' or receivers' obligations

§1116. Trustees' or receivers' obligations
An insurer may invest in certificates, notes or other obligations issued by trustees or receivers of any institution created or existing under the laws of the United States or of any state, district or territory thereof, which, or the assets of which, are being administered under the direction of any court having jurisdiction, if such obligation is adequately secured as to principal and interest.   [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 §1117. Equipment trust certificates

§1117. Equipment trust certificates
An insurer may invest in equipment trust obligations or certificates which are adequately secured, or in other adequately secured instruments evidencing an interest in transportation equipment wholly or in part within the United States of America and a right to receive determined portions of rental, purchase or other fixed obligatory payments for the use or purchase of such transportation equipment.   [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 §1118. Acceptances, bills of exchange

§1118. Acceptances, bills of exchange
An insurer may invest in bank and bankers' acceptances and other bills of exchange of the kind and maturities made eligible, pursuant to law, for purchase in the open market by federal reserve banks.   [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 §1119. Savings and loan institutions

§1119. Savings and loan institutions
An insurer may invest in the shares of savings and loan or buildings and loan associations or in the savings accounts of federal savings and loan associations, to the extent that the investment or account is insured by the Federal Savings and Loan Insurance Corporation pursuant to the National Housing Act of 1934, as amended.   [PL 1969, c. 177, §24 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1969, c. 177, §24 (AMD).
2023 Maine Revised Statutes › TITLE 24-A: MAINE INSURANCE CODE › Chapter 13: INVESTMENTS › 24-A §1120. Common trust funds, mutual funds

§1120. Common trust funds, mutual funds
An insurer may invest in:   [PL 1969, c. 132, §1 (NEW).]
1.
A bank's common trust fund as defined in section 584 of the United States Internal Revenue Code of 1954; and
[PL 1969, c. 132, §1 (NEW).]
2.
The securities of any open-end management type investment company or investment trust registered with the federal Securities and Exchange Commission under the Investment Company Act of 1940 as from time to time amended, if such investment company or trust, other than one of which a subsidiary of the insurer is investment adviser or principal underwriter, has a net asset value of not less than $25,000,000 as at the date of investment by the insurer.
[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 §1121. Hydrocarbon production payments

§1121. Hydrocarbon production payments
An insurer may invest in production payments, or interests therein evidenced by trust certificates or other instruments, payable from oil, gas or other hydrocarbons in producing properties located in the United States or the adjacent continental shelf if an obligation secured by and payable from such production payment or interest therein would qualify for investment under section 1109, subsection 1, (corporate obligations) as an obligation which is adequately secured and has investment qualities and characteristics wherein the speculative elements are not predominant. "Production payments" means rights to oil, gas or other hydrocarbons in place or as produced which entitle the owner thereof to a specified fraction or percentage of production until a specified sum of money has been received.   [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 §1123. Collateral loans

§1123. Collateral loans
An insurer may lend and thereby invest its funds upon the pledge of securities eligible for investment under this chapter. As at date made, no such loan shall exceed in amount 90% of the market value of such collateral pledged. The amount so loaned shall be included pro rata in determining the maximum percentage of funds permitted under this chapter to be invested in the respective categories of securities so pledged.   [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 §1126. Housing developments

§1126. Housing developments
To the extent and upon such conditions as may be authorized by the superintendent, an insurer may invest in stock and evidences of indebtedness of any housing company or redevelopment company organized under the private housing finance law of this or any other state, or of any corporation organized for the purpose of owning and operating any housing project under laws expressly designed to promote the provision of housing for persons of low and moderate income, or in the securities of any corporation organized under the laws of this or any other state for the purpose of owning, acquiring or holding real property or any interest therein as an investment for the production of income or to be developed or improved for such investment purpose, if all of the stock other than directors' qualifying shares of such housing company, redevelopment company or corporation has been or is to be originally issued to one or more insurers, whether domestic or foreign.   [PL 1973, c. 585, §12 (AMD).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).