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USA Statutes : maine
Title : Title 24-A. MAINE INSURANCE CODE
Chapter : Chapter 05. AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
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Title 24-A - §400. "Stock" insurer defined
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§400. "Stock" insurer defined
A "stock" insurer is an incorporated insurer with its capital divided into shares and owned by its stockholders.
[1969, c. 132, § 1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §401. "Mutual" insurer defined
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§401. "Mutual" insurer defined
A "mutual" insurer is an incorporated insurer without permanent capital stock, and the governing body of which is elected
by its policyholders or those policyholders specified in its charter, or by any reasonable combination of its policyholders,
guaranty fund stockholders, or guaranty fund certificate holders, or by other reasonable method.
[1969, c. 132, § 1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §402. "Reciprocal"; "Lloyd's" insurer defined
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§402. "Reciprocal"; "Lloyd's" insurer defined
1. Reciprocal insurer. A "reciprocal" insurer is an unincorporated aggregation of subscribers operating individually and collectively through an
attorney-in-fact common to all such persons to provide reciprocal insurance among themselves. Any public self-funded pool
operating under Title 30, chapter 203-B is not an insurance company or insurer under the laws of this State. The development,
administration and provision of a public self-funded pool's programs and coverages do not constitute doing an insurance business.
[1985, c. 713, § 4 (amd).]
2. Lloyd's insurer. A "Lloyd's" insurer is an unincorporated but formally organized association of individual underwriters, any one or more of
whom underwrite and thereby assume as insurer such portion of the risk insured by them as shall be set forth in the contract
of insurance issued by such an insurer.
[1969, c. 177, § 5 (rpr).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1969,
Ch. 177,
§5
(RPR).
PL 1985,
Ch. 713,
§4
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §403. "Charter" defined
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§403. "Charter" defined
Except where context requires otherwise, "charter" means certificate of organization, certificate of incorporation, articles
of incorporation, articles of agreement, articles of association, corporate charter granted by legislative act, or other basic
constituent document of a corporation, or of a Lloyd's insurer, or the power of attorney of the attorney-in-fact of a reciprocal
insurer.
[1969, c. 177, § 6 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1969,
Ch. 177,
§6
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §404. Certificate of authority required; enforcement; penalty
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§404. Certificate of authority required; enforcement; penalty
1. No person shall act as an insurer and no insurer shall transact insurance in this State by mail or otherwise, unless as
authorized by a certificate of authority issued by the superintendent pursuant to this Title and then in full force and effect,
except as to such transactions as are expressly otherwise provided in this Title.
[1973, c. 585, § 12 (amd).]
2. No insurer formed under the laws of this State, and no foreign insurer from offices or by personnel or facilities located
in this State, shall solicit insurance applications or otherwise transact insurance in another state or country unless it
holds a subsisting certificate of authority granted to it by the superintendent authorizing it to transact the same kind or
kinds of insurance in this State.
[1973, c. 585, § 12 (amd).]
3. The superintendent shall enforce this section through any and all available and lawful means, including, but not limited
to, the enjoining of any violation or threatened violation.
[1973, c. 585, § 12.]
4. Any insurer and any officer, director, agent, representative or employee of any insurer, who willfully authorizes, negotiates,
makes or issues any insurance contract in violation of this section, shall upon conviction thereof be subject to a fine of
not to exceed $5,000 or imprisonment for not over 2 years, or to both.
[1969, c. 132, § 1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §405. Exceptions to certificate of authority requirement
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§405. Exceptions to certificate of authority requirement
A certificate of authority shall not be required of an insurer with respect to any of the following:
[1969, c. 132, § 1 (new).]
1. Investigation, settlement or litigation of claims under its policies lawfully written in this State, or liquidation of assets
and liabilities of the insurer, other than collection of new premiums, all as resulting from its former authorized operations
in this State;
[1969, c. 132, § 1 (new).]
2. Except as provided in section 404, subsection 2, transactions thereunder subsequent to issuance of a policy covering only
subjects of insurance not resident, located or expressly to be performed in this State at time of issuance, and lawfully solicited,
written and delivered outside this State;
[1969, c. 132, § 1 (new).]
3. Transactions pursuant to surplus lines coverages lawfully written under chapter 19;
[1969, c. 132, § 1 (new).]
4. Reinsurance, except as to domestic reinsurers;
[1969, c. 132, § 1 (new).]
5. Transactions relative to its investments in this State;
[1969, c. 132, § 1 (new).]
6. Any suit or action by the duly constituted receiver, rehabilitator or liquidator of the insurer, or of the insurer's assignee
or successor, under laws similar to those contained in chapter 57 (delinquency proceedings; rehabilitation and liquidation).
[1969, c. 132, § 1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §406. General eligibility for certificate of authority
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§406. General eligibility for certificate of authority
To qualify for and hold authority to transact insurance in this State, an insurer must be otherwise in compliance with this
Title and with its charter powers, and must be an incorporated stock or mutual insurer, or a reciprocal or Lloyd's insurer;
of the same general type as may be formed as a domestic insurer under this Title; except that:
[1969, c. 132, § 1 (new).]
1. No foreign insurer shall be authorized to transact insurance in this State unless as to insurance written in this State
it maintains reserve as required by chapter 11 (assets and liabilities); or which, if other than a property or casualty insurer,
transacts business anywhere in the United States on the assessment plan, or stipulated premium plan, or any similar plan;
[1969, c. 132, § 1 (new).]
2. No insurer shall be authorized to transact a kind of insurance in this State unless duly authorized or qualified to transact
such insurance in the state or country of its domicile;
[1969, c. 132, § 1 (new).]
3. No insurer shall be authorized to transact in this State any kind of insurance which is not within the definitions as set
forth in chapter 9 (kinds of insurance);
[1969, c. 132, § 1 (new).]
4. No such authority shall be granted or continued as to any insurer while in arrears to the State for fees, licenses, taxes,
assessments, fines or penalties accrued on business previously transacted in this State;
[1969, c. 132, § 1 (new).]
5. A Lloyd's insurer shall be treated as a stock insurer for the purposes of this Title, with net assets over all liabilities
to be not less than the capital funds required of a foreign stock insurer transacting the same kinds of insurance.
[1969, c. 132, § 1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §407. Same; ownership, management
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§407. Same; ownership, management
1. No foreign insurer which is directly or indirectly owned or controlled in whole or substantial part by any government or
governmental agency, other than of the Government of the United States of America, shall be authorized to transact insurance
in Maine. Membership in a mutual insurer, or subscribership in a reciprocal insurer, or ownership of stock of an insurer by
the alien property custodian or similar official of the United States, or ownership of stock or other security which does
not have voting rights with respect to the management of the insurer, or supervision of an insurer by public authority, shall
not be deemed to be an ownership or control of the insurer for the purposes of this provision.
[1969, c. 132, § 1 (new).]
2. The superintendent shall not grant or continue authority to transact insurance in this State as to any insurer or proposed
insurer, any director, officer or other individual materially part of the management of which is found by him after investigation
or upon reliable information to be incompetent, or dishonest, or untrustworthy, or of unfavorable business repute, or the
managers of which are so lacking in insurance company managerial experience in operations of the kind proposed in this State
as to make such operation, currently or prospectively, hazardous to, or contrary to the best interests of, the insurance-buying
or investing public of this State; or which he has good reason to believe is affiliated directly or indirectly through ownership,
control, management, reinsurance transactions or other business relations, with any person or persons of unfavorable business
repute, or whose business operations in this State or elsewhere are or have been marked, to the injury of insurers, stockholders,
policyholders, creditors or the public, by illegality, or by manipulation of assets, or of accounts, or of reinsurance or
by bad faith.
[1973, c. 585, § 12 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §408. Name of insurer
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§408. Name of insurer
1. No insurer shall be formed or authorized to transact insurance in this State which has or uses a name which is the same
as or deceptively similar to that of another insurer already so authorized.
[1969, c. 132, § 1 (new).]
2. No life insurer shall be so authorized which has or uses a name deceptively similar to that of another insurer, other than
a predecessor in interest, authorized to transact insurance in this State within the preceding 10 years, if life insurance
policies originally issued by such other insurer are still outstanding in this State.
[1969, c. 132, § 1 (new).]
3. No insurer shall be formed or authorized to transact insurance which has or uses a name the same as or deceptively similar
to that of any foreign insurer not so authorized if such foreign insurer has within the next preceding 12 months signified
its intention to secure an incorporation in this State under such name, or to do business as a foreign insurer in this State
under such name, by filing notice of such intention with the superintendent, unless the written consent to the use of such
name or deceptively similar name has been given by such foreign insurer.
