™Your Policy Risk Impact Agent
84 chapters · 1,755 sections in this title.
24-A M.R.S. § 6701 Definitions
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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1997, c. 435, §1 (NEW).] 1. Affiliated company. "Affiliated company" means any company in the same corporate system as a parent or a member organization by virtue…
24-A M.R.S. § 6702 Licensing; authority
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1. Authority. A captive insurance company may not engage in the business of insurance in this State unless the company: A. Obtains a license from the superintendent authorizing the company to do insurance business in this State; [PL 1997, c. 435, §1 (NEW).] B. Holds at least one …
24-A M.R.S. § 6703 Names of companies
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A captive insurance company may not adopt a name that is the same as, deceptively similar to or likely to be confused with or mistaken for any other existing business name registered in the State.
24-A M.R.S. § 6704 Minimum capital and surplus
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1. Minimum capital and surplus. A captive insurance company may not be issued a license unless the company has and maintains unimpaired paid-in capital and surplus of: A. In the case of a pure captive insurance company, not less than $250,000; [PL 2009, c. 335, §10 (AMD).] B. In …