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USA Statutes : maine
Title : Title 24-A. MAINE INSURANCE CODE
Chapter : Chapter 51. DOMESTIC MUTUAL ASSESSMENT INSURERS
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Title 24-A - §3603. Mutual assessment plans; definitions
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3603. Mutual assessment plans; definitions
1. For the purposes of this Title a mutual assessment insurer is a mutual insurer which is doing business on:
A. A post-loss assessment plan; or
[1969, c. 132, § 1 (new).]
B. On an advance assessment or contingent liability plan.
[1969, c. 132, § 1 (new).]
[1969, c. 132, § 1 (new).]
2. A post-loss assessment plan insurer is one which depends in whole or substantial part on regular or special assessments
levied upon its members after a loss or series of losses for payment of losses and expenses. A post-loss assessment plan insurer
may collect from each member such initial amount as it may deem proper prior to or at the time of the effectuation of the
member's insurance. Future regular or special assessments may be secured by use of a premium note signed by the policyholder.
[1969, c. 132, § 1.]
3. An advance assessment plan insurer shall by its bylaws and policies fix the contingent mutual liability of its members for
the payment of losses and expenses not provided for by its cash funds; but such contingent liability of a member shall not
be less than one or more than 6 times the advance assessment for the member's policy at the annual advance assessment rate
for a term of one year. Such an advance assessment plan insurer may issue both assessable and nonassessable advance cash premium
policies. Any assessment, special or regular, levied under the contingent liability provisions of this chapter shall be for
the exclusive benefit of the holders of policies subject to assessment, and such policyholders shall not be liable to an assessment
in an amount greater in proportion to the total deficiency than the ratio that the deficiency attributable to the assessable
business bears to the total deficiency.
[1969, c. 132, § 1 (new).]
4. Nothing in this chapter shall be deemed to prohibit the acquisition, accumulation and maintenance of surplus and unallocated
funds.
[1969, c. 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 - §3604. Insuring powers; reinsurance
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3604. Insuring powers; reinsurance
1. An assessment plan insurer shall have authority to transact, and shall transact only such insurance as is permitted by its
charter and by its certificate of authority.
[1969, c. 132, § 1 (new).]
2. Any such insurer shall have power to cede reinsurance of any risk or part thereof which it is authorized to insure direct;
and shall have power to accept reinsurance from other domestic assessment plan insurers of any risk which it has authority
to insure direct.
[1969, c. 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 - §3605. Formation of new assessment plan insurers
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3605. Formation of new assessment plan insurers
Assessment plan insurers shall hereafter be formed under the applicable provisions of sections 3306 (incorporation of domestic
stock, mutual insurers) to 3309 (completion of incorporation; general powers, duties); except, that the certificate of organization
of the corporation shall stipulate that the corporation is formed to transact insurance on the assessment plan, and other
provisions contained in the certificate shall be consistent with the applicable provisions of this chapter.
[1969, c. 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 - §3606. Certificate of authority required
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3606. Certificate of authority required
No such insurer shall transact insurance in this State except as authorized by a subsisting certificate of authority issued
to the insurer by the superintendent.
[1973, c. 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 - §3607. Capital funds required; existing insurers
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3607. Capital funds required; existing insurers
1. A mutual assessment insurer heretofore organized to transact and transacting only fire, marine and glass insurance shall
not have a net retention of liability on any one risk in excess of $200 until its gross assets exceed $2,000, after which
its net retention of liability shall be as provided in section 3623.
[1969, c. 132, § 1 (new).]
2. Mutual insurers organized prior to January 1968 to transact and transacting kinds of insurance other than fire, marine and
glass shall have a guaranty capital fund in amount not less than as required under laws in force immediately prior to January
1, 1970, and if organized on or after January 1, 1968, shall have guaranty capital funds of not less than $500,000. Such an
insurer shall not be authorized to transact insurance until at least 14 of its guaranty capital funds have been paid in,
in cash, and invested in such manner as is provided in chapter 13.
[1973, c. 625, § 150 (amd).]
3. If an insurer operating under this section fails to comply with the superintendent's request to increase its paid-in guaranty
capital funds within the amount otherwise required by law, it shall cease to write any class or kind of insurance other than
fire, marine or glass until such time as the superintendent's request has been complied with.
[1973, c. 585, § 12 (amd).]