[1973, c. 585, § 12 (amd).]
4. No insurer shall be so authorized which has or uses a name which tends to deceive or mislead as to the type of organization
of the insurer.
[1969, c. 132, § 1 (new).]
5. In case of conflict of names between 2 insurers, or a conflict otherwise prohibited under this section, the superintendent
may permit, or shall require as a condition to the issuance of an original certificate of authority to an applicant insurer,
the insurer to use in this State such supplementation or modification of its name or such business name as may reasonably
be necessary to avoid the conflict.
[1973, c. 585, § 12 (amd).]
6. Except as provided in subsection 5, an insurer shall conduct its business in this State in its own corporate, if incorporated,
or proper, if a reciprocal, name.
[1969, c. 132, § 1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §409. Insurance lines combinations
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§409. Insurance lines combinations
An insurer may be authorized to transact such kinds of insurance as it is qualified for under this Title, except that a reciprocal
insurer may not transact life insurance. Qualified insurers may transact combinations of business as follows.
[1991, c. 385, §1 (amd).]
1. Multiple lines insurer. A multiple lines insurer is authorized to transact more than one kind of coverage if all kinds of coverage fall within the
categories listed in sections 704 to 708.
[1991, c. 385, §1 (new).]
2. All lines insurer. An all lines insurer is authorized to transact life insurance and one or more of the kinds of coverage, other than health
insurance, that may be transacted by a multiple lines insurer.
[1991, c. 385, §1 (new).]
3. Life or health insurer. A life or health insurer is authorized to transact life insurance, life and annuity insurance or health insurance as defined
in sections 702 to 704. A life insurer, health insurer or a life and health insurer does not become an all lines insurer
merely by transacting specific lines of casualty insurance that life or health insurers are expressly authorized by law to
transact.
[1991, c. 385, §1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1991,
Ch. 385,
§1
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §410. Minimum paid-in capital and surplus requirements
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§410. Minimum paid-in capital and surplus requirements
1. To qualify for authority to transact any one kind of insurance, as defined in chapter 9, or combination of kinds of insurance
as shown below, an insurer must possess and thereafter maintain unimpaired paid-in capital stock, if a stock insurer, or unimpaired
basic surplus, if a foreign mutual or a reciprocal insurer, and when first so authorized must possess initial free surplus,
all in amounts not less than as determined from the following table.
A health, life and health or multiple line (as described in section 409) insurer may qualify for a certificate of authority
to transact a legal services insurance business, as described in chapter 38, if it is otherwise qualified therefor and possesses
and thereafter maintains, in addition to the amounts described in the following table, an additional amount of unimpaired
paid-in capital stock, if a stock insurer, or unimpaired basic surplus, if a foreign mutual or reciprocal insurer, of not
less than $500,000.
An insurer may qualify for a certificate of authority to transact solely financial guaranty insurance as defined in section
709-A, if it is otherwise qualified therefor and possesses and thereafter maintains paid-in capital stock in the amount of
$2,500,000 and initial free surplus in an amount of $47,500,000 or, if the insurer is a foreign mutual or reciprocal insurer,
minimum required basic surplus in an amount of $2,500,000 and initial free surplus in an amount of $47,500,000.
div>
Foreign mutual,
div>
Stock Insurers Reciprocal Insurers
div>
Minimum Minimum
p align="center">Kind or Required Initial Required Initial
p align="center">Kinds of Capital Free Basic Free
p align="center">Insurance Stock Surplus Surplus Surplus
p align="center">Life $1,500,000 $1,500,000 $1,500,000' $1,500,000'
p align="center">Health 1,000,000 1,000,000 1,000,000 1,000,000
p align="center">Life and
p align="center">Health 2,500,000 2,500,000 2,500,000' 2,500,000'
p align="center">Casualty 1,500,000 1,500,000 1,500,000 1,500,000
p align="center">Marine and
p align="center">Transpor-
p align="center">tation 1,500,000 1,500,000 1,500,000 1,500,000
p align="center">Property 1,000,000 1,000,000 1,000,000 1,000,000
p align="center">Surety 1,500,000 1,500,000 1,500,000 1,500,000
p align="center">Title 500,000 500,000 500,000 500,000
p align="center">Multiple line
p align="center">(as defined
p align="center">in section
p align="center">409) 2,500,000 2,500,000 2,500,000 2,500,000
p align="center">All line
p align="center">(as
p align="center">defined
p align="center">in
p align="center">section
p align="center">409) 5,000,000 5,000,000 5,000,000' 5,000,000'
p align="center">' Does not apply as to a reciprocal insurer.
p align="center">Except:
p align="center">A. An insurer holding a valid certificate of authority to transact insurance in this State on January 1, 1970 may, if otherwise
qualified therefor until January 1, 1989, continue to be so authorized while possessing paid-in capital stock, if a stock
insurer, or surplus, if a mutual or reciprocal insurer, as required for such authority immediately prior to January 1, 1970.
[1991, c. 385, §2 (amd).]p align="center">B. Prior to January 1, 1989, the superintendent may not authorize such an insurer to transact any other kinds of insurance
unless it complies with the requirements as to capital stock, if a stock insurer, or basic surplus, if a mutual or reciprocal
insurer, as applied to all kinds of insurance it proposes to transact, as provided in the table contained in this paragraph.
p align="center">A health, life and health or multiple line (as described in section 409) insurer may qualify for a certificate of authority
to transact a legal services insurance business, as described in chapter 38, if it is otherwise qualified therefor and possesses
and thereafter maintains, in addition to the amounts described in the following table, an additional amount of unimpaired
paid-in capital stock, if a stock insurer, or unimpaired basic surplus, if a foreign mutual or reciprocal insurer, of not
less than $500,000.
div>
Foreign mutual,
div>
Stock Insurers Reciprocal Insurers
div>
Minimum Minimum
p align="center">Kind or Required Initial Required Initial
p align="center">Kinds of Capital Free Basic Free
p align="center">Insurance Stock Surplus Surplus Surplus
p align="center">Life $500,000 $1,000,000 $1,000,000' $1,000,000'
p align="center">Health 250,000 250,000 250,000 250,000
p align="center">Life and
p align="center">Health 500,000 1,000,000 1,000,000' 1,000,000'
p align="center">Casualty 500,000 500,000 500,000 500,000
p align="center">Marine and
p align="center">Transpor-
p align="center">tation 500,000 500,000 500,000 500,000
p align="center">Property 500,000 500,000 500,000 500,000
p align="center">Surety 500,000 500,000 500,000 500,000
p align="center">Title 150,000 150,000 150,000 150,000
p align="center">Multiple line
p align="center">(as defined
p align="center">in section
p align="center">409) 1,000,000 1,000,000 1,000,000 1,000,000
p align="center">All line (as
p align="center">defined
p align="center">in
p align="center">section
p align="center">409) 2,000,000 2,000,000 2,000,000' 2,000,000'
p align="center">'Does not apply as to a reciprocal insurer.
[1991, c. 385, §2 (amd).]p align="center">C. Until January 1, 1989, a domestic mutual insurer formed prior to January 1, 1968, and while possessing surplus of not
less than $200,000 may be authorized to transact, in addition to the types of insurance it was transacting prior to July 24,
1984, any other additional kinds of insurance authorized by its charter; subject to those minimum required basic surplus amounts
applicable as to foreign mutual insurers as contained in the table in paragraph B, if the insurer is to transact life insurance
together with any one or more of property, casualty, surety or marine and transportation insurances.
[1987, c. 78, §1 (amd).]p align="center">D. Domestic mutual insurers holding a certificate of authority upon January 1, 1989, if otherwise qualified, and possessed
of basic surplus in minimum required amounts as contained in the table in this paragraph may continue to be so authorized,
provided those insurers continue to possess and maintain unimpaired basic surplus funds as determined in this paragraph and
applicable to those lines or kinds of insurance permitted by its certificate of authority immediately prior to January 1,
1989. Upon application by any such insurer and written approval by the superintendent, the insurer's certificate of authority
may be extended to permit the writing of other kinds or lines of insurance if the insurer is qualified and possessed of basic
surplus funds in amounts contained in the table in this paragraph. A domestic mutual insurer holding a certificate of authority
prior to January 1, 1989, but which does not possess and maintain basic surplus in the minimum required amounts contained
in the table in this paragraph, may continue to be authorized to transact insurance in this State and to write other kinds
or lines of insurance, subject to the approval of the superintendent, as long as it maintains 100% reinsurance and has no
liabilities.
p align="center">For the purposes of this paragraph, any assuming reinsurer must be a corporation which possesses the ability to exercise control
of the ceding insurer, must be an insurance company possessed of a certificate of authority to transact the same kinds of
insurance in this State as those assumed and shall file a consolidated annual statement as required by section 423.
p align="center">A health, life and health or multiple line (as described in section 409) insurer may qualify for a certificate of authority
to transact a legal services insurance business, as described in chapter 38, if it is otherwise qualified therefor and possesses
and thereafter maintains, in addition to the amounts described in the following table, an additional amount of unimpaired
paid-in capital stock, if a stock insurer, or unimpaired basic surplus, if a foreign mutual or reciprocal insurer, of not
less than $500,000.
p align="center">Kind or
p align="center">Kinds of Insurance Domestic Mutual Insurers
p align="center">Life $1,000,000
p align="center">Health 500,000
p align="center">Life and Health 1,250,000
p align="center">Casualty 750,000
p align="center">Marine and Transportation 1,000,000
p align="center">Property 500,000
p align="center">Surety 1,000,000
p align="center">Title 350,000
p align="center">Multiple Line (as defined
p align="center">in section 409) 1,250,000
p align="center">All line
p align="center">(as defined in section 409) 2,500,000
[1991, c. 385, §2 (amd).]p align="center">E. An insurer that otherwise possesses funds as required under this subsection shall at all times maintain policyholders'
surplus, combined paid-in capital stock, if any, and surplus, reasonable in amount, as determined by the superintendent, in
relation to the kinds and amount of insurance it has in force, or being written and retained by it, net of applicable reinsurance.
In making any such determination, the superintendent shall give due consideration to any applicable standards approved or
adopted by the National Association of Insurance Commissioners and to the desirability of substantial uniformity as to such
requirements among the respective states.
[1991, c. 385, §2 (amd).]p align="center">F. A health maintenance organization as a division or line of business is subject to this paragraph.
p align="center">(1) An insurer that operates a health maintenance organization as a division or a line of business shall possess and maintain
policyholder's surplus, including paid-in capital stock if any, as otherwise required by this section and in addition shall
meet the surplus requirements of section 4204-A.
p align="center">(2) A nonprofit hospital or medical service organization that operates a health maintenance organization as a division or
as a line of business shall possess and maintain subscriber reserves as defined in section 2301, subsection 9-A, paragraph
H, subparagraph (2) and in an amount required by the superintendent and in addition shall meet the surplus requirements of
section 4204-A.
[1993, c. 702, Pt. A, §7 (new).]
[1993, c. 702, Pt. A, §7 (amd).]
2. Capital and surplus requirements are based upon all the kinds of insurance transacted by the insurer in any and all areas
in which it operates or proposes to operate, whether or not only a portion of such kinds are to be transacted in this State.
[1969, c. 132, §1 (new).]
3. As to surplus required for authority to transact one or more kinds of insurance and thereafter to be maintained, domestic
mutual legal reserve insurers hereafter formed are governed by chapter 47.
[1991, c. 385, §2 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1969,
Ch. 177,
§7,8
(AMD).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1973,
Ch. 625,
§134
(AMD).
PL 1983,
Ch. 709,
§1
(AMD).
PL 1987,
Ch. 78,
§1,2
(AMD).
PL 1987,
Ch. 707,
§1
(AMD).
PL 1991,
Ch. 385,
§2
(AMD).
PL 1993,
Ch. 702,
§A7
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §411. Insuring combinations without additional capital funds
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§411. Insuring combinations without additional capital funds
Without additional paid-in capital stock or additional surplus, an authorized insurer may also be authorized:
[1969, c. 132, § 1 (new).]
1. If a life insurer, to grant annuities;
[1969, c. 132, § 1 (new).]
2. If a health insurer, to insure against congenital defects, as defined in section 707;
[1969, c. 132, § 1 (new).]
3. If a casualty insurer or multiple line insurer, to transact health insurance; except that this provision does not apply
to a domestic insurer authorized to transact casualty insurance only, pursuant to section 410, subsection 1, paragraph A;
or
[1991, c. 385, §3 (amd).]
4. To transact employee benefit excess insurance to the extent authorized pursuant to section 707, subsection 3.
[1991, c. 385, §4 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1991,
Ch. 385,
§3,4
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §412. Deposits
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§412. Deposits
1. No insurance company other than a domestic real estate title insurance company or a domestic mutual fire insurance company
that is transacting only the business of fire, marine or glass on the assessment plan may do so in this State unless it makes
and maintains a deposit with the Superintendent of Insurance, as security for all its policyholders, of securities that are
determined eligible for deposit under section 1253. The deposit must be maintained in a minimum actual market value that,
exclusive of interest, may never be less than $100,000. The deposit must be retained by the superintendent and disposed of
as directed by section 1263.
[1999, c. 113, §16 (amd).]
2. Any admitted foreign insurance company may file with the superintendent a certificate of the insurance supervisory official
of such other jurisdiction that he holds in trust and on deposit for benefit of all the policyholders of the company a deposit
of not less than $100,000 in such securities as are required or permitted to be deposited with him by the laws of that jurisdiction.
These securities are to be of a character consistent with investment authority in such jurisdiction. Such certificate shall
contain a statement by said supervisory official that he is satisfied that the actual market value of these securities is
of minimum value of $100,000. No deposit shall be required to be maintained in this State while such a deposit, if so certified,
is retained by said supervisory official.
[1975, c. 77 (rpr).]
3. The superintendent shall receive and hold in trust deposits made under this section by any domestic insurance company in
compliance with the laws of this or any other state, to enable it to do business in this or any other state, and in like manner
shall hold deposits made by a foreign company under the laws of this State. The company making such deposit shall be entitled
to any investment income thereon and with the superintendent's consent, if not inconsistent with the laws under which such
deposit was made, may exchange in whole or in part such securities comprising the deposit for other approved securities of
equal value.
[1975, c. 77 (rpr).]
4. The superintendent shall not authorize an alien insurer to transact insurance in this State unless it makes in this State
through the superintendent and thereafter continuously maintains a deposit, representing funds in excess of all the insurer's
liabilities under insurance contracts in force in the United States of America, of a fair market value in amount not less
than the minimum paid-in capital stock required under this Title of a foreign stock insurer authorized to transact like kinds
of insurance in this State. The superintendent may require additional trusteed surplus funds in reasonable amount to secure
the interest of beneficiaries under policies insured by the alien insurer. In addition to the foregoing trusteed surplus
account, an alien insurer authorized pursuant to this Title shall establish and maintain in one or more states of the United
States a deposit or deposits of trust assets of a kind and quality as generally required by this section. The value of the
deposit or deposits shall be at least equal to those obligations resulting from insurance in force in the United States. The
deposit or deposits shall, if located outside the State, be subject to administration standards comparable to those contained
in this Title. The deposit shall be held in trust for the exclusive benefit of the insurer's policyholders and creditors
in the United States of America.
A. In lieu of such a deposit made or maintained in this State, the superintendent shall accept the certificate in proper form
of the insurance supervisory official having general supervision of insurers in any other state to the effect that a deposit
of like quality and amount, or part thereof, by such insurer is being maintained for like purposes in public custody or control
pursuant to the laws of such state.
[1975, c. 77 (new).]
[1985, c. 330, §2 (amd).]
5. All such deposits in this State are subject to the provisions of chapter 15 (Administration of Deposits).
[1975, c. 77 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1975,
Ch. 77,
§
(RPR).
PL 1985,
Ch. 330,
§2
(AMD).
PL 1999,
Ch. 113,
§16
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §413-A. Alien insurer; port of entry
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§413-A. Alien insurer; port of entry
1. Port of entry. An alien insurer that has been authorized by the superintendent to use the State as its port of entry for the transaction
of business in the United States is considered a domestic insurer to the extent provided in this section. An alien insurer
that has been approved by another state to use that state as its port of entry is considered to be domiciled in that state
in the same manner, if there is a valid reciprocity agreement between that state and this State or if the superintendent has
determined that the applicable laws of that state are substantially similar to this section and its implementing rules.
[1999, c. 113, §17 (amd).]
2. Rules. The superintendent shall adopt rules establishing the terms and conditions of port of entry authorization, which include
without limitation:
A. The requirements an alien insurer must satisfy to qualify for port of entry authorization. These requirements must include,
at a minimum:
(1) Agreement to adhere to all laws applicable to domestic insurers;
(2) Maintenance of appropriate trust surplus or other adequate security within the State;
(3) Maintenance of records of all United States operations within the State; and
(4) Maintenance of a separate financial reporting system for United States operations;
[1995, c. 375, Pt. D, §1 (new).]