4. Except as hereinabove provided, all such insurers holding subsisting certificates of authority immediately prior to January
1, 1970 may continue to be so authorized as long as qualified for such authority as under laws in force immediately prior
to such effective date.
[1973, c. 625, § 150 (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 - §3608. Capital funds required; new mutual assessment insurers
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3608. Capital funds required; new mutual assessment insurers
A mutual insurer hereafter organized to transact property insurance on the assessment plan shall not be authorized to transact
insurance unless it:
[1969, c. 132, § 1 (new).]
1. Establishes and maintains guaranty capital funds of at least $50,000, all of which shall have been paid in, in cash, and
[1969, c. 132, § 1 (new).]
2. Receives not less than 25 bona fide written applications from not less than 25 persons for insurance of the kind proposed
to be transacted, of not less than $100,000 in amount at risk as to principal hazards to be insured, and
[1969, c. 132, § 1 (new).]
3. Receives or collects the initial payment on the premium for the insurance applied for, together with such premium notes
as it is contemplated to use in connection with applications for insurance in general, and
[1969, c. 132, § 1 (new).]
4. Is otherwise qualified for such authority under this chapter.
[1969, c. 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 - §3609. New assessment plan insurers; conversion
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3609. New assessment plan insurers; conversion
Mutual insurers hereafter organized to transact insurance on the assessment plan shall not be authorized to transact any kind
of insurance other than property insurance, or to transact insurance of any kind on the cash premium plan, unless the insurer
qualifies for such authority in accordance with the requirements of domestic mutual insurers hereafter organized under chapter
47 (organization, corporate powers, procedures of domestic legal reserve stock and mutual insurers), and by appropriate amendment
to its certificate of organization converts to such a legal reserve insurer.
[1969, c. 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 - §3610. Guaranty capital shares; dividends, investment, deposit, voting rights
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3610. Guaranty capital shares; dividends, investment, deposit, voting rights
1. Where the insurer is permitted or required to have guaranty capital shares, such capital shall be divided into shares of
$100 each and certificates shall be issued therefor.
[1969, c. 132, § 1 (new).]
2. The holders of guaranty capital shares may receive dividends not exceeding 7% of the amount received by the insurer for
issuance of such shares in any one calendar year from the net earnings of the insurer after providing for all expenses, losses,
reserves and liabilities then incurred.
[1969, c. 132, § 1 (new).]
3. Guaranty capital resulting from shares shall be invested in such manner as is provided in chapter 13.
[1969, c. 132, § 1 (new).]
4. Guaranty capital shareholders and members of the insurer shall be subject to the same provisions of law relative to their
right to vote as apply respectively to stockholders in stock insurers and policyholders in purely mutual insurers.
[1969, c. 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 - §3611. Guaranty capital shares; increase of paid-in capital
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3611. Guaranty capital shares; increase of paid-in capital
If an insurer heretofore or hereafter has been authorized to transact insurance upon the basis of guaranty capital shares
not 100% paid-in, the unpaid portion of such guaranty or so much thereof as the superintendent deems necessary, shall be paid
in at such times as in the opinion of the superintendent is necessary for the adequate protection of the policyholders.
[1973, c. 585, § 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 - §3612. Guaranty capital shares; deficiency and assessment
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3612. Guaranty capital shares; deficiency and assessment
When the cash and other available assets of an insurer with guaranty capital shares are exhausted, such part of the guaranty
capital fund as may be required shall, with the approval of the superintendent, be drawn and used to pay losses then due.
When such fund is so drawn upon, the directors of the insurer shall make good the amount so drawn by assessments upon the
contingent funds or notes of the insurer or by borrowed funds as provided for under section 3415; and unless such fund is
restored within 6 months from the date of withdrawal, the holders of guaranty fund shares shall be assessed in proportion
to the amount of such shares owned by them for the purpose of restoring such capital.
[1973, c. 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 - §3613. Guaranty capital shares; retirement
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3613. Guaranty capital shares; retirement
Guaranty capital shares may be retired by vote of the policyholders of the insurer when the insurer's surplus, over and above
all liabilities including guaranty capital, equals or exceeds the amount of the guaranty capital shares. The guaranty capital
shares may be retired in part when the insurer's remaining net surplus and guaranty fund will not thereby be reduced below
the amount of original guaranty capital.