B. The procedures for obtaining, maintaining and terminating port of entry authorization; and
[1995, c. 375, Pt. D, §1 (new).]
C. Modifications of the provisions of this Title, and of the rules adopted by the superintendent that apply to domestic insurers,
as the superintendent determines necessary for the appropriate regulation of alien insurers with port of entry authorization.
[1995, c. 375, Pt. D, §1 (new).]
[1995, c. 375, Pt. D, §1 (new).]
Section History:
PL 1995,
Ch. 375,
§D1
(NEW).
PL 1999,
Ch. 113,
§17
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §413. Application for certificate of authority
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§413. Application for certificate of authority
To apply for an original certificate of authority an insurer shall file with the superintendent its written application therefor
on forms as prescribed and furnished by the superintendent, accompanied by the applicable fees specified in section 601 (fee
schedule), stating under the oath of the president or vice-president or other chief officer and the secretary of the insurer,
or of the attorney-in-fact, if a reciprocal insurer, the insurer's name, location of its home office or principal office in
the United States, if an alien insurer, the kinds of insurance to be transacted, date of organization or incorporation, form
of organization, state or country of domicile, and such additional information as the superintendent may reasonably require,
together with the following documents, as applicable:
[1973, c. 585, §12 (amd).]
1. If a corporation, or a Lloyd's, a copy of its charter, together with all amendments thereto, or as restated and amended
under the laws of its state or country of domicile, currently certified by the public official with whom the originals are
on file in such state or country;
[1969, c. 177, §9 (amd).]
2. If a domestic incorporated insurer or a mutual insurer, a copy of its bylaws, certified by the insurer's corporate secretary;
[1969, c. 132, §1 (new).]
3. If a reciprocal insurer, a copy of the power of attorney of its attorney-in-fact, certified by the attorney-in-fact; and
if a domestic reciprocal insurer, the declaration provided for in section 3856;
[1969, c. 132, §1 (new).]
4. A complete copy of its financial statement as of not earlier than the December 31st next preceding in form as customarily
used in the United States by like insurers, sworn to by at least 2 executive officers of the insurer or certified by the public
insurance supervisory official of the insurer's state of domicile, or of entry into the United States, if an alien insurer;
[1969, c. 132, §1 (new).]
5.
[1985, c. 330, §3 (rp).]
5-A. A copy of a current report of examination of the insurer certified by the public insurance supervisory official of the insurer's
state of domicile, or of entry into the United States, if an alien insurer. For purposes of this requirement, a report of
examination is deemed "current" only if its date of account is within 36 months of filing of the application, except that
the superintendent may, in the superintendent's discretion, accept a report of examination within a period reasonably proximate
to 36 months from its date of account that is filed by the applicant promptly upon its receipt when issuance of the report
by the domiciliary regulator has been delayed for reasons beyond the control of the applicant and that are unrelated to the
applicant's financial condition or its compliance with applicable laws;
[1995, c. 570, §1 (amd).]
6. Appointment of an agent pursuant to section 421 to receive service of legal process;
[1997, c. 592, §10 (amd).]
7. If a foreign or alien insurer, a certificate of the public insurance supervisory official of its state or country of domicile
showing that it is authorized or qualified for authority to transact in such state or country the kinds of insurance proposed
to be transacted in this State;
[1969, c. 132, §1 (new).]
8. If an alien insurer, certificate as to deposit, if to be tendered pursuant to section 412, and a copy of the trust deed
pertaining to such deposit, certified by the trustee;
[1969, c. 132, §1 (new).]
9. If a life or health insurer, a copy of the insurer's rate book and of each form of policy currently proposed to be issued
in this State, and of the form of application therefor; or
[1993, c. 637, §1 (amd).]
10. If an alien insurer, a copy of the appointment and authority of its United States manager, certified by its officer having
custody of its records.
[1993, c. 637, §1 (amd).]
11.
[1993, c. 637, §2 (rp).]
12.
[1993, c. 637, §2 (rp).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1969,
Ch. 177,
§9
(AMD).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1985,
Ch. 330,
§3,4
(AMD).
PL 1993,
Ch. 637,
§1,2
(AMD).
PL 1995,
Ch. 570,
§1
(AMD).
PL 1997,
Ch. 592,
§10
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §414. Issuance, refusal of authority, ownership of certificate
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§414. Issuance, refusal of authority, ownership of certificate
1. If upon completion of its application, the superintendent finds that the insurer has met the requirements therefor under
this Title, and that the insurer has furnished evidence satisfactory to him that its methods of operation are not such as
would render its proposed operation hazardous to the public or its policyholders in this State, the superintendent shall issue
to the insurer a proper certificate of authority; otherwise, the superintendent shall issue his order refusing such certificate.
[1973, c. 585, §12 (amd).]
2. The certificate of authority, if issued, shall state the insurer's name, home office address, state or country of organization,
and the kinds of insurance the insurer is authorized to transact throughout this State. At the insurer's request, the superintendent
may issue a certificate of authority limited to particular types of insurance or coverages within a kind of insurance as defined
in chapter 9.
[1973, c. 585, §12 (amd).]
3. Although issued and delivered to the insurer, the certificate of authority at all times shall be the property of the State
of Maine. Upon any expiration, suspension or termination thereof, the insurer shall promptly deliver the certificate to the
superintendent.
[1973, c. 585, §12 (amd).]
4. Insurers required to file an annual statement must, as a condition to the issuance or continuance of a certificate of authority,
provide the National Association of Insurance Commissioners with all information required for participation in the Insurance
Regulatory Information System. This filing must contain the insurer's current annual statement convention blank and, if requested
by the superintendent or the National Association of Insurance Commissioners, publicly available financial reports of any
affiliated insurers or other entities necessary for analyzing any insurer licensed in this State. Each statement furnished
by an insurer must be manually executed by those persons who are required by section 423 to verify an annual statement utilizing
the prescribed jurat. Any amendments and addendums to the annual statement subsequently filed with the superintendent must
also be filed with the National Association of Insurance Commissioners. Insurers shall provide written certification to the
superintendent that they have complied with this subsection when they file their annual statements. This subsection does
not apply to any insurer doing business under chapter 51.
In the absence of bad faith, fraud or intentional act, an officer or an employee of the National Association of Insurance
Commissioners may not be subject to civil liability for libel, slander or any other cause of action in tort as a result of
processing data or other information filed by insurers under this subsection or distribution of reports prepared on the basis
of that information to insurance regulatory officials of any state that has subscribed to and used the Insurance Regulatory
Information System through the National Association of Insurance Commissioners. Information provided to the superintendent
that is held confidential by the National Association of Insurance Commissioners must be held confidential by the superintendent
unless that information is relevant to any hearing conducted by the superintendent pursuant to section 229 or an order requiring
disclosure is issued by the Superior Court.
[1991, c. 828, §13 (amd).]
5. The superintendent may require insurers subject to this section to make available any accountant's work papers created during
an audit.
A. The superintendent may review the accountant's work papers upon timely notice to the insurer. The superintendent may photocopy
or otherwise record the contents of work papers during the review.
[1989, c. 846, Pt. C, §3 (new); Pt. E, §4 (aff).]
B. Any work papers or copies of work papers under the superintendent's custody or control are confidential and are not subject
to public inspection.
[1989, c. 846, Pt. C, §3 (new); Pt. E, §4 (aff).]
C. The work papers of an insurer's subsidiaries, parent or other corporate affiliates are deemed to be the insurer's work papers
to the extent that the work papers reference transactions between the insurer and the subsidiary, parent or corporate affiliate
and affect the insurer's final equity determination.
[1989, c. 846, Pt. C, §3 (new); Pt. E, §4 (aff).]
D. The insurer shall, as a condition of the accountant's engagement, require accountants:
(1) To retain any work papers prepared in connection with an audit of the insurer for at least 6 years after the close of
a reporting period; and
(2) To provide the work papers, or a copy, to the insurer at the insurer's request.
[1989, c. 846, Pt. C, §3 (new); Pt. E, §4 (aff).]
E. For purposes of this subsection, the term "work papers" includes, but is not limited to, schedules, analyses, reconciliations,
abstracts, memoranda, narratives, flow charts, copies of company records or other documents prepared or obtained by the accountant
and the accountant's employees in conducting the examination of the insurer.
[1989, c. 846, Pt. C, §3 (new); Pt. E, §4 (aff).]
[1989, c. 846, Pt. C, §3 (new); Pt. E, §4 (aff).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1989,
Ch. 846,
§A,C3,E4
(AMD).
PL 1991,
Ch. 828,
§13
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §415-A. Termination of certificate of authority
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§415-A. Termination of certificate of authority
An authorized insurer which elects to terminate its license authority in this State, in whole or in part, shall submit a withdrawal
plan designed to protect policyholders and claimants which is subject to approval by the superintendent. The insurer shall
submit its plan at least 60 days prior to its proposed date of withdrawal. The plan shall include, but not be limited to,
requirements and procedures for meeting the insurer's existing contractual obligations, providing security in the event of
a subsequent insolvency and meeting any applicable statutory obligations. The plan shall also comply with any further terms
and conditions which are prescribed by rules adopted by the superintendent. In order to protect the interest of the people
of this State, the superintendent may require the insurer to make a deposit of securities of a nature and type eligible under
section 1253, to be held in trust by the treasurer in the name of the superintendent.
[1985, c. 330, § 5 (new).]
div>
If an insurer's license authority is revoked, suspended or otherwise terminated in a manner other than by its election, the
superintendent shall issue an order which prescribes terms and conditions related to the license termination which shall,
to the extent practicable, conform to the requirements governing withdrawal plans as prescribed by this section and rules
promulgated under this section. In the event that an insurer attempts to terminate its license authority in this State without
filing a withdrawal plan acceptable to the superintendent, the superintendent shall issue an order prescribing the terms and
conditions of the termination. Any order issued pursuant to this section, including an order directing an insurer to produce
relevant information, may be enforced as provided by section 214.
[1985, c. 330, § 5 (new).]
Section History:
PL 1985,
Ch. 330,
§5
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §415. Continuation of certificate of authority
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§415. Continuation of certificate of authority
1. A certificate of authority continues in force as long as the insurer is entitled under this Title and until suspended or
revoked by the superintendent or terminated at the insurer's request.
A.
[1995, c. 544, §3 (rp).]
B.
[1995, c. 544, §3 (rp).]
C.
[1995, c. 544, §3 (rp).]
[1995, c. 544, §3 (amd).]
2.
[1995, c. 544, §4 (rp).]
3. The superintendent may, upon the insurer's request made within 3 months after suspension, reinstate a certificate of authority
that the superintendent suspended due to the insurer's failure to pay the annual fee upon payment by the insurer of the fee
for reinstatement specified in section 601. Otherwise the insurer may be granted another certificate of authority only after
filing application therefor and meeting all other requirements as for an original certificate of authority in this State.
[1997, c. 592, §11 (amd).]
4.
[1997, c. 592, §11 (rp).]
5.
[1997, c. 592, §11 (rp).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1975,
Ch. 767,
§10,11
(AMD).
PL 1977,
Ch. 222,
§1
(AMD).
PL 1977,
Ch. 694,
§398
(AMD).
PL 1981,
Ch. 501,
§39,40
(AMD).
PL 1995,
Ch. 544,
§3,4
(AMD).
PL 1997,
Ch. 592,
§11
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §416. Petition for suspension or revocation of certificate of authority; mandatory grounds
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§416. Petition for suspension or revocation of certificate of authority; mandatory grounds
1. Notwithstanding Title 4, chapter 5, and Title 5, section 10051, the superintendent shall refuse to continue or shall suspend
or revoke an insurer's certificate of authority:
A. If such action is required by any provision of this Title;
[1983, c. 419, §1 (amd).]
B. If a foreign insurer and it no longer meets the requirements for a certificate of authority, on account of deficiency of
capital or surplus or otherwise;
[1983, c. 419, §1 (amd).]
C. If a domestic insurer and it has failed to cure an impairment of capital or surplus within the time allowed therefor by
the superintendent under this Title or is otherwise no longer qualified for the certificate of authority;
[1983, c. 419, §1 (amd).]
D. If the insurer's certificate of authority to transact insurance therein is suspended or revoked by its state of domicile,
or state of entry into the United States, if an alien insurer; or
[1969, c. 132, §1 (new).]
E. For failure of the insurer to pay taxes on its premiums as required by law.
[1969, c. 132, §1 (new).]
[1999, c. 547, Pt. B, §44 (amd); §80 (aff).]
2. Except in case of insolvency or impairment of required capital or surplus, or suspension or revocation by another state
as referred to in subsection 1, paragraph D, the superintendent shall give the insurer at least 20 days notice in advance
of any such refusal, suspension or revocation under this section and of the particulars of the reasons therefor. If the insurer
requests a hearing thereon within the 20 days, the request shall automatically stay the superintendent's proposed action until
his order is made on that hearing. Hearings held pursuant to this subsection shall be held in conformity with the Maine Administrative
Procedure Act, Title 5, chapter 375, subchapter IV.
[1983, c. 419, §1 (amd).]
3. If an action initiated by the superintendent to suspend or revoke an insurer's certificate of authority is based on subsection
1, paragraphs B or C, a sworn statement of financial condition of the insurer signed by an officer of the insurer which indicates
that the insurer no longer meets the requirements for a certificate of authority shall be prima facie proof that the requirements
for a certificate of authority are not met.
[1983, c. 419, §1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1971,
Ch. 544,
§83
(AMD).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1977,
Ch. 694,
§399,400
(AMD).
PL 1983,
Ch. 419,
§1
(AMD).
PL 1999,
Ch. 547,
§B44
(AMD).
PL 1999,
Ch. 547,
§B80
(AFF).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §417. Suspension or revocation of certificate of authority; discretionary and special grounds
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§417. Suspension or revocation of certificate of authority; discretionary and special grounds
1. Notwithstanding Title 4, chapter 5 and Title 5, section 10051, the superintendent may refuse to continue or may suspend
or revoke an insurer's certificate of authority if the superintendent finds, after a hearing thereon or upon waiver of hearing
by the insurer, that the insurer has violated or failed to comply with any lawful order of the superintendent, or has willfully
violated or willfully failed to comply with any lawful rule of the superintendent, or has violated any provision of this Title
other than those for violation of which suspension or revocation is mandatory.
[1999, c. 547, Pt. B, §45 (amd); §80 (aff).]
2. The superintendent shall suspend or revoke an insurer's certificate of authority on any of the following grounds, if he
finds after a hearing held in conformity with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter IV,
that the insurer:
A. Is in unsound condition, or is being fraudulently conducted, or is in such condition or using such methods and practices
in the conduct of its business as to render its further transaction of insurance in this State currently or prospectively
hazardous or injurious to policyholders or to the public;
[1983, c. 419, §2 (amd).]
B. With such frequency as to indicate its general business practice in this State, has without just cause failed to pay, or
delayed payment of, claims arising under its policies, whether the claim is in favor of an insured or is in favor of a third
person; or, with like frequency, without just cause compels insureds or claimants to accept less than the amount due them
or to employ attorneys or to bring suit against the insurer or an insured to secure full payment or settlement of such claims;
[1983, c. 419, §2 (amd).]
C. Refuses to be examined, or if its directors, officers, employees or representatives refuse to submit to examination relative
to its affairs, or to produce its accounts, records and files for examination by the superintendent when required, or refuse
to perform any legal obligation relative to the examination; or
[1973, c. 585, §12 (amd).]
D. Has failed to pay any final judgment rendered against it in this State upon any policy, bond, recognizance or undertaking
as issued or guaranteed by it, within 30 days after the judgment became final or within 30 days after dismissal of an appeal
before final determination, whichever date is the later.
[1969, c. 132, §1 (new).]
[1983, c. 419, §2 (amd).]
3. Notwithstanding Title 4, chapter 5 and Title 5, section 10051, the superintendent may, without notice or a hearing thereon,
immediately suspend the certificate of authority of any insurer as to which proceedings for receivership, conservatorship,
rehabilitation or other delinquency proceedings have been commenced against the insurer in any state by the public official
charged with supervising the insurance industry in that state. Upon suspending a certificate of authority under this subsection,
the superintendent shall promptly schedule a hearing on the matter, to be held within 30 days of the suspension. The superintendent
shall make a determination within 30 days after the conclusion of that hearing.
[1999, c. 547, Pt. B, §45 (amd); §80 (aff).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1977,
Ch. 694,
§401-403
(AMD).
PL 1983,
Ch. 419,
§2
(AMD).
PL 1999,
Ch. 547,
§B45
(AMD).
PL 1999,
Ch. 547,
§B80
(AFF).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §418-A. Order, notice of suspension or, revocation; publication; effect upon agents' authority
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§418-A. Order, notice of suspension or, revocation; publication; effect upon agents' authority
1. All suspensions or revocations of, or refusals to continue, an insurer's certificate of authority shall be by the superintendent's
order, given to the insurer by personal delivery or by certified or registered mail, addressed to the insurer at its last
address of record with the superintendent. Notice by mail shall be deemed given when so mailed.