[1969, c. 132, § 1.]
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 - §3614. Notice of contingent liability; reduction
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3614. Notice of contingent liability; reduction
Where contingent liability of policyholders is provided for, notice of the existence of such liability shall be plainly and
legibly given in each policy. Whenever any reduction is made in the contingent liability of members, the reduction shall apply
proportionally to all policies in force.
[1969, c. 132, § 1.]
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 - §3615. Delivery, acceptance of policy
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3615. Delivery, acceptance of policy
The delivery of the policy to the insured and payment by the insured of the initial charge shall be deemed an acceptance of
the contract.
[1969, c. 177, § 61 (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 - §3616. Assessment; remedy if not paid
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3616. Assessment; remedy if not paid
If any lawful assessment is not paid within 30 days after written demand by the insurer or its agent, the directors may declare
the policy suspended until the assessment is paid or may at their option sue for and collect the amount due on such assessment.
Mailing such demand addressed to the insured at his address last of record with the insurer, or delivering it to him in hand
by an authorized agent or officer of the insurer, shall be deemed conclusive proof that demand has been duly made.
[1969, c. 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 - §3617. Assessment -- court review; adjustment of claims where no assessment made
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3617. Assessment -- court review; adjustment of claims where no assessment made
1. Whenever the directors of a mutual assessment insurer make an assessment or call on its members for money, or by vote determine
that there exists a necessity for such assessment or call, they, or any person interested in the insurer as an officer, policyholder
or creditor, may file in the Superior Court in any county, a complaint praying the court to examine the assessment or call
or to determine the necessity therefor and all matters connected therewith, and to ratify, amend or annul the assessment or
call or to order that the same be made as law and justice may require.
[1969, c. 132, § 1 (new).]
2. The decision on such complaint, when filed by any party except the insurer, or a receiver, or the superintendent, shall
rest in the discretion of the court.
[1973, c. 585, § 12 (amd).]
3. Whenever the directors unreasonably neglect to make an assessment or call to satisfy an admitted or ascertained claim upon
the insurer, any judgment creditor, or any person holding such admitted or ascertained claim, or the superintendent may make
the application. Upon such application, if made by the directors, or upon order of court if made by application of any other
party, the directors shall set forth the claims against the insurer, its assets and all other facts and particulars appertaining
to the matter.
[1973, c. 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 - §3618. -- order of notice to parties interested, and proceedings
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3618. -- order of notice to parties interested, and proceedings
The court before which the complaint described in section 3617 is filed shall order notice to all parties interested, by publication
or otherwise. Upon the return thereof, the court shall proceed to examine the assessment or call, the necessity therefor and
all matters connected therewith. Any parties interested may appear and be heard thereon, and all questions that may arise
shall be heard and determined as in other civil actions in which equitable relief is sought. The court may refer the apportionment
or calculation to any competent person, and upon the examination may ratify, amend or annul the assessment or call, or order
one to be made. In case the assessment or call is altered or amended, or one is ordered, the directors shall forthwith proceed
to vote the same in legal form and the record of such vote shall be set forth in a supplemental answer.
[1969, c. 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 - §3619. -- proceedings before master or auditor
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3619. -- proceedings before master or auditor
Whenever the court appoints a master or auditor to make the apportionment or calculation for an assessment, such master or
auditor shall appoint a time and place to hear all parties interested in the assessment or call, and shall give personal notice
thereof, in writing, to the superintendent, and through the post office or in such other manner as the court directs, so far
as he is able, to all persons liable upon the assessment or call. The auditor or master shall hear the parties and make report
to the court of all his doings respecting such assessment or call and all matters connected therewith, and all parties interested
in such report or assessment have a right to be heard by the court respecting the same, in the same manner as is provided.
[1973, c. 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 - §3620. -- when assessment final; costs; control of funds and payment of assessments
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3620. -- when assessment final; costs; control of funds and payment of assessments
1. When an assessment or call has been ratified, ascertained or established as provided for in sections 3617 to 3619, a decree
shall be entered which shall be final and conclusive upon the insurer and all parties liable to the assessment or call as
to the necessity of the same, the authority of the insurer to make or collect it, the amount thereof and all formalities connected
therewith. Where an assessment or call is altered or amended by vote of directors and decree of the court thereon, such amended
or altered assessment or call is binding upon all parties who would have been liable under it as originally made, and in all
legal proceedings shall be held to be such original assessment or call.