[1983, c. 419, § 4 (new).]
2. Upon issuance of the order, the superintendent shall forthwith give notice thereof to the insurer's agents in this State
of record in the bureau, and shall likewise suspend or revoke the authority of those agents to represent the insurer.
[1983, c. 419, § 4 (new).]
Section History:
PL 1983,
Ch. 419,
§4
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §418. Power to amend, modify or refuse to renew certificates of authority
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§418. Power to amend, modify or refuse to renew certificates of authority
Notwithstanding the authority of the District Court, the superintendent may amend, modify or refuse to renew any insurer's
certificate of authority for cause pursuant to procedures in conformity with the Maine Administrative Procedure Act, Title
5, chapter 375, subchapter IV.
[1983, c. 419, §3 (amd); 1999, c. 547, Pt. B, §78 (amd); §80 (aff).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1969,
Ch. 177,
§10
(AMD).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1977,
Ch. 694,
§404
(RPR).
PL 1983,
Ch. 419,
§3
(AMD).
PL 1999,
Ch. 547,
§B78
(AMD).
PL 1999,
Ch. 547,
§B80
(AFF).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §419. Duration of suspension; insurer's obligation during suspension period; reinstatement
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§419. Duration of suspension; insurer's obligation during suspension period; reinstatement
1. The suspension of an insurer's certificate of authority must be for such period as the superintendent specifies in the order
of suspension. During the suspension period, the superintendent may rescind or shorten the suspension period by further order.
The superintendent may reinstate the insurer's certificate of authority upon written request of the insurer if the superintendent
finds that the causes of the suspension are no longer continuing and that the insurer is otherwise in compliance with the
requirements of this Title.
[1995, c. 570, §2 (amd).]
2. During the suspension period, the insurer shall not solicit or write any new business in this State, but shall file its
annual statement, pay fees, licenses and taxes as required under this Title, and may service its business already in force
in this State, as if the certificate of authority had continued in full force.
[1983, c. 419, §5 (amd).]
3. Upon expiration of the suspension period, if within that period the certificate of authority has not terminated, the insurer's
certificate of authority shall reinstate unless the superintendent finds that the causes of the suspension are continuing,
or that the insurer is otherwise not in compliance with the requirements of this Title.
[1983, c. 419, §5 (amd).]
4. Upon reinstatement of the insurer's certificate of authority, the authority of its agents in this State to represent the
insurer shall likewise reinstate. The superintendent shall promptly notify the insurer and its agents in this State, of record
in the bureau, of that reinstatement.
[1983, c. 419, §5 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1977,
Ch. 694,
§405,406
(AMD).
PL 1983,
Ch. 419,
§5
(AMD).
PL 1995,
Ch. 570,
§2
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §420. General corporation laws inapplicable to foreign insurers
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§420. General corporation laws inapplicable to foreign insurers
The general corporation laws of this State shall not apply as to foreign insurers holding certificates of authority to transact
insurance in this State.
[1969, c. 132, § 1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §421. Superintendent process agent for insurers
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§421. Superintendent process agent for insurers
1. Before the superintendent authorizes it to transact insurance in this State, each insurer shall appoint an agent to receive
service of legal process issued against the insurer in this State. The insurer shall file with the superintendent a copy
of the appointment. The notice to the superintendent must be accompanied by a copy of a resolution of the board of directors
or like governing body of the insurer, if an incorporated insurer, showing that those officers who executed the appointment
were duly authorized to do so on behalf of the insurer. The registered agent must consent to the appointment.
[1997, c. 592, §12 (amd).]
1-A.
[T. 24-A, §421, sub-§1-A (rp).]
2.
[1997, c. 457, §12 (rp).]
3. Service of process against a foreign or alien insurer may be made only by service thereof upon the attorney appointed by
the insurer.
[1997, c. 457, §13 (amd).]
4. Service of such process against a domestic insurer may be made as provided hereunder, or in any other manner provided by
law.
[1969, c. 132, §1 (new).]
5. At the time of application for a certificate of authority the insurer shall file the appointment with the superintendent,
together with designation of the person to whom process against it served upon the appointed agent is to be forwarded. The
insurer may change such designation by a new filing.
[1997, c. 592, §13 (amd).]
6. A copy of such appointment, certified by the superintendent, shall be received in evidence in all courts of this State.
[1973, c. 585, §12 (amd).]
7. Any person or entity required by Title 24 or this Title to appoint an agent for service of process who does not have a valid
appointment on file with the superintendent is deemed to have appointed the superintendent as agent for service of process,
and process may be served within this State in the same manner as provided in section 2105. This subsection does not relieve
that person or entity from the requirement to appoint an agent for service of process or from the applicable penalties for
failure to comply with that requirement.
[1999, c. 113, §18 (new).]
Section History:
MRSA ,
§T.24A SEC.4211A
(AMD).
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1997,
Ch. 457,
§10-14
(AMD).
PL 1997,
Ch. 592,
§12,13
(AMD).
PL 1999,
Ch. 113,
§18
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §422. Serving process (REPEALED)
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§422. Serving process (REPEALED)
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1997,
Ch. 457,
§15
(RP ).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §423-A. Interim financial reporting requirements
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§423-A. Interim financial reporting requirements
1. Quarterly report. Within 45 days following the close of any calendar quarter, except the 4th quarter, an authorized insurer, subject to the
requirements of section 423, shall upon the superintendent's request, made to the authorized insurer, not later than the end
of the quarter to be reported upon file a quarterly report of financial condition with the Bureau of Insurance.
[1985, c. 330, § 6 (new).]
2. Form and content. The quarterly report shall be in the form requested by the superintendent and shall contain such information as the superintendent
deems necessary or if the superintendent elects shall be conformed to the reporting format developed by the National Association
of Insurance Commissioners and which is in customary use in the United States for differing types of authorized insurers.
[1985, c. 330, § 6 (new).]
3. Verification. The report shall be verified by the oath of the insurer's president or vice-president, and the secretary or actuary as applicable,
or in the absence of the foregoing, by 2 other principal officers; or if a reciprocal insurer, by the oath of the attorney-in-fact
or its like officers if a corporation.
[1985, c. 330, § 6 (new).]
Section History:
PL 1985,
Ch. 330,
§6
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §423-B. Periodic financial reports of insurer-controlled health maintenance organizations
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§423-B. Periodic financial reports of insurer-controlled health maintenance organizations
An authorized insurer that controls and operates a health maintenance organization as a division or line of business shall
file on a continuing basis any additional periodic financial reports required by the superintendent by rule.
[1993, c. 702, Pt. A, §8 (new).]
Section History:
PL 1993,
Ch. 702,
§A8
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §423-C. Reports of material transactions
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§423-C. Reports of material transactions
1. Report required. Every domestic insurer must file a report with the superintendent, on or before the 15th day of each month, if it has engaged
in a material investment or reinsurance transaction during the preceding month that has not already been separately reported
to the superintendent or submitted to the superintendent for prior review.
[1995, c. 375, Pt. A, §1 (new).]
2. Material transactions defined. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
A. "Material investment transaction" means an acquisition or disposition of an asset or the aggregate of a series of related
acquisitions or related dispositions during a 30-day period that is nonrecurring, not in the ordinary course of business and
involving more than 5% of the reporting insurer's total admitted assets as reported in its most recent statutory statement
filed with the superintendent. Asset acquisitions and dispositions include without limitation a purchase, sale, lease, exchange,
merger, consolidation, succession, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise,
abandonment or destruction. Asset acquisition does not include the construction or development of real property for the use
of the reporting insurer or the acquisition of materials for such construction or development.
[1995, c. 375, Pt. A, §1 (new).]
B. "Material reinsurance transaction" means:
(1) A transaction involving property and casualty business, including accident and health business written by a property
and casualty insurer, that involves more than 50% of either the insurer's total ceded written premium or the insurer's total
ceded indemnity and loss adjustment reserves;
(2) A transaction involving life, annuity or accident and health business that causes a change, either positive or negative,
in the current total reserve credit taken for all life, annuity and accident and health business of more than 50% from the
total reserve credit taken for such business in the insurer's most recent annual statement. "Total reserve credit" includes
reserve credit taken for unearned premiums, reserve credit taken other than for unearned premiums and amounts recoverable
on paid and unpaid losses for all reinsurance ceded;
(3) Any transaction in which either:
(a) An authorized reinsurer representing more than 10% of the insurer's total reserve credit for business ceded is replaced
by one or more unauthorized reinsurers; or
(b) Previously established collateral requirements have been reduced or waived for one or more unauthorized reinsurers representing
collectively more than 10% of the insurer's total reserve credit for business ceded; or
(4) Transactions otherwise falling within the scope of this paragraph do not need to be reported if:
(a) In the case of a property and casualty insurer, the insurer's total ceded written premium represents, on an annualized
basis, less than 10% of its total written premium for direct and assumed business;
(b) In the case of a life, annuity and accident and health insurer, the total reserve credit taken for business ceded represents,
on an annualized basis, less than 10% of the statutory reserve requirement before any cession; or
(c) The transaction falls within the scope of a previously reported reinsurance agreement.
[RR 1995, c. 2, §51 (cor).]
[RR 1995, c. 2, §51 (cor).]
3. Reporting procedures. Reports for material investment transactions and material reinsurance transactions must follow the following procedures.
A. A report of a material investment transaction must include the following information:
(1) Date of the transaction;
(2) Manner of acquisition or disposition;
(3) Description of the assets involved;
(4) Nature and amount of the consideration given or received;
(5) Purpose of or reason for the transaction;
(6) Manner by which the amount of consideration was determined;
(7) Gain or loss recognized or realized as a result of the transaction; and
(8) Name of the person from whom the assets were acquired or to whom they were disposed.
[1995, c. 375, Pt. A, §1 (new).]
B. A report of a material reinsurance transaction must include the following information:
(1) Effective date of the nonrenewal, cancellation or revision of the reinsurance agreement affected by the transaction;
(2) The description of the transaction with an identification of the initiator of the transaction;
(3) Purpose of or reason for the transaction; and
(4) If applicable, the identity of the replacement reinsurers.
[1995, c. 375, Pt. A, §1 (new).]
C. Material transactions must be reported on a nonconsolidated basis unless the insurer is part of a consolidated group of
insurers that uses a pooling arrangement of 100% reinsurance agreement that affects the solvency and integrity of the insurer's
reserves, and the insurer has ceded substantially all of its direct and assumed business to the pool. An insurer is considered
to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than $1,000,000 total
direct and assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income
of the business not subject to the pooling arrangement represents less than 5% of the insurer's capital and surplus.
[1995, c. 375, Pt. A, §1 (new).]
[1995, c. 375, Pt. A, §1 (new).]
4. Confidentiality. All reports obtained by or disclosed to the superintendent pursuant to this section are confidential, are not subject to
subpoena and may not be made public by the superintendent, the National Association of Insurance Commissioners or any other
person, except to insurance departments of other states, without the prior written consent of the insurer to which it pertains.
If the superintendent, after giving the insurer that would be affected notice and an opportunity for hearing, determines
that publication is in the interest of policyholders, shareholders or the public, the superintendent may publish all or any
part of a report in the manner the superintendent determines to be appropriate.
[1995, c. 375, Pt. A, §1 (new).]
Section History:
PL 1995,
Ch. 375,
§A1
(NEW).
RR 1995,
Ch. 2,
§51
(COR).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §423-D. Annual report supplement
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§423-D. Annual report supplement
1. Annual report supplement required. Each health insurer and health maintenance organization shall file an annual report supplement on or before March 1st of
each year, or within any reasonable extension of time that the superintendent for good cause may have granted on or before
March 1st. The superintendent shall adopt rules regarding specifications for the annual report supplement. The annual report
supplements must provide the public with general, understandable and comparable financial information relative to the in-state
operations and results of authorized insurers and health maintenance organizations. Such information must include, but is
not limited to, medical claims expense, administrative expense and underwriting gain for each line segment of the market in
this State in which the insurer participates. The annual report supplements must contain sufficient detail for the public
to understand the components of cost incurred by authorized health insurers and health maintenance organizations as well as
the annual cost trends of these carriers. The superintendent shall develop standardized definitions of each reported measure.
Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
[2003, c. 469, Pt. E, §2 (new).]
2. Exemption. If an insurer is engaged in the type of health insurance business identified as an exception to the definition of health
insurance in section 704, subsection 2 and is not engaged in health insurance in this State as defined in that section, then
the insurer is not subject to the requirements of this section for the filing of annual report supplements.
[2003, c. 469, Pt. E, §2 (new).]
Section History:
PL 2003,
Ch. 469,
§E2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §423. Annual statement
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§423. Annual statement
1. Each authorized insurer shall annually on or before March 1st, or within any reasonable extension of time that the superintendent
for good cause may have granted on or before such March 1st, file with the superintendent a full and true statement of its
financial condition, transactions and affairs as of December 31st preceding. The statement must be on an annual statement
blank of the National Association of Insurance Commissioners, be prepared in accordance with the association's annual statement
instructions, and follow practices and procedures prescribed by the association's accounting practices and procedures manual,
with any useful or necessary modification or adaptation thereof and as supplemented by additional information required by
the superintendent. The statement must be verified by the oath of the insurer's president or vice-president, and secretary
or actuary as applicable, or in the absence of the foregoing, by 2 other principal officers; or if a reciprocal insurer, by
the oath of the attorney-in-fact or its like officers if a corporation.
[1993, c. 313, §16 (amd).]
2. The statement of an alien insurer shall be verified by its United States manager or other officer duly authorized, and shall
relate only to the insurer's transactions and affairs in the United States unless the superintendent requires otherwise. If
the superintendent requires a statement as to such an insurer's affairs throughout the world, the insurer shall file such
statement with the superintendent as soon as reasonably possible.
[1973, c. 585, §12 (amd).]
3. The superintendent may refuse to continue, or may suspend or revoke, the certificate of authority of any insurer failing
to file its annual statement when due.
[1973, c. 585, §12 (amd).]
4. Before August 10th, and at the same time the insurer makes payment for its annual assessment, the insurer shall pay the
fee for filing its annual statement as prescribed by section 601 (fee schedule).
[1995, c. 544, §5 (amd).]
5. The superintendent may adopt rules that prescribe accounting standards applicable to statements filed pursuant to this section.
These rules may permit or require any class or classes of insurers domiciled or authorized to do business in this State to
conform its financial presentations to the standards of preparation prescribed in the accounting practices and procedures
manual of the National Association of Insurance Commissioners.
[1991, c. 828, §14 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1991,
Ch. 828,
§14
(AMD).
PL 1993,
Ch. 313,
§16
(AMD).
PL 1995,
Ch. 544,
§5
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §424. -- penalty for late or false statement
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§424. -- penalty for late or false statement
1. An insurer failing, without just cause beyond the reasonable control of the insurer, to file its annual statement as required
in section 423 shall forfeit to the State $25 for each day of delinquency, to be collected if necessary, by civil action against
the insurer in the District Court, Southern Kennebec Division.
[1969, c. 132, §1 (new).]
2. Any director, officer, agent or employee of any insurer who subscribes to, makes or concurs in making or publishing, any
annual or other statement required by law, knowing the same to contain any material statement that is false, commits a Class
D crime.
[1991, c. 797, §9 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1991,
Ch. 797,
§9
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §425-A. Contract to participate in finance program
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§425-A. Contract to participate in finance program
An authorized insurer may enter into a contract or arrangement with a financial institution for the purpose of participating
in a finance program with the financial institution. In this case, the financial institution need not be licensed as a producer,
as long as the purpose of the arrangement is to authorize an insurer to direct or refer insureds, prospective insureds or
other customers to the financial institution for loans, or for the purpose of authorizing an insurer to facilitate arrangements
for leases, loans or credit applications with the financial institution. This section does not exempt persons from otherwise
complying with applicable state or federal laws relating to entering into such contracts.
[1997, c. 457, §16 (new).]
Section History:
PL 1997,
Ch. 457,
§16
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §425. Transactions with parent corporation, subsidiaries, and affiliates
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§425. Transactions with parent corporation, subsidiaries, and affiliates
1. No insurer shall engage directly or indirectly in any transaction or agreement with its parent corporation, or with any
subsidiary or affiliated person which shall result or tend to result in:
A. Substitution through any method of any asset of the insurer with an asset or assets of inferior quality or lower fair market
value; or
[1969, c. 132, § 1 (new).]
B. Deception as to the true operating results of the insurer; or
[1969, c. 132, § 1 (new).]
C. Deception as to the true financial condition of the insurer; or
[1969, c. 132, § 1 (new).]
D. Allocation to the insurer of a proportion of the expense of combined facilities or operations which is unfair and unfavorable
to the insurer; or
[1969, c. 132, § 1 (new).]
E. Unfair, unnecessary or excessive charges against the insurer for services, or facilities, or supplies or reinsurance; or
[1969, c. 132, § 1 (new).]