[1969, c. 132, § 1 (new).]
2. All proceedings shall be at the cost of the insurer, unless the court for cause otherwise orders.
[1969, c. 132, § 1 (new).]
3. In all cases the court may control the disposal of the funds collected under these proceedings, and may issue all necessary
processes to enforce the payment of such assessments against all persons liable therefor.
[1969, c. 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 - §3621. -- assessment not sufficient; collection stayed by court
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3621. -- assessment not sufficient; collection stayed by court
Whenever it shall appear to the court before which the complaint provided for in section 3617 is pending, that the net proceeds
of any assessment or call will not be sufficient to furnish substantial relief to those having claims against the insurer,
it may decree that no assessment shall be collected. When, on application of the superintendent or any person interested,
the court is of opinion that further attempts to collect an assessment then partially collected will not benefit those having
claims against the insurer, it may stay its further collection.
[1973, c. 585, § 12 (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 - §3622. Nonassessable policies; assessable, nonassessable liability
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3622. Nonassessable policies; assessable, nonassessable liability
1. A mutual insurer heretofore formed and transacting insurance under this chapter may issue nonassessable advance cash premium
policies in this State upon compliance with either of the following requirements:
A. Surplus." Headnote=" The insurer shall have and maintain a surplus to policyholders, as determined by its last annual statement
filed with the superintendent, of not less than $100,000, or
[1973, c. 585, § 12 (amd).]
B. Surplus and unearned premium reserve. The insurer shall have and maintain a surplus to policyholders, as determined by its
latest annual statement filed with the superintendent, of not less than $75,000, provided its unearned premium reserve is
at all times less than its surplus to policyholders.
[1973, c. 585, § 12.]
[1973, c. 585, § 12 (amd).]
2. If such an insurer, after qualifying to issue a nonassessable cash premium policy, fails to maintain one of the above requirements
it shall cease to issue a nonassessable policy until it has again met and maintained the requirements for a period of one
year.
[1969, c. 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 - §3623. Limit of risk
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3623. Limit of risk
1. Except as provided in section 3607, subsection 1, an insurer shall not retain liability as to any one risk in an amount
exceeding 10% of its surplus and in addition 8% of the amount at any time due on its premium notes.
[1975, c. 124 (amd).]
2. Valid reinsurance ceded by the insurer and then in force shall be deducted from the gross risk assumed in determining net
risk retained.
[1969, c. 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 - §3624. Unearned premium reserve
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3624. Unearned premium reserve
An insurer which collects a cash premium or advance assessment shall maintain an unearned premium reserve equal to 50% of
the cash premium or advance assessment on its policies in force.
[1969, c. 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 - §3625. Directors' residence, compensation
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3625. Directors' residence, compensation
1. A majority of the board of directors of the insurer shall be residents of, and actually reside in, this State.
[1969, c. 132, §1 (new).]
2. The salary or compensation for services of the directors of the insurer shall be fixed by the policyholders at their annual
meeting.
[1969, c. 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 - §3626. Annual statement by directors
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3626. Annual statement by directors
The directors of every insurer shall cause a detailed account of its expenses for the year preceding, the amount of property
actually insured at that time, the amount due on its premium notes and the amount of all debts due to and from the insurer
to be laid before the policyholders at the annual meeting.
[1969, c. 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 - §3627. Agents; liability
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3627. Agents; liability
Any person who solicits insurance on behalf of any insurer or transmits for a person other than himself an application for,
or a policy of, insurance to or from such insurer, or in any manner acts in the negotiation of such insurance, or in the inspection
or valuation of the property insured shall be deemed the agent of the insurer, and except as otherwise provided, shall become
liable to all the duties, requirements, liabilities and penalties to which an agent of any insurer is subject.
[1969, c. 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 - §3628. Agents -- licensing
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3628. Agents -- licensing
All agents of insurers subject to this chapter are subject to the applicable requirements of chapter 16, except that:
[1997, c. 457, §45 (amd); §55 (aff).]
1. No personal examination shall be required of the applicant and no examination fee shall be charged, as to an applicant for
a license as an agent of an insurer writing insurance solely on the assessment plan, if on January 1, 1970 the applicant was
also a director or officer of such insurer;
[1973, c. 625, §151 (amd).]