F. Unfair and inadequate charges by the insurer for reinsurance, services, facilities or supplies furnished by the insurer
to others; or
[1969, c. 132, § 1 (new).]
G. Payment by the insurer for services, facilities, supplies or reinsurance not reasonably needed by the insurer.
[1969, c. 132, § 1 (new).]
[1969, c. 132, § 1 (new).]
2. In all transactions between the insurer and its parent corporation, or involving the insurer and any subsidiary or affiliated
person, full recognition shall be given to the paramount duty and obligation of the insurer to protect the interests of policyholders,
both existing and future.
[1969, c. 132, § 1 (new).]
3. For the purposes of this section a "subsidiary" is a person of which either the insurer or the parent corporation, or both,
holds practical control, and an "affiliated person" is a person controlled by any combination of the insurer, the parent corporation,
a subsidiary, or the principal stockholders or officers or directors of any of the foregoing.
[1969, c. 132, § 1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §426. Resident agent; countersignature law (REPEALED)
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§426. Resident agent; countersignature law (REPEALED)
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1989,
Ch. 168,
§2
(RP ).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §427. -- exceptions (REPEALED)
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§427. -- exceptions (REPEALED)
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1969,
Ch. 177,
§11
(AMD).
PL 1979,
Ch. 162,
§
(AMD).
PL 1985,
Ch. 524,
§1-4
(AMD).
PL 1987,
Ch. 481,
§1
(AMD).
PL 1989,
Ch. 168,
§3
(RP ).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §428. Retaliatory provision
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 1: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
§428. Retaliatory provision
1. When by or pursuant to the laws of any other state or foreign country or province any taxes, licenses and other fees, in
the aggregate, and any fines, penalties, deposit requirements or other material requirements, obligations, prohibitions or
restrictions are or would be imposed upon Maine insurers doing business or that might seek to do business in such state, country
or province, or upon the agents or representatives of such insurers or upon brokers, which are in excess of such taxes, licenses
and other fees, in the aggregate, or which are in excess of the fines, penalties, deposit requirements or obligations, prohibitions
or restrictions directly imposed upon similar insurers, or upon the agents or representatives of such insurers, or upon brokers,
of such other state, country or province under the statutes of this State, so long as such laws of such other state, country
or province continue in force or are so applied, the same taxes, licenses and other fees, in the aggregate, or fines, penalties
or deposit requirements or other material requirements, obligations, prohibitions or restrictions of whatever kind shall be
imposed by the superintendent upon the insurer, or upon the agents or representatives of such insurers, or upon brokers, of
such other state, country or province doing business or seeking to do business in Maine. Any tax, license or other fee or
other obligation imposed by any city, county, or other political subdivision or agency of such other state, country or province
on Maine insurers or their agents or representatives or upon Maine brokers shall be deemed to be imposed by such state, country
or province within the meaning of this section.
[1973, c. 585, § 12 (amd).]
1-A. Notwithstanding subsection 1, this section does not apply to application fees, examination fees, issuance fees, appointment
fees, renewal fees and any other licensing fees associated with agent licenses, broker licenses, consultant licenses, adjuster
licenses, managing general agent registrations and reinsurance intermediary licenses.
[1993, c. 637, §3 (new).]
2. This section shall not apply as to personal income taxes, or as to ad valorem taxes on real or personal property, or as
to special purpose obligations or assessments imposed by another state in connection with particular kinds of insurance other
than property insurance; except that deductions, from premium taxes or other taxes otherwise payable, allowed on account of
real estate or personal property taxes paid shall be taken into consideration by the superintendent in determining the propriety
and extent of retaliatory action under this section.
[1973, c. 585, § 12 (amd).]
3. For the purposes of this section the domicile of an alien insurer, other than insurers formed under the laws of Canada or
a province thereof, shall be that state designated by the insurer in writing filed with the superintendent at time of admission
to this State or within 6 months after January 1, 1970, whichever date is the later, and may be any one of the following states:
A. That in which the insurer was first authorized to transact insurance;
[1969, c. 132, § 1 (new).]
B. That in which is located the insurer's principal place of business in the United States; or
[1969, c. 132, § 1 (new).]
C. That in which is held the largest deposit of trusteed assets of the insurer for the protection of its policyholders in the
United States.
[1969, c. 132, § 1 (new).]
If the insurer makes no such designation, its domicile shall be deemed to be that state in which is located its principal
place of business in the United States.
[1973, c. 625, § 135 (amd).]
4. The domicile of an insurer formed under the laws of Canada or a province thereof shall be that province of Canada in which
its head office is located.
[1969, c. 132, § 1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
PL 1973,
Ch. 625,
§135
(AMD).
PL 1993,
Ch. 637,
§3
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §471. Proclamation by Governor
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 2: INSURANCE EMERGENCIES
§471. Proclamation by Governor
Whenever it appears to the Governor that the welfare of the State or any section thereof, or the welfare and security of insurers
under the supervision of the superintendent or their insureds or beneficiaries require, the Governor may proclaim that an
insurance emergency exists and this subchapter shall thereupon become effective.
[1973, c. 585, § 12 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §472. Rules and regulations
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 2: INSURANCE EMERGENCIES
§472. Rules and regulations
During the period of any insurance emergency described in section 471, the superintendent shall have power to make, amend
or rescind such rules and regulations governing the business of any insurers as he deems expedient in order to adopt and maintain
sound methods of protecting the interests of insurer, insureds, beneficiaries or the public.
[1973, c. 585, § 12 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §473. Insurers regulated; suspended
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 2: INSURANCE EMERGENCIES
§473. Insurers regulated; suspended
During any insurance emergency period as described in sections 471 and 472, the superintendent is empowered to suspend for
such time or times as he may determine the transaction of insurance functions of any authorized insurer, whether domestic
or foreign, solvent or otherwise, and to limit its insurance business in volume or character to such particular amounts or
classifications and for such time or times as he may deem advisable.
[1973, c. 585, § 12 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §474. Payments deferred
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 2: INSURANCE EMERGENCIES
§474. Payments deferred
During any insurance emergency period as described in sections 471 and 472, the superintendent shall have authority to postpone
or defer, by rules or orders made and issued by him, for such time or times as he may determine, the payment of any amount
payable under the terms of any policy of insurance, annuity or pure endowment contract, and the payment of judgments, notes,
drafts, checks, bills of exchange or other forms of payment of claims due from insurers to any person, firm or corporation,
whether such claim is liquidated or unliquidated, due or to become due at a day certain, and defer the payment of premiums
on policies affected by such postponements or suspensions and may direct payment in full or in part whenever in his discretion
such payment may be safely consummated.
[1973, c. 585, § 12 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §475. "Insurer" defined
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 2: INSURANCE EMERGENCIES
§475. "Insurer" defined
The words "insurer" or "insurers" as used in this subchapter shall include corporations, interinsurers, associations, societies
and orders as well as partnerships and individual agents representing such organizations.
[1969, c. 132, § 1 (new).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §476. Personal responsibility of the superintendent limited
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 2: INSURANCE EMERGENCIES
§476. Personal responsibility of the superintendent limited
The superintendent shall not be held legally responsible for any act or failure to act in the premises when such act or failure
to act shall have been shown to be the result of good faith.
[1973, c. 585, § 12 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §477. Duration at will of Governor
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 2: INSURANCE EMERGENCIES
§477. Duration at will of Governor
The authority and power given the superintendent under this subchapter shall terminate and be of no effect when the Governor
proclaims that any insurance emergency has ceased to exist.
[1973, c. 585, § 12 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §478. Jurisdiction of courts
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 2: INSURANCE EMERGENCIES
§478. Jurisdiction of courts
During any emergency insurance period as described in sections 471 and 472, the superintendent is authorized to issue such
directions, rules or orders as in his discretion the circumstances may warrant, and any Justice of the Supreme Judicial or
Superior Courts shall have full jurisdiction to enforce this chapter by appropriate decrees.
[1973, c. 585, § 12 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 24-A - §479. Penalties
Title 24-A: MAINE INSURANCE CODE
Chapter 5: AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS
Subchapter 2: INSURANCE EMERGENCIES
§479. Penalties
Any violation of any order issued by virtue of this subchapter or any rule or regulatory provision made by the superintendent
pursuant thereto shall be punishable by a fine of not more than $1,000 or by imprisonment for less than one year, or by both.
[1973, c. 585, § 12 (amd).]
Section History:
PL 1969,
Ch. 132,
§1
(NEW).
PL 1973,
Ch. 585,
§12
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
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