2. No fee shall be required by the superintendent for license as resident agent issued to any individual referred to in subsection
1, as agent of such an insurer.
[1973, c. 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 - §3629. Other provisions applicable
Title 24-A: MAINE INSURANCE CODE
Chapter 51: DOMESTIC MUTUAL ASSESSMENT INSURERS
§3629. Other provisions applicable
The following chapters and provisions of this Title, where and to the extent not inconsistent with this chapter and the reasonable
implications thereof, also apply as to domestic mutual assessment insurers which are subject to this chapter:
[1969, c. 132, §1 (new).]
1. Chapter 1 (general definitions and provisions).
[1969, c. 132, §1 (new).]
2. Chapter 3 (the insurance superintendent), except that an insurer transacting insurance only on the assessment plan shall
not be subject to section 228 (examination expense), and shall not be required to pay the expense of examination of the insurer.
[1973, c. 585, §12 (amd).]
3. Chapter 5 (authorization of insurers and general requirements), except that the following sections or provisions shall not
apply:
A. Section 410 (capital funds required);
[1969, c. 132, §1 (new).]
B. Section 411 (insuring combinations without additional capital funds);
[1969, c. 132, §1 (new).]
C. Section 413 (application for certificate of authority), to the extent that payment is required of a fee for application
for or issuance of a certificate of authority of an insurer transacting insurance on the assessment plan only;
[1969, c. 132, §1 (new).]
D. Section 415 (continuance, expiration, reinstatement of certificate of authority), to the extent that payment of fee for
continuance of certificate of authority is required of an insurer transacting insurance on the assessment plan only; and
[1969, c. 132, §1 (new).]
E. Section 423 (annual statement), to the extent that payment of a fee for filing the annual statement is required of an insurer
transacting insurance on the assessment plan only.
[1969, c. 132, §1 (new).]
[1969, c. 132, §1 (new).]
4. Chapter 7 (fees and taxes), except as otherwise expressly provided in this chapter, and that no fee shall be charged for
the certificate of authority of an insurer transacting insurance on the assessment plan only.
[1969, c. 132, §1 (new).]
5. Chapter 9 (kinds of insurance), except the following sections:
A. Section 702 ("life insurance" defined);
[1969, c. 132, §1 (new).]
B. Section 709 ("title insurance" defined); and
[1969, c. 132, §1 (new).]
C. Section 721 (limits of risk).
[1969, c. 132, §1 (new).]
[1969, c. 132, §1 (new).]
6.
[2001, c. 72, §17 (rp).]
6-A. Section 901-A (statutory accounting principles);
[2001, c. 72, §18 (new).]
7. Chapter 13 (investments).
[1969, c. 132, §1 (new).]
8. Chapter 15 (administration of deposits).
[1969, c. 132, §1 (new).]
9. Chapter 16;
[1997, c. 457, §46 (amd); §55 (aff).]
10. Chapter 23 (trade practices and frauds).
[1969, c. 132, §1 (new).]
11. Chapter 25 (rates and rating organizations), except as provided in such chapter 25.
[1969, c. 132, §1 (new).]
12. Chapter 27 (the insurance contract); except that section 2415 (charter, bylaw provisions) shall not apply as to insurance
written on the mutual assessment plan.
[1969, c. 132, §1 (new).]
13. Chapter 39 (casualty insurance contracts).
[1969, c. 132, §1 (new).]
14. Chapter 41 (property insurance contracts).
[1969, c. 132, §1 (new).]
15. Chapter 43 (surety insurance contracts).
[1969, c. 132, §1 (new).]
16. Chapter 47 (organization, corporate powers, procedures of domestic legal reserve stock and mutual insurers), except as to
the following sections:
A. Sections 3352 to 3358 (initial qualification, qualifying applications for insurance, guaranty capital, and related subjects);
and
[1969, c. 132, §1 (new).]
B. Sections 3364 to 3367 (provisions relative to contingent liability and nonassessable policies).
[1969, c. 132, §1 (new).]
[1969, c. 132, §1 (new).]
17. Chapter 49 (continuity of management).
[1969, c. 132, §1 (new).]
18. Chapter 57 (delinquent insurers; rehabilitation and liquidation).
[1969, c. 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
